HOW CAN
CBD
RETAILERS SURVIVE?
W
by Chynna Pearson
hen people think of medical remedies for pain that don't involve opioids, there are not many options to choose from and most will immediately think of medical marijuana before CBD. Due to this, what can CBD retailers do to survive in a world full of THC? There are about
35 states that have some type of cannabis available for medical use or have decriminalized cannabis in certain amounts. The rest of those states only have the option for CBD as it is federally legal. It would be obviously easier to survive as a CBD store in states where cannabis is still criminalized as there are no other options. In other states, CBD stores have to have different and unique strategies to gain customers and make profits. It’s almost comparable to a locally owned grocery store trying to compete with a Target and a Walmart coming into town. To some, it may seem like a useless effort but that is far from the truth. Not only is CBD different from many medical marijuana products, but CBD is also still a necessary medication for many people who do not like treating their ailments with THC-infused products or opioids. Before we fully dive in, let’s understand what CBD is and what its effects are on the body. CBD stands for Cannabidiol. Cannabidiol is a part of the cannabis plant that is not psychoactive or addictive. It is also the first cannabisrelated drug that has been approved by the FDA. CBD is specifically used for treating a lot of different issues within the human body. The Harvard Health School has said that it is good at, “The reduction of anxiety, insomnia, reducing chronic pain and inflammation, and helping treat addiction.” Each of these things CBD The reduction of anxiety, can assist with are all insomnia, reducing tough problems that sometimes only chronic pain and specific drugs and inflammation, and helping supplements can help with. With all treat addiction. these uses for CBD there is a strong market for its products even if the market is small. According to Hemp Industry Daily, the unfortunate side effect of the pandemic was that many CBD stores were going to have to close down while the CBD market was still holding tight to its market shares. “As one would expect, the most established brands are best positioned to survive market contraction. Brightfield predicts that survivors will be companies such as Longrunning CBD brands that have already established brand loyalty, Multistate MJ operators that can leverage capital and ‘vast dispensary and retail distribution networks,’ Supplement brands that already have connections in retail and experience marketing nutraceuticals, Consumer packaged goods (CPG) behemoths such as Anheuser-Busch and Unilever, which are ‘ready to join the competition as soon as a pathway is cleared’ by U.S. health regulators, Canadian MJ operators because of their “tremendous cannabis infrastructure and connections, legitimacy, and investor dollars, Pharmaceutical companies.
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NOVEMBER ISSUE thechronicmagazine.com
