Everywhere you look products marketed with CBD are stocking the shelves. Why might you ask? The simple answer is that CBD is good for your body, and it has been capturing the attention of the public as of recently. First, let’s start with what is CBD? In a few words, it is a non-psychoactive compound of the cannabis plant that offers a range of therapeutic and potential medical benefits, with minimal to no side effects according to various research. As laws have begun warming up to the benefits of CBD, companies from beauty products to supplements, are exploring the potential of CBD through a range of products.
In 2017, the CBD market raked in $378 million in the US alone and over 1.2 billion globally, and there is no slow down in the forecasted future. The global market is projected to grow upwards of $2.5 billion in the U.S by 2024, as the demand for CBD products are rapidly growing.
This is just the tip of the iceberg that we are starting to uncover; the potential of this industry is massive. No one knew they wanted a cellphone at the start of the 90’s, the rotary phone was enough. Fast forward a few years, and by the early 2000’s, most people had a cellphone. The potential of CBD can’t be underestimated, and the market is still heating up.
We wanted to explore this field further and learn direction from CBD expert, Robert Gill. Gill is the CEO and founder of GaneshGroup, a Hemp and CBD consulting company headquartered in NJ and he is our guide on all things CBD. Without further ado, lets dive into our interview with Robert.
SC: So Robert, what got you into the CBD space? Was there any specific moment when you realized the potential?
RG: I was in the legal technology sector at a high managerial position in a prestigious firm. I had established a good career and heard of a friend selling his smoke shop in 2012. Having a passion for marijuana’s many uses since my late teens, I had decided that I would leave the legal sector and pursue a career in the cannabis space. I did this at a time where it was opening up in other parts of the country and after seeing all of the reports of the various benefits flood in, I felt it was only a matter of time before this became a giant industry that will move it’s way across the nation.
SC: What stage of the CBD industry are you in right now?
RG: I have been sifting through countless brands to try and bring my customers the very best. I’m currently working with direct from farm boutique brands that I have visited and provided me extensive lab testing on all of their products. I feel this type of scrutiny should be taking place market wide as the consumers have a right to the best products available on the market and at the very least a product that actually contains what it says it does. There are a lot of bad players in this industry trying to make a quick buck; I view the retail outlet as the last line of defense for an overwhelmed consumer. We do the due diligence so our customers can feel safe in their purchases. I am continually looking for new products and getting feedback from my customers as to what they’d like to see in the shop.
SC: Do you see opportunities for up and coming entrepreneurs in this space?
RG: I see a lot of people rushing into this space and turning a few dollars. What I don’t see a lot of in this space and I feel there is a lot of room for, is good players. People that aren’t just worried about the bottom line but actually care about what this product is doing for the consumer. I’d say to those individuals, please come there is plenty of opportunity in this space. I’ll offer my help and guidance to anyone looking to do the right thing in the space.
SC: What has surprised you with CBD growth? Is there any specific trend that really stands out for you?
RG: What surprised me is the amount of people that rushed into this space without any kind of background or knowledge and how well received they were. This made me hyper aware of the power of marketing and the dangers of marketing in an unregulated industry. I’m seeing and actively trying to contribute to trend consumers seeking out high quality goods.
SC: What would be your expert view on the future of the CBD in the next 5 years?
RG: I see a trend towards quality ahead of looming regulations. I think we will see a shake out of bad players as the regulations come into play and a mix of both large national brands as well as small craft farm brands surviving the shake out. These remaining players will serve a diverse and continually expanding consumer segment, as I don’t think we’ve come close to a saturation point.
Thank you Robert for sharing your experience and insights. This was very educational for us and should give our readers a better understanding of what lies ahead for CBD industry.