Why Are There So Many CBD Stores and Sites?
Whether you’re looking for a CBD online shop or a physical store, your search will likely be short! The market is saturated with cannabidiol brands. In many ways, this is great news for customers because fierce competition has decreased product prices.
However, there is, unfortunately, a high percentage of untrustworthy companies selling low-grade items. They pop up out of nowhere, take your money, and vanish. Therefore, when you buy CBD oil online, stick with reputable brands such as PureKana, which have been in business for several years. It is a company with thousands of positive customer reviews going from strength to strength.
In any case, with such an abundance of CBD online stores and brick-and-mortar establishments selling products, you may ask yourself: “Why does CBD seem to be everywhere?” This article answers the question by outlining three reasons for the growth in the CBD industry.
Growth Leads to Growth
Until a few years ago, the CBD market was tiny and considered a niche market. However, the industry has grown in a way that few people could have predicted. Estimates vary, but the global market was worth between $5 billion and $9 billion in 2021, depending on the report you read.
Furthermore, the industry seems sure to continue its growth. Even if the market hits its ceiling in North America, there are big markets in Europe and the rest of the world. Indeed, one report claims that the cannabidiol industry will be worth nearly $60 billion worldwide in 2030.
Naturally, both legitimate entrepreneurs looking to expand and shady operators seeking a quick buck want to get on board. Setting up a CBD online shop these days doesn’t take much.
Whaling growth has enabled brick-and-mortar CBD stores and gas stations to sell cannabidiol products! This factor alone accounts for much of the industry’s rise but is far from the only reason.
Low Barrier to Entry
The aforementioned low costs mean that someone with a few thousand dollars can theoretically get started. You can build a website in no time and use the low wholesale prices to create a CBD online shop in a few days.
From there, it is all about the intentions of the company or individual. They’ll forego essential aspects of high-quality CBD products, such as third-party lab testing if they want to make money quickly. Such brands may buy in bulk without asking where the manufacturer sourced the hemp.
They get away with this because there is practically no regulation in the industry at present. In America, certain states have implemented rules to protect consumers. However, creating a CBD online shop with no red tape to navigate is generally possible. This is beneficial for merchants and bad news for consumers.
Legality
CBD continues to operate in a legal gray area as it is not an FDA-approved substance. One exception is Epidiolex, a pharmaceutical drug with cannabidiol as an active ingredient. However, the 2018 Farm Bill all but legalized the production of hemp-derived CBD.
The Farm Bill legalized the cultivation of industrial hemp, ending decades of prohibition. The caveat is that the hemp must contain a maximum delta-9-THC content of 0.3%. Cannabis sativa L. plants containing more than this THC level are classified as marijuana, which remains a controlled substance.
It took a while but eventually, all 50 states legalized the growth of hemp. Moreover, the vast majority of hemp grown in the U.S. was used for the CBD market until recently. Also, only a few locations have restrictions on hemp-derived cannabidiol products with 0.3% THC or less.
Final Thoughts on Why There Are So Many CBD Stores
An extraordinary number of brick-and-mortar stores selling cannabidiol, not to mention an incredible array of CBD online shops. Setting up a CBD business is easy as wholesale products are cheap, there are few barriers to entry, and cannabinoid is widely tolerated and sold throughout the United States.
As a consumer, you must perform detailed research to ensure you get the best possible CBD products. Choose well-established brands with excellent customer reviews that offer third-party lab reports with their products. This is the best way to ensure you get the premium-grade CBD you deserve.
