With the legalization of marijuana happening left, right, and center, it was just a matter of time before the cannabis industry enjoyed unprecedented growth. The legal cannabis market in the US alone is projected to be a $20 billion dollar business by 2020.
One specific subset of the cannabis industry is all the rage right now, so much so that it is turning into a multi-billion-dollar industry on its own. According to market analysts, the CBD oil segment is expected to be worth around $20 billion by 2024.
As a consequence, more and more players are entering this market. It is already an uphill battle trying to differentiate your CBD e-commerce business from your competitors.
It therefore becomes obvious that brands need to adopt a proper CBD marketing strategy if they are to rise to the top of the graph and stand apart from their competition.
To that end, we’ve put together a comprehensive cannabis and CBD oil marketing guide to give you a holistic picture of how to market your CBD brand like a pro in 2019 and beyond.
What is CBD?
Cannabidiol – often abbreviated CBD – is a popular compound that is extracted from the flowering tops, leaves, and resin of two strains of the cannabis plant: industrial hemp and marijuana. You can read more about it here.
CBD belongs to a broader class of compounds called cannabinoids that are found in abundance in the cannabis plant. There are around 113 known active cannabinoids on the plant; THC is the most prevalent, with CBD right behind it.
Unlike THC which, when ingested or smoked, is known for delivering the “high” feeling typically associated with marijuana, CBD doesn’t produce a sense of euphoria, hallucination or psychoactivity when consumed.
The marijuana plant has plenty of THC — or Tetrahydrocannabinol; it is also a decent source of cannabidiol.
How big is the CBD market?
The CBD market is already huge, and it is growing rapidly-thanks to increasing acceptance by consumers, continued research into its benefits and favorable legislation like the federal Farm Bill 2018.
Conservative figures say CBD sales will rake in more than $1.8 billion annually by 2022, an impressive jump from sales of approximately $500 million in 2018. For a couple of years, experts have forecast that the CBD consumer market will soon outperform the entire legal cannabis industry.
However, a closer look at performance trends shows that the CBD market in America is actually following in the footsteps of the legal marijuana market, which is estimated to be worth over $23 billion in the next half decade or so.
Why has CBD become so popular?
Why are millions of consumers indulging in CBD products these days? The following noteworthy benefits may explain its popularity:
CBD is not psychoactive. This is the overarching property that makes CBD be perceived as more acceptable and safer than other cannabis products. As already mentioned, unlike THC, CBD doesn’t have any psychoactive effects when vaped, smoked, ingested, or applied to the skin. In short, anyone can use it without the risk of getting high, which is a big plus.
It’s legal. Perhaps the most defining reason why CBD has enjoyed a popularity wave is that the sale of CBD products became completely legal after passage of the Agriculture Improvement Act of 2018 (aka Farm Bill 2018). You cannot say the same about other cannabis products in the US, such as marijuana, which has yet to be legalized in the majority of US states.
It’s an effective alternative treatment. There are hundreds of scientific research studies and reviews showing that CBD is indeed effective in addressing a wide array of conditions related to depression, anxiety, and pain. Here are some demonstrated CBD benefits:
- CBD oil fights pain. Studies have shown that CBD is a promising alternative treatment for the pain associated with a number of conditions: migraines, Multiple Sclerosis, muscle spasms, arthritis, lupus, digestive problems, cancers, and much more.
- CBD oil soothes depression. CBD has been found to increase the levels of happy-feel hormones such as serotonin. These biochemicals promote calmness and deactivate the compounds responsible for sadness, hopelessness and other symptoms of depression.
- CBD oil helps with cancer pain relief. CBD has shown great potential for alleviating pain related to cancer and cancer treatments, for example: chemotherapy.
If that isn’t incredible enough, scientists and researchers have carried out studies that seem to suggest CBD can be a potential treatment for many cognitive decline and brain-related conditions such as: Huntington’s Disease, Alzheimer’s Disease, PTSD, bipolar disorders, Parkinson’s Disease, Lou Gehrig’s disease (ALS), and more.
In fact, the first-of-its-kind CBD-based drug for epilepsy, Epilodex, has recently been green-lighted by the Food and Drug Administration.
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