Cannabidiol, (aka CBD) is a substance found in the cannabis plant, (aka Marijuana) that has been used medicinally for many centuries and is known for its healing properties. CBD doesn’t have the ability to make you high because it doesn’t contain enough THC (Tetrahydrocannabinol), the cannabis compound that is responsible for the high feeling one gets with the usage of marijuana. As long as the CBD content does not exceed .3%, the Federal government has determined that it is legal within the United States to sell CBD products. This ruling is protected and enforced by the Agriculture Improvement Act of 2018, (aka The Farm Bill). So, how can you, capitalize on the CBD craze?
CBD product sales are currently at an all-time high (no pun intended) and continue to skyrocket with every year that goes by. In fact, in 2019, CBD product sales reached no less than a grand total of $5 billion and are now expected to climb to an incredible $24 billion by the year 2023 . That translates to a most impressive CAGR (compound annual growth rate) of approximately 35% over the next four years. There’s no denying that CBD product sales are a proven success story that will only get better as time marches on.
For established companies that have already achieved bragging rights to incredible success and major profits, the above statistics are indeed an open invitation or more possibly a demand to hop on the CBD bandwagon and take advantage of this almost guaranteed opportunity to increase their profits considerably. As a result, companies like Walgreens, CVS and Rite Aid have joined the CBD party and have announced plans to soon be selling items such as lotions, creams, roll-ons, patches, sprays and lip balms containing CBD oil, in a limited number of stores throughout the U.S. Specifically, Walgreens plans to offer CBD-infused products in 1500 of its 9,277 U.S. stores, within 9 states. These companies are poised to capitalize on the CBD already. CVS recently announced that it will soon begin selling products containing CBD, as an “alternative source of relief,” in 800 of its 9800 U.S. stores, within eight states. Rite Aid says it will begin selling products containing CBD in 200 of its 2,464 U.S. stores, within two states. All three companies point to customer demand as the reason for offering CBD products in their stores.
Walgreens, CVS and Rite Aid find themselves in very good company, as pharmaceutical retail chains are not the only companies looking to take advantage of the CBD success story. Lifestyle related retailer, Urban Outfitters, plans to begin selling the topicals, tinctures and cosmetics line, “CBD For Life,” later this month, both online as well as in six of its stores. In addition, cosmetics giant Ulta is currently carrying their own skin care and beauty line containing CBD, brand name “Cannuka,” online and in almost all of its 1264 stores in the U.S. Designer Brands, formerly known as DSW (Designer Shoe Warehouse), currently sells CBD-infused products from Green Growth Brands, in 96 of its 500 plus stores, within six states. This decision was based on a successful ten-week trial run that was done with kiosks offering merchandise infused with CBD, in the same six states.
The CBD product sales story is thus far a tale of major success and promise. As more and more well-known and trusted companies get involved, not only will profits almost assuredly grow in leaps and bounds, but smaller, lesser known companies will be able to ride the coattails of this incredible success story, insuring a happy and lucrative future for all companies selling CBD products.
We know just how difficult it is for start-up and experienced CBD companies to obtain and/or keep your “high risk” merchant account. If you’re in need of assistance, we’re First Card Payments and we can and will end your struggles today. We’ve been in the “high risk” merchant account business for your industry and many others for twenty years. We have the experience, know-how and contacts necessary to get the job done for you quickly and easily at a very fair rate. First Card Payments is consistently 25% less than our competitors when it comes to fees, guaranteed! We walk the talk! Once we get you your merchant account, we’ll remain with you for the long haul and do all we can to support you in keeping it. We’re always there when and if you need us. That’s our promise to you and we won’t let you down.
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