The cannabidiol (CBD) industry is one of the fastest-growing industries in the US and the possibilities it offers are endless. While there are countless products on the market however, the luxury CBD market is still largely unexploited and could offer many opportunities for smart entrepreneurs with a vision.
More people are also getting familiar with the product and a lot of stigma attached to it is being dispelled, which makes the product even more attractive to luxury buyers. Let’s take a closer look at CBD as a product and ways that you can capitalize on it.
What is CBD Exactly?
CBD is a compound that can be found in the cannabis plant, but it has little in common with its cousin marijuana. What differentiates the two is CBD’s lack of THC, the compound that gives marijuana its psychoactive properties. It hence has completely different uses and reaches a different crowd as well.
Is it legal?
It’s important to know that while the 2018 US Farm Bill made CBD products legal, there are some restrictions. For one, the CBD has to be extracted from industrial hemp only and cannot contain more than 0.3% THC. This is why it’s important that you purchase any extracts from certified suppliers. Going with a producer that actually grows their own hemp is even better.
What kind of products can be made from CBD?
There are tons of different products that can be made from CBD. One of the most common is CBD oil, but if you want to appeal to a luxury crowd, you could add it to luxury items, like fine coffee for instance. There is a growing demand for CBD infused coffee products that combine the energy-boosting properties of caffeine with the anti-anxiety effects of CBD to take some of the edge off the coffee.
Topical creams are also a big hit, but one area that is particularly promising is pet products. You can find companies who will provide white-label CBD pet products that you’ll be able to repackage and sell to a high-end crowd. Luxury buyers love their pets and will often be more willing to consider alternative medicine. Some of the best-selling products include tinctures and dog treats. Alternatively, you can also use CBD distillate to make your own pet products.
Those in the agro-business can also attract the CBD crowd by advertising the benefits of adding CBD oil into their menus. There are plenty of chefs who have already started integrating CBD into their recipes, with much success. The luxury CBD drinking and dining sectors are booming at the moment, with even Michelin decorated chefs embracing the trend.
If you want to get a chunk of the luxury CBD pie, these ideas could be great ways to start a profitable business. Make sure, however, that you know everything there is to know about the industry, and do everything you can to remain compliant as well.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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