CBD: The Gold Rush of 2020
Our last few articles have talked about how to start your own CBD retail business. But the one question we haven’t covered yet is, why? What makes CBD sales such an appealing business, as opposed to the myriad other products you could sell? Well, there are a number of reasons why CBD is a great option—especially now! Let’s take a look at some of the benefits.
In the 1840s, California was a small territory without much to distinguish it. Then in 1848, James Wilson Marshall discovered gold at Sutter’s Mill, and all at once, the whole area was transformed. People came from all over the world, seeking their fortunes. The population exploded, businesses boomed, and the rest is history.
Things can transform like that in the blink of an eye, all because of one event. And last year, this country had another such event. President Trump signed a bill into law legalizing hemp and hemp-based CBD at the federal level for the first time.
And now that it’s legal, demand for it will grow exponentially. There are currently still only a few states where CBD is legal, but with this federal approval, more and more states are passing laws to allow it. Texas just legalized CBD for the first time, and Illinois has legalized recreational cannabis. As time goes on, more and more states are expected to follow suit, each one bringing with it an increased demand for CBD and CBD products.
The more states pass legislation to allow CBD, or relax their restrictions on it, the more demand there will be, and the more money there is to be made. By starting your CBD business now, you can get in on the ground floor of this industry, just as it explodes, and position yourself to meet that demand as it goes up and up and up.
So, just how much money is there to be made from CBD? Well, last year, CBD was a $591 million industry. Since the legalization of hemp, it has grown to approximately a $1 billion industry. And some experts predict that, by 2022, there could be as much as $22 billion being made from hemp and CBD.
The thing to understand is, with the legalization comes the ability to do things that sellers previously couldn’t. You can sell CBD on grocery store shelves: Kroger, CVS, and Walgreen’s, are all carrying CBD products now. You can also promote your CBD products through more conventional methods than you could before, including sponsored ads online, particularly on social media. A few well-placed promoted posts can get your brand seen by thousands, even millions of pairs of eyes, and drum up huge amounts of interest for your products.
And the thing to remember is, this is only the beginning. As more states continue to legalize CBD, the opportunities will only increase further. And if the FDA approves CBD for use in commercially sold food and drugs, it will open your business up to even more opportunities and billions more potential dollars.
Now is the time, though. This, right here, is Sutter’s Mill. Gold has just been discovered. Will you wait around while others swoop in and take it all? Or will you fight for your share, and make your fortune? By getting in on the ground floor of CBD sales, a virtual goldmine is yours for the taking.