“Two years ago no one really knew about CBD, now there’s thousands of companies working with CBD and a large majority have at least heard of it”, Stuart McKenzie (CEO of Reakiro) tells us. He goes on to explain, “this is more than a craze, people know about it because it works”. And McKenzie is not alone in his analysis and predictions of the CBD market, this is one of the fastest growing industries in the world and Forbes have pegged it to reach $20 billion by 2024. People around the world are discovering the possibilities of CBD, so much so that governments have reviewed and repealed regulations making hemp legal, and now it is the turn of businesses and entrepreneurs to innovate this product to its full potential.
Starting a CBD business is no easy feat, it goes without saying that starting any new business does not come without its challenges. Nevertheless, due to its unique landscape, navigating the CBD industry comes with its own set of obstacles to overcome and hoops to be jumped through. These challenges range from sourcing and producing the product to finding unique ways of marketing it, all the while staying well within the parameters of the evolving regulations around CBD.
In order to have a successful product, it needs to be of the highest quality through and through, and this means finding the best CBD extract. Reakiro pride themselves in supplying the ‘premium standard’ of CBD oil, as their CBD extract is sourced from the best strains of cannabis sativa, grown under strict EU regulations. The extraction process is also key to the quality of the final product, this ensures that no byproducts or contaminants have entered. All of these elements can be verified in the CoA (certificate of analysis) which should be displayed by all producers of CBD.
Another crucial decision to make when venturing into a CBD business is what products do you want to sell and who is your target audience? These two factors are inextricably linked. CBD is an ingredient which is universally beneficial, but realistically your target market is going to be a bit more specific than that. The main CBD product groups which currently exist are CBD oils, vape juices, and topical skincare. To be successful in this realm you need to be creative and think about how you could potentially reach a group who is yet to find the true bountiful rewards of CBD, whilst staying within regulation. Selling CBD on established platforms such as Amazon is still difficult, meaning you have to work twice as hard to create your own brand and establish it.
To get ahead in the CBD market the secret is quite simple at the end of the day, a high quality product will put you ahead. The opening up of the CBD market is a double edged sword, more people are becoming aware of the great possibilities, yet at the same time this twilight zone for CBD allows for low grade operations to try and exploit the market. “This calls for honesty, growth, and education in the industry” concludes McKenzie.