In 2019, the CBD industry was boomingand then COVID-19 hit.
Here, we look at how the pandemic has affected CBD brands and what their future looks like now.
And in many cases, thats exactly whats happening.
Cannabinoids…help us maintain balance.
Balance is something everyone needs at this time, on so many levels… And it seems many people agree.
Sales growth isnt the only noteworthy trend in the CBD world right now, though.
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Below, get more insight into the many ways that the industry has evolved thus far in 2020.
5 ways the still-growing CBD industry has shifted in 2020
1.
The demographic is incredibly interesting.
CBD is something that they havent been aware of, says co-founder Tai Beauchamp.
Standard Dose saw a similar trend as people stayed home during the spring.
I couldnt keep bath products in stock, Saniger says.
We kept running out of them all of April and May.
CBD edibles, too, have proven popular, bringing new meaning to the idea of comfort food.
Heres Exactly How It Can Affect Your Poop
3.
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Black and Brown women havent felt like theyve been seen in the CBD space, says Beauchamp.
Our company is way bigger than just the collection, she says.
Its an online community, its an offline community, and its a support system.
Furthermore, major restrictions remain around promoting and selling CBD products online, making e-commerce tricky.
Some of the affiliates were trying to reach cant do CBD ads.
Some of the online retailers wed love to collaborate with still cant process [payments for] CBD.
Thats why the CBD and cannabis industry has really relied on out-of-home and in-person marketing initiatives.
However, that decision has certainly been met with challenges.
We had planned a large out-of-home [advertising] campaign and Metro campaign.
So all of that had to obviously be canceled.
The hope is that doing so will build trust among customers.
It was initially targeted for gyms, yoga studios, and active-lifestyle-jot down locations, says McDonald.
Already-established brands, too, have had to shift their strategies for 2020 as events have unfolded.
Were really trying to bring that same level of store experience to online.
The retailer has also upgraded its online offerings to mirror the IRL shopping experience.
Were really trying to bring that same level of store experience to online, Saniger says.
Insiders hope that more regulation will create a greater degree of legitimacy around the ingredient and trust among consumers.
He was really pushing for some more guidelines to happen sooner rather than later, and then COVID happened.
It means that the FDA is aware and they are moving, which I think are positive signals.
So whats the future of the CBD industry look like now?
He also believes that brands without a solid foundation will have a hard time surviving the current global crises.
Theres less space for filler products that dont really have a reason to be.
This is definitely not the time for cannabinoid macaronsthis is the time for the legitimate products to shine through.
Theres less space for filler products that dont really have a reason to be, she says.
This is definitely not the time forcannabinoid macaroonsthis is the time for the legitimate products to shine through.
This is a time for bioavailability.
This is a time for the science to emerge and people to realize that format really matters.
A lot of people went to jail for a botanical that is now legal in many states.
You dont have to have a dispensary.
You dont have to have your own CBD line.
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