Start a CBD business
Still relatively new to the mainstream, cannabidiol, better known as CBD, is becoming a household name. The purported therapeutic and health benefits of CBD, one of many compounds found in hemp plants, has created a buzz. CBD oil has entered the market in the form of tinctures, infused edibles, topicals and more.
The growth of CBD oil products has been so immense, in fact, that industry analyst BDS Analytics predicts the U.S. CBD market will reach $20 billion in sales by 2024.
The potential of the CBD industry has led many people to explore how they can launch a CBD business. However, the industry is not without its challenges, especially in terms of the evolving legal landscape, but the opportunity is significant.
If you are considering getting involved in the CBD industry, you should first understand more about cannabinoids and the products that use them.
What is CBD?
CBD is one of more than 100 cannabinoids, which are compounds found in all hemp plants. The most famous cannabinoid is undoubtedly tetrahydrocannabinol (THC), which is responsible for the intoxication associated with hemp use. However, THC does not produce an intoxicating effect, but offers potential therapeutic and health benefits, although research into its potential medical applications is ongoing.
CBD products are generally created in several stages. First, the raw material must be grown and harvested. For example, if you plan to use industrial hemp to create CBD products, you will need to grow or purchase a large quantity of the plant. From there, CBD oil is extracted from the plant using a variety of methods. Again, you can either do it yourself or outsource the process to an extraction company.
Once you’ve extracted the CBD oil, it can be sold as a concentrate or used to infuse a variety of products. Some of the most common CBD products on the market today include sublingual tinctures, infused edibles and topicals, such as gels or creams.
Hemp CBD vs. hemp CBD
CBD is found in both hemp plants. CBD oil can be extracted from either plant and used to create CBD oil products. However, there is one key difference between CBD oil from hemp and CBD products derived from hemp: THC.
Industrial hemp contains less than 0.3% THC and, as such, is considered legal under federal law to grow, harvest and process into finished products. Hemp, on the other hand, contains more than 0.3% THC (often much higher levels) and remains illegal at the federal level.
Hemp and hemp are closely related; in fact, industrial hemp is actually Hemp sativa L. The difference in name is primarily a function of a legal definition, which sets the threshold for THC content. The flowers of a hemp plant contain little or no THC, while the flowers of a hemp plant (commonly known as hemp) contain much higher levels of THC.
The federal government considers hemp to be a Schedule I drug under the Controlled Substances Act, making it illegal for interstate commerce, even as dozens of states legalize it for adult use. Industrial hemp, on the other hand, was recently removed entirely from the Controlled Substances Act, clearing the way for its cultivation and harvest in the United States for the first time since 1937.
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