In the last few years, there has been a surge in the consumption of CBD in the UK. From acquiring a small part of the market 5 years ago, it has grown to be a multimillion-dollar business in today’s world. The growth suggests that by 2022, the CBD market will generate about £2 billion. As more and more people are discovering the benefits of CBD, the demand for CBD products is ever increasing. Because it is used by millions of people on a daily business, selling CBD is a very profitable business and a relatively new and untapped market for entrepreneurs.
If you are thinking about it and still haven’t entered the market, there is no better time than today. But first, you need to understand what CBD is and what products can be sold.
Who is this business right for?
This business is for anyone who has an interest in CBD and wants to help people deal with medical conditions. As an entrepreneur, you are bound to explore new opportunities, and if you are looking for a profitable and exciting business venture, CBD market is the right place for you.
You can also read the journey of Neil Mumby, a CBD entrepreneur UK based, who started his CBD business from his bedroom and is now an owner of a full-blown CBD online store which sells retail CBD products for users and wholesale CBD for entrepreneurs looking to make their way in the market.
Who is the target audience?
People who don’t have much knowledge about CBD raise concerns because of its relationship with marijuana. CBD, which is short for cannabidiol, is a compound that is found in cannabis. What makes CBD different is that CBD products don’t contain any THC, a psychoactive compound, which is responsible for the “high” associated with marijuana.
CBD is totally non-psychoactive and is used by people to help them with several medical conditions. So, your target audience is people who want to relieve pain and are suffering from anxiety and depression.
Type of CBD products most sold
CBD oil and tinctures
The product that appeals to customers the most is CBD Oil and Tinctures because they give the fastest effects. They are made by extracting CBD from the cannabis plant and diluting it with a carrier oil like hemp seed oil or coconut oil. Oil and tinctures are taken by placing a few drops under the tongue, and the dosage depends on the user.
Another famous way of taking CBD is by mixing it in food like gummies, candies, cookies, and cakes. Edibles are famous because they are the tastiest way to consume CBD.
CBD capsules are just like any other capsule that is taken by mouth. Capsules are the easiest way to consume CBD and therefore are the most common among new customers.
CBD for pets
Not only is CBD popular among humans, but animals also love it too! Since animals are much more sensitive and are more prone to hurt themselves, it is a very great way to treat their pain.