Cannabidiol (CBD) is dominating the headlines, and all this publicity is inevitably drawing a lot of businesses into the industry. This has kicked off a ‘Green Rush’, as dozens of new companies a day enter the industry, hungry for a slice of the industry.
Fast Growing Market
CBD is one of the fastest-growing markets in decades, with sales predicted to reach into the billions. The Hemp Business Journal claims that the CBD market will grow to $1.3 Billion by 2022. This projection has drawn in everyone and their dog, so it’s no surprise that the CBD market is one of the most diverse industries in the world.
CBD can be found in a huge range of products including tinctures, tonics, tablets, capsules, beverages, skin care, cosmetics, bath bombs, sex lube, tampons, suppositories, coffee, salad dressing, buns, cakes, e-liquid, bath bombs, and dog food. The efficacy of all of these products is somewhat in question, because the CBD industry is barely regulated. This may be one of the contributors to the huge diversity of products.
This lack of regulation is also stymying the growth of CBD to a degree. In the USA, the FDA has prohibited using CBD in food. However non-food CBD products are finding their way onto the shelves of huge retailers like CVS and Walgreens.
Who’s In On The Gold Rush?
CBD is receiving attention from companies big and small. All are working hard for a piece of this dynamic new market. The big names entering the industry include Canopy Growth, Cronos Group Aphria, Aurora Cannabis, Tilray, Aphria, and Hexo Corp. Altogether these companies have more than a billion market cap.
On the other end, hundreds of small start ups are flooding into the industry trying to carve out a niche and build up their brand. Diamond CBD are among the top 10 most successful CBD sellers in the USA. They have been prolific in their expansion into the CBD market. The smaller brands are also the home of the majority of the celebrity endorsements. Cheech and Chong have migrated from the headshop scene over to the CBD market for a quick injection of some name-recognition.
Throw It At The Wall And See What Sticks
The sheer amount of new CBD products hitting the market is dizzying. Every conceivable form of product has hit the shelves in the last few years, but somehow more and more appear every day.
Take Diamond CBD, who have pioneered a range of CBD-infused honey. This tincture will allow CBD fans to indulge their sweet tooth every time they dose.
Larger companies tend to be a bit more conservative with their products, which is totally understandable, they have an established brand on their side. This allows them to rely on their reputation for quality to grab them a market share.