III. Industry Analysis
There has never been a better time to open a CBD or hemp business. With increasing public popularity, and more lax state and local laws, CBD and hemp product sales are increasing exponentially. Furthermore, as more people educate themselves about the benefits of these products, a larger customer base will be interested in buying them.
According to Future Market Insights, the CBD oil market is expected to exhibit a compound annual growth rate (CAGR) of 31.50% annually over the next 10 years and has already seen a CAGR of 69.2% over the past five years. Very few other industries are experiencing this kind of growth, so this is very promising.
The only potential challenge is if current state laws get repealed or overturned, which could restrict the sale and use of CBD, hemp, and marijuana products. This is unlikely, given that [insert location here] has an overwhelming approval of these products, but it is always a possibility.
