Here’s Why More THC Companies Are Starting CBD Companies
The quest to cater to different consumers in a growing market is growing wider every day. August 14, 2019 5 min read Brought to you by Weedmaps Judging from cannabis sales — U.S. adult-use and medical-only marijuana sales reaching $8 billion to $10 billion in 2018 while cannabidiol (CBD) sales were upwards of $238 million, according to Marijuana Business Daily estimates — consumers are extremely interested in both THC and CBD. So are business owners. As legalization continues to spread, both will continue to cater to different consumer types in a growing a company’s potential market wider than ever before. The CBD market grew by 57% in 2018, according to the Nutrition Business Journal Hemp & CBD Guide(NBJ). In the study, the NBJ found 73% of natural and organic product manufacturers surveyed are expanding their offerings to include CBD products. The NBJ’s 65% of natural and organic product manufacturers expected to launch new hemp-derived CBD products in the next one to two years. And marijuana companies are getting into the game, too, adding CBD companies and products to their THC-based portfolios. It’s a trend that follows the demand but also points to how ubiquitous CBD and THC will both be as legalization marches forward. Related: Why Pro Athletes Are Entering the Cannabis Game Leading industry experts offer advice on why having both THC and CBD products is important, how to speak to both consumer audiences, and demystifying the “versus” mentality between the two markets. Making both THC and CBD accessible to consumers There are plenty of ways to display both THC and CBD products on a company website or product platform. Weedmaps’ Brands platform allows companies to customize their page to include CBD products as well as THC products. Flav is one company that evolved its THC branding to also include CBD branding in a