CBD is estimated to generate $1.9 billion by 2020, and its products, enjoy more patronage, according to New Frontier data. The increase in the consumption of CBD products will account for these new numbers, most of which will be realized from the sale of hemp, marijuana, and their various products.
No doubt, the CBD sector is viable but it's also confronted with a number of challenges, including non-competitive prices, lack of enlightenment, regulatory bottlenecks, lack of consumer education, as well as exaggerated narratives stoked by widespread stereotype, naivety and public ignorance.
So, what requires urgent and essential attention now from the players in the CBD sector is to go all out on aggressive public enlightenment for budtenders and consumers. This will entail extensive knowledge on the use, effects and efficacy of CBD and its products.
There is also the need to understand among many other things, the link between CBD and THC and why they’re the critical compounds in hemp. More importantly, players in the CBD industry will also have to highlight in clear terms, the guidelines in the use of CBD and its essential by-products. Quality products have to be stressed to regain public interest and push forward the health benefits of CBD so as to gain wider adoption.
This last point reverberates emphatically in the opinion of a number of experts and CBD sellers. For instance, Sarah Mascara, manager of The Syndicate, a Los Angeles co-op, emphasizes the importance of availability, quality and dosage guidelines.
The Syndicate, it must be noted, makes 40% of its revenue from the sale of its CBD-related products. So for her, it is important to let the general public, particularly, consumers of CBD have clear knowledge about dosage and ingredients used in the making of certain CBD by-products.
In her words, “…the most important thing is for products to [convey] a clear understanding of dosing and ingredients.”
While Mascara believes that it is good for her shop to offer something for almost everyone, she insists that ,“I like the brands Care by Design and CBD Alive for their various ratios and many specific options and sizes.”
The Syndicate looks to ensure that packaging of CBD products comes in clear and simple-to-understand model such that consumers will not have to find it difficult to relate with the dosage guidelines and directive on the use of these products.
Beyond giving what everyone wants, Mascara considers packaging as having the utmost importance and urgency. The packaging will include proper labeling and clear instructions that will not look intimidating. “People don’t want to look at something that looks intimidating, and they need to understand what the product is without having to stare for too long,” Mascara insisted.
Besides, there is also a need to produce and offer CBD products that are sold at competitive prices. Price is absolutely fundamental to the success of sales of any product. Products have to be affordable for both the low-end and high-end consumer lines.
Otherwise, the market will suffer while purchasing power and patronage dwindle. Again, producers and sellers will also have to take into serious account, the specific need of consumers as many are willing to understand the benefits and effects.
For example, older people’s needs will differ from that of younger folks. Similarly, some CBD consumers are sedentary -they spend all day sitting in the office with their eyes glued to their laptop- while others are physically active.
So the needs are specific to consumers and adequate education must be given so everyone knows what is suitable for them. Clear instructions should be inscribed on the container so that when consumers get clear answers, that will help make an informed decision quickly.