Millennials appear to have a strong interest in the CBD industry. Bradford Shellhammer, the Vice President of Buyer Experiences, shared with Yahoo Finance that millennials are “taking deliberate steps to occasionally disconnect, or prioritize wellness.” Further, eBay found that millennial shoppers purchased over 214,400 diffusers off its website in 2018 alone¸ and searched for CBD products 284,000 times in that year as well.
The interest in CBD is not just on the buyer side, but also on the seller side as well. Millennials appear to be making headway as leaders in the CBD market. Two individuals in the industry include Kallum Mitterer of Industrial Hemp Farms, and Allen Gandelman of Main Street Farms. In a recent article by Grit Daily, Mitterer shared his daily challenges, such as advertising his brand with the Facebook and Instagram rules that ban advertising related to CBD. Even so, the advertising restrictions appear to have not stopped the company from doing well. According to Grit Daily, the company “made a revenue of approximately $4.5 million in January 2019.”
Likewise, Gandelman shared in an interview with WNYC in March 2019 that,
“The company was planning to plant about 60000 seedlings over 50 acres in the spring, which is triple what they had planted last year. Gandelman is also hoping that New York State regulates CBD as a “food product” instead of a “nutraceutical,” as the former requires less costly equipment and setup.”
As for CBD acceptance in the CBD industry, according to a recent press release by Potstocknews.com, hemp-based CBD products are popular among both baby boomers and millennials. The industry started to truly take off after President Trump signed the 2018 farm bill, and with legalization came more hemp farming, and the growth of such companies and their CBD operations.
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or wellness advice.
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