Selling CBD can be profitable!
Since the 2018 Farm Bill passed in 2020, the industry has grown exponentially during the past decade. CBD will reach $55.8 billion by 2028, up from $2.8 billion in 2020. It is projected to grow by 47.49% between 2020 and 2028.
Here are a few more CBD facts:
· 33% of American adults have used CBD. (Single Care, 2020)
· 64% of Americans are familiar with CBD. (Gallup, 2019)
· Consumer Reports says 27% of CBD customers get their products online.
· CBD revenue is forecast to reach $13 billion by 2028 — globally.
Why is investing in the cannabis market a good idea?
1. The market is still untapped, so there is less competition.
Although you may see CBD everywhere, this industry is still relatively new. There are so many unknowns and undiscovered ways to market and grow your business. Whether you decide to launch a cannabis brand, invest in stocks or a new start up — a well built plan has the potential to sky rocket.
2. CBD usage is growing
We are watching international agencies remove cannabis as a scheduled drug because of the positive wellness benefits of CBD. Professional athletes are using it to recover from injury, veterans are using it to manage PTSD and depression and many managing chronic pain are using it for pain relief. With the demand for CBD increasing, so is the value which is why it is wise to invest now.
1. Cannabis used to be illegal in all countries due to the “high” effect it produces. As technology advanced, people started studying this product’s importance in the medical field. Government regulations have been relaxed in this field.
State by state, the regulations are loosening related to cannabis because there are non-psychoactive species such as hemp that provide phenomenal wellness benefits without the psychoactive effects. There is also an increased social acceptance as CBD usage has been promoted, even praised online and via TV airwaves as a plant based alternative to wellness. This entire acceptance drives demand, so being in the right place matters.
Ready to launch into the CBD industry? Book a call today to learn more about how WH Farms Co. can help you get started.
