Your brand could greatly benefit by adding CBD products to your lineup.
CBD products are gaining popularity by the day. With the passing of the 2018 Farm Bill, hemp-derived CBD products with less than 0.3% THC became legal at the federal level.
CBD products have steadily gained popularity since. A current study on Forbes showed that the CBD industry could account for over $20 billion in sales by 2024.
Your brand could greatly benefit by adding CBD products to your lineup. A recent survey by Consumer Reports sheds even greater light on the potential for business and what customers will be looking to purchase.
The study of over 1000 people included some eye-opening statistics.
- 26% tried CBD in the past two years
Of the people who tried it, three reasons significantly stood above the rest: pain relief, anxiety, and sleep issues.
- 37% of ppl surveyed used it to help reduce stress/relax – of them, 63% reported it was highly effective, 16% said it was slightly effective.
- 24% of ppl surveyed used it for pain relief – of them, 38% said it was highly effective, 27% said it was slightly effective.
- 10% of ppl surveyed used it as a sleep aid – 52% reported it was highly effective, 16% said it was slightly effective.
Age demographics are favorable for consumer sales as well. As a business person, you always want a product that people with disposable income are willing to purchase. According to the survey, CBD fits this profile nicely.
- 40% are 18-29 | 32% are 30-44 | 23% are 45-59 | 15% are 60+
CBD consumers surveyed reported some excellent news for businesses looking to move into the space, which is not good news for big pharma.
22% of users were able to replace OTC medications with a CBD product – of these, 47% replaced an OTC pain med like Tylenol or Advil, 36% replaced a prescription opioid like Oxy, Percocet, etc., 33% replaced an RX anxiety drug like Xanax or Ativan, and 22% replaced an RX sleep drug like Ambien or Lunesta.
The consumers surveyed also shred some very opportunistic news regarding where they purchased CBD products. (hint, no sales on Amazon = great news for independent retailers!)
- 40% purchased at a cannabis dispensary
- 34% at a retail store
- 27% online
- 12% other
There was also excellent information shared about which products are most popular.
- 35% purchased edibles/drinks
- 30% drops/spray
- 30% vaping device
- 21% topical rub/cream
- 16% cigarette/smokable
- 15% pill or capsule
With all of this critical data, we hope that you are considering adding CBD products to your brand, or becoming a CBD retailer.
High Purity Natural Products can help you get started. We are the #1 US distributors of pure CBD for sale and offer a complete line of CBD products for your branding. We are committed to providing the highest quality CBD products, made from the very finest, most carefully cultivated hemp. We can also develop custom products specifically for your brand in terms of flavors, dosage, and product type.
We also offer bulk CBD products, including a colorless and tasteless water-soluble CBG that is perfect for many applications including, beverages, food products, lotions, and more.
High Purity also offers additional services that add value to private label CBD companies:
- Custom formulations such as immunity boost or healing post-sun topicals.
- Small custom-crafted runs, to large scale production
- In house cannabinoid testing and 3rd party full panel lab tests.
- Labeling, logo design, and custom boxing to promote your brand effectively
- 3PL – fulfillment and drop shipping services from our East Coast facility
Please feel free to get in touch with us today to discuss how we may help.