The cannabis compound cannabidiol, more commonly known as CBD, has a rapidly growing market. As the world warms up to the benefits of the “miracle” compound, industry leaders who push the envelope when it comes to the research, development, and distribution of CBD-infused products are leading the way.
A study by Hemp Biz Journal predicts that by 2025, the CBD market will be at around $24.07 billion, which greatly outperforms 2016’s $6.58 billion. This tremendous growth can be attributed to the sector’s various leaders in research and distribution who are taking their businesses to the internet and the digital platform. Online CBD retailers account for nearly 12 percent of the global retail sales of CBD back in 2016, PR Newswire reports.
With the growth of the industry both online and offline, the number of companies is also increasing exponentially. Not all, however, are successful. The Director of Research at Brightfield Group, Bethany Gomez told Forbes that only a small number of companies are making significant money in the growing sector.
“Essentially everyone is trying to do hemp, but only a handful are doing it well. It’s seen as easy because it can be sold online but, with restrictions on traditional marketing, it is very difficult to connect with your core consumer and even communicate why they need your product,” she explained.
The Forbes report further detailed that in 2016, $2.1 million is the annual average sales of the top 20 firms in the hemp cannabis business. Within this exclusive list, though, some companies outperform others by wide margins—their sales range from $9 million to $12 million yearly. These industry leaders are the ones that have a solid connection to their consumers and strong branding of their products.
Among the emerging key vendors in the CBD industry with a massive online retailing presence and notable income generation is PotNetwork Holding, Inc. (OTCMKTS:POTN) and its subsidiary, Diamond CBD. One of the top players in the industry, PotNetwork entered 2018 with a record $14.5 million in revenues from the past year.
Its rapid monthly growth performance has continued in 2018. In its latest press release, Diamond CBD announced that its January 2018 revenues alone reached a whopping $2,190,000—a 50 percent increase from December 2016’s $1,460,000. This is also its highest monthly sales record ever.
Success amid competition
Chief Executive Officer, Richard Goulding, MD, says that they are continuing to refine and expand their product line so the CBD community can expect more top-of-the-line CBD products from Diamond CBD. Other than that, Goulding is also confident that 2018 will be the breakout year for the company.
As one of the companies that gives focus on the research and development of CBD, PotNetwork attributes its ongoing success to its dedication to distributing premium hemp extracts on a multi-national scale. Diamond CBD guarantees the hemp used are all-natural and 100 percent lab tested meaning customers get the purest and finest CBD extracts.
Aside from oils, Diamond CBD also distributes vape liquids, edibles, dabs, CBD food for pets, and more. Its extensive selection of edibles are among its best sellers; especially popular are the Chill Gummies, Gummy Bears, CBD Cake Pops, and CBD Honey Sticks.
The wide array of high-quality products and record-breaking sales by Diamond CBD has made PotNetwork a stronger player in the stock market. Just recently, PotNetwork has decided to increase its share price target to $1.25.
As of now, the company is continuing to develop its international network to legally bring CBD to other parts of the world. With the help of its subsidiary Diamond CBD, PotNetwork has distributed countless CBD products across 50 US states easily.
The acceptance of the miracle compound and its health benefits push more people to try CBD products and drive industry leaders to innovate and improve their product lines to cope with the growing demand.
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