In this article, Rick Brar, CEO of Brains Bioceutical, explores the emerging UK CBD industry.
The last two years have seen the UK CBD market grow exponentially. Sales of CBD are not just being driven by trendy millennials looking for the next big thing, they are also cutting across a range of demographics and therapeutic applications from chronic pain, anxiety, sport recovery, and general wellness.
Following such a sustained period of growth, the rise of CBD is clearly not a passing fad. In fact, it remains one of the few industries that has managed to be resilient during the pandemic and continues to see strong demand.
With astronomical growth figures continuing to be reported, the potential of the CBD industry has prompted many to explore its viability as a business. With the increased focus on wellness and health that has stemmed from the pandemic and the growing awareness and evidence of CBD benefits, new businesses who want to make a difference are now entering the CBD market.
Setting up a CBD business is not as simple as just registering a website and selling products. Think long and hard about your motives for getting involved in the CBD and cannabis business and ask yourself a set of questions before you begin to craft a business plan: is this something you are passionate about? Will you buy your CBD wholesale, or are you looking to harvest and produce your own product? What kind of product interests you?
Getting from idea to product launch and beyond into profitability, is a challenge for any startup – however, for those wanting to create a thriving UK CBD business, there are several additional challenges due to the nature and origin of CBD itself. Destigmatising CBD, demonstrating compliance, and obtaining the necessary licenses and authorisations while maintaining a strong brand presence in what many people still see as a confused market requires agility, innovation, and perseverance.