For thousands of years, users of marijuana were aware of its pain-relieving properties, but its recreational properties have always attracted people much more, which ultimately led to its stigmatization as an illegal substance. Naturally, those not used to taking marijuana could never test its medical efficacy for fear of violating the law. But things changed as the focus shifted from marijuana to CBD, which despite being a derivative of the hemp plant belonging to the cannabis family, is a legal and safe choice for therapeutic use. Those who felt deprived of not being able to avail the health benefits of marijuana can now bank on CBD, which despite containing traces of THC (not more than 0.3%), does not give high.
THC is a cannabinoid like CBD, but being a psychoactive substance, its presence in any cannabis compound above a certain limit can give ‘high’ or alter the state of mind as it does in marijuana. However, it is completely different for CBD that comes from the hemp plant, which, despite being a cannabinoid, has an almost negligible amount of THC. Therefore, people are more drawn to CBD to explore its benefits in supporting health, and CBD products are available in the market as natural products that does some good for human health. The popularity of CBD products is growing very fast, as evident from the results of some studies that by the end of 2019, CBD sales would reach $5 billion, which is a phenomenal increase of 706% over the sales figure of 2018.
CBD is more legal than marijuana
Although some states have legalized the use of marijuana under certain conditions, the general view that marijuana is illegal remains. The stigma about marijuana gives a little opportunity of exploring its health benefits. But there are no such problems with CBD obtained from hemp because, according to the Food Bill 2018, CBD obtained from industrial hemp is out of the purview of the Controlled Substances Act, and hence, there should not be any questions about its legality at the federal level. However, the states are free to impose any restrictions that they may feel good for the circumstances.
CBD uses
If you are wondering what is the secret behind such incredible popularity of CBD, then you must investigate its health assisting properties, especially in pain management and pain relief. CBD is useful to restore the body’s balance when some ailments tend to disrupt it. Those suffering from joint pain due to multiple sclerosis or arthritis can use CBD for alleviating pain and inflammation that helps to regain mobility. CBD is an effective substitute for medical marijuana in managing cancer-related pain because it provides comfort from pain without impacting the mind that happens with marijuana that contains high THC.
Is CBD non-psychoactive?
Since CBD does not contain THC or in negligible quantity, people normally label it is non-psychoactive, which is not correct. The correct way of perceiving CBD is to admit that it does have some psychoactive properties, but it is not an intoxicant, which is why millions of people find it effective for countering anxiety and depression. CBD products provide a natural remedy in fighting anxiety and depression, and those who suffer from insomnia and PTSD would find it useful to control the conditions.
CBD does good business
Based on the tremendous rise in the popularity of CBD products, industry watchers are very optimistic about its business potential in the next few years. The projections from various studies show that by 2024, the CBD industry is going to reach the make between $20 billion to $24 billion. It is great news for entrepreneurs who are keen to spot new business opportunities that promise a fast return on investment, and CBD products are very lucrative to start a new business in a completely new area of consumer products. Many people want to know how to start a CBD business.
Start with CBD products
You can either start a business of extracting CBD from hemp or start selling CBD products like CBD oils, tinctures, vapes, gels, edibles, etc. Any manufacturing business requires heavy investment and creation of a huge infrastructure that holds good for CBD extraction, too, and adds to this the legal complexities that you must wade through to get the business up and running. It can be too tough to work with lots of uncertainties. But starting a business of selling CBD products is much easier because you can take up a franchise of some brand and get going with a minimal investment, which can be as little as $25,000, including franchise fee, cost of CBD inventory, and setting up a retail outlet. For more information on the CBD franchise system, log on to https://purelynaturalonline.com/cbd-franchise/.
Challenges in CBD business
Not only is the CBD and cannabis industry-unique, the challenges faced by the industry are also unique. Since there are regulatory controls on CBD business and the FDA, which is the governing body of the industry, is not yet clear about the guidelines which they are still framing, there are some grey areas that may cause problems in starting a business. However, things are likely to stabilize soon, but as of now, you need to be aware of the possible hindrances that you may have to face.
- Financing – Arranging finance for starting CBD business might face hurdles because banks and lenders are reluctant to fund companies that do business in CBD as they deem it very risky.
- Banking – The fluctuating regulatory landscape can create impediments in obtaining reliable banking services. Your size of the business may not be attractive to banks that might be sceptical about the legalities and stay away from offering services.
- Payment processing – Payment processors perceive considerable risk in CBD business and likely to hike fees and present other challenges. Some payment services may withdraw services completely for CBD business.
- Insurance – High insurance charges and finding a good insurance company can be a big challenge.
Being adaptable and staying well-informed are the ways to tackle the challenges effectively, which are likely to diminish as the regulatory scene becomes more concrete and transparent.
