CBD stands for cannabidiol and refers to a powerful, but non-psychoactive compound found in marijuana and hemp. CBD has broad benefits for lowering anxiety and reducing inflammation, which makes it a natural fit for pets suffering from a variety of related issues.
Recently, the market for CBD products has exploded for humans, as well as for pets. At the same time, the controversies surrounding the use and legality of those products has also increased.
To help clear up confusion for retailers and distributors at all levels, we’re shedding light on the market and the controversies.
The CBD Market Is Growing Fast
Since the FDA approved the first CBD-based drug in 2018 and reclassified hemp as a crop rather than a controlled substance, the market has grown exponentially.
This year, Packaged Facts estimated that total sales of CBD products (both human and pet) totaled nearly half a billion dollars. And, the Washington Post recently predicted the market to grow by $22 billion in the next five years.
If you’re confused about the current status of CBD products, you’re not alone. Even while major brands and names, including Martha Stewart, have announced new CBD products, many retailers are still confused about its legality.
The result is a market that’s crowded with small startups and other new companies whose reputation and products are difficult to assess.
Navigating the Controversies Around CBD
For many retailers and distributors, no matter how popular CBD is, they don’t want to sell something that’s illegal. Unfortunately, many of the legalities surrounding CBD are murky at best. But, here’s what we do know:
- CBD derived only from hemp and containing less than 0.3% of THC is legal at the federal level
- CBD derived from marijuana has varying legality among different states
- Currently, there are no FDA-approved CBD products for pets
Without FDA approval, the claims product manufacturers can make on product packaging are limited. Ultimately, retailers who want to ensure they’re not selling an illegal product should research the state and local laws where they operate for specific information.
How to Maximize Sales of CBD Products Through Education
There is a lot of money to be made for distributors and retailers who capitalize on the growing interest in CBD products. The best way forward is to become a trusted source of educated information for consumers.
To help get you started, here are three tips on how to present legal, hemp-derived CBD products to your customers:
- Natural — CBD products are composed primarily or entirely of naturally sourced ingredients, so pet owners who want to avoid artificial additives are an obvious target demographic.
- Innovative — Products and packaging are new and exciting for pet owners who may use CBD themselves and would be interested in offering their beloved companion something that has similar benefits.
- Beneficial — Many pet owners see benefits with CBD in reducing their pet’s anxiety. In some cases, CBD is successfully used to reduce seizures in dogs.
For customers that are interested in CBD, the best advice you can give is to consult their veterinarian. With their approval, provide them with the following four tips for picking out safe and effective CBD products.
- Pick organic products. If not organic, only choose products that don’t contain pesticides, fungicides, or solvents.
- Don’t go cheap. In most cases, price and purity go hand in hand with CBD products. Cheaper versions often have additives that aren’t healthy for your pet.
- Look for an analysis. Reputable companies should offer a detailed breakdown of exactly how much CBD is in each product.
- Opt for liquids. While treats are an effective way to treat mild symptoms, CBD-infused liquids from companies like Charlotte’s Web are easier to control so you can increase or decrease dosage drop by drop.
With a bit of education and a little research into your local laws, you can take advantage of a booming CBD market and give your consumers exactly what they’re looking for.
Don’t let changing markets catch you by surprise. Subscribe to our newsletter and stay current on all the latest trends.No Comment