In recent years, CBD products have become popular in the United States, due to various health benefits that are associated with the use of CBD products. Besides the apparent health benefits of CBD products, the U.S. Congress has played a role in the increased popularity of CBD products.
The Origins of the CBD Business Boom in the United States
The U.S. Congress enacted the Farm Bill of 2018, which lifted restrictions on the growing of the hemp plant on farms in the United States. Lifting restrictions on the cultivation of hemp was significant because hemp contains high levels of CBD, which is part of the ingredient in CBD products. Under this legislation, farmers are encouraged to make sure the hemp that is produced carries less than 0.3% of THC. Hemp contains small traces of the THC because it is a member of the cannabis family, and marijuana is also part of the cannabis family, but it contains high levels of THC. High Levels of THC makes marijuana a hallucinogen and causes hallucinations in people who use it. The lifting of government restrictions on the growing of hemp has increased demand for CBD products, which has led to increased revenue in the CBD industry.
State Regulations on the CBD Industry
Even with the mandate from the Federal Government on the growing of hemp, State Governments have the veto power to follow the Federal order. Therefore, regulations on the growing of hemp and the selling of CBD products varies from State to State. Businesses seeking to sell CBD products are advised to check the laws regarding CBD in the State in which their business is located.
Getting Involved in the CBD Industry
If there are no local restrictions on selling CBD products, then it will be easy to get involved in the CBD Industry because the demand for CBD products is steadily increasing. It is envisaged that by 2022, $1.8 billion in sales will be generated by the CBD industry. There is now a variety of CBD products on the market in the United States. For example, easing aches in the body has increased interest in the topical application of CBD, which has led many businesses to create a CBD balm.
Also, specialists in the Pet Care field are using CBD products to calm the nerves of pets who might be “hyperactive” or fearful when they are not with their owners. Massage Therapists and Spa Owners can now offer clients treatments with CBD products. Any business that has a health-conscious customer base will not have a problem selling CBD products.
Starting a CBD Business
For new business owners seeking to start a CBD business, it is recommended that they start online because of the low start-up costs. It is essential for new CBD business owners, to find a large-scale CBD supplier that has a variety of CBD products and a variety of “price points.” The next step is finding a company to set up a website and domain name for the online store.
In conclusion, the consumers are fast accepting the great health benefits of CBD, and it is leading to a boom in the business. As an entrepreneur, you can try to be part of this multi-billion dollar business because sales of the cannabis derivative could hit $24 billion in the U.S. by 2023.