In the past few years, entrepreneurs have begun to think of ways to turn marijuana, hemp and their associated compounds into viable businesses. One hemp-based compound on the verge of booming is cannabidiol oil. In fact, according to some estimates, the CBD oil industry is on track to have sales of more than $20 billion by 2024.
In 2018, the Farm Bill effectively legalized industrial hemp and its derivative compounds, including CBD oil. Still, regulations have been slow to catch up with legalization. If you are contemplating beginning a CBD oil business, you must be certain you understand restrictions from the Food and Drug Administration and other relevant agencies. Nonetheless, you likely have several options for forming a successful enterprise. Here are three of them:
1. Under-the-tongue elixirs
Research indicates there may be health benefits to using CBD oil. While there are a few ways to ingest the oil, under-the-tongue elixirs tend to absorb quickly. Therefore, you may appeal to a wider customer base by developing, marketing or selling sublingual CBD oil.
2. Topical ointments
Some individuals use CBD oil for muscle pain relief. While ingesting oil orally may alleviate discomfort, rubbing topical ointments on the skin may deliver pain relief where an individual most needs it. With some research and development, you may be able to create gels, salves, sprays or other topical ointments that meet customer expectations.
3. CBD oil edibles
In states where marijuana is legal, consumers often prefer THC-infused edibles. While CBD oil does not give users a high, those who want to consume it may enjoy eating a CBD oil edible. The sky is the limit here. You may make hard candy, gummies, cookies, drinks or other types of food.
Because the financial outlook for hemp is solid enough to attract any entrepreneur, you may be ready to start your next business venture. While the above list is not exhaustive, it can give you an idea of the business opportunities to consider.