Cashing In On The Cannabis Craze
According to a recent Rolling Stone article, it’s predicted by 2020 the Amercian CBD market will reach $20 billion. As of 2018 it hit almost $600 million in sales, and projections are skyrocketing because of the Farm Bill. To put this into perspective, the Pet Industry is at $72 billion for 2018, but they’ve had decades to reach this number, whereas CBD is still new to the market and just now available to the general public.
This is pretty exciting news for entrepreneurs, and those in the gig economy, that want to tap into what will easily supersede the pet industry within several years as people use CBD not only for their own maladies, but their pets, too.
With the passing of the 2018 Farm Bill, that amends the term marijuana to hemp, and defines the cannabis plant as containing less than .3 percent THC, this opens a huge new industry to farmers across the country. Since the passing of the Farm Bill there’s already been a surge in farmers and producers branding their own CBD oil online.
What this means for the savvy business person is the opportunity to sell and market products with a high margin, and to customers ready to buy immediately. They’ve been talking to their friends or co-workers and word is spreading fast, and that means it’s an easy market to enter into with little starting capital.
Most farmers or brands that sell CBD wholesale give about a 30% off deal for buying a couple hundred dollars of product, however if you have at least $1,000 to invest, you can be an official “distributor” and get a 50% margin that will increase your bottom line quickly. For online marketers, online retailers with e-commerce sites and distributors this is a great opportunity to be part of a burgeoning market.
We have another article about researching the best CBD oil producers: one is for consumers interested only in purchasing for their own use, and this one is for distributors looking to start their own CBD business.