CBD has been the talk of the town, especially for the last five years. Whether it’s about medical research, legality issues, recreational products, or usage as food items, CBD has been in the news for both right and wrong reasons.
For our new readers, here is a quick recap. CBD is a compound discovered in cannabis plants and hemp. Although it’s popularly known to make people high, that only happens in some of its higher THC-concentrated compounds.
Because of insufficient research, not many people know about the effects and potential of CBD, especially in the medical field.
Moreover, people are using CBD to reduce anxiety and stress. The 2018 farm bill allowed the industry to grow to its full potential. Since then, the industry has gone through a rapid growth phase.
Furthermore, the bill has allowed the CBD franchise to expand. Understandably, entrepreneurs are lining up to take advantage of this opportunity.
There are several CBD-infused products available in the market, for instance, CBD oil, treatments, edible creations, and more. Therefore, the current CBD market seems a profitable one.
However, with dangers lurking on the legality and distribution of CBD products, there are several doubts about CBD businesses’ future. Hence, it prevents new investors from jumping into a currently booming market.
Green Entrepreneur, in a recent post, shares info about the CBD Franchise.
Story of Lauren Lerch
Lauren Lerch shared her experience of using cannabis. She is a 37-year-old mother of three children. Wondering why her story is important? She escaped a life-death situation and lives to tell the story.
It happened in the year 2017 when Lauren was at a music festival in Las Vegas. A gunman opens fire at people, killing 58 people.
Although Lauren survived the horrible incident, the dreadful experience left her with Post Traumatic Stress Disorder (PTSD).
Lauren shares that she heard gunfire and fell on the ground. That night left her memories that she cannot explain. Ultimately, she suffered from depression, anxiety, and panic attacks.
To get rid of the mental problems, she tried medications, but they did not help. Also, she ended up gaining weight that left her feeling disoriented.
Upon the recommendation from a friend, Lauren tried the CBD tincture. Within three weeks of use, she observed apparent signs of improvement until one day, she woke up and finally started feeling normal.
Fading symptoms of anxiety and depression led Lauren to explore CBD and its benefits.
People use CBD to treat ailments such as depression, anxiety, pain, and sleeplessness. However, a lot of research is needed to understand CBD better.
Lauren Lerch became the franchisee of a leading CBD retail franchise. She wanted to help other people like her who went through similar problems.
She stated that it is a beautiful opportunity to connect with customers as it provides a personal experience to people without making them feel overwhelmed by the number of products.
Many people have started following in Lauren’s footsteps. Moreover, there is too much room for franchising in this industry. So, it is easier for people to help out other people.
Furthermore, the CBD industry is likely to touch new heights with an expected $20 billion in sales by 2024.
Additionally, six new franchises were launched in the last year.
There are many questions regarding the use of CBD. However, first and foremost is the question of trust.
Morning Consult conducted a survey. It revealed that around a third of people think that it is somewhat similar to marijuana. Moreover, a lot of people thought it was illegal, and some were not even aware.
Furthermore, half of the tested CBD products were inaccurately labeled. It either contained some THC or too little CBD.
Therefore, it remains a question whether CBD retailers sell authentic products. Thus, reliability becomes a significant factor.
Opportunity for Retailers
The confusion about CBD products and relating it to marijuana can be bad for the buyer. However, it is an opportunity for the retailers. They can act as experts and provide help.
Customers won’t find things online that they can experience at a CBD franchise. A detailed inspection can only happen at the store. A third party has tested everything available in the store. He stated.
Training and Guidance
People who are working in the companies have proper training and guidance. Since buying CBD products can be a complicated process, it becomes easier for an individual to have a person to guide them.
CBD American Shaman has a training program of 37 hours. Franchisees must complete it. The store unites the veteran store owners to newcomers. They educate about the available products.
Benjamin Litalien is the principal of Franchise Well. It is a consulting firm. He said that rather than buying online, visiting a local CBD franchise can help grow knowledge.
Consumers are mostly purchasing everything online. So is a brick-and-mortar store sustainable?
Many users have admitted that they purchase CBD products via an online store. However, more people bought it from a physical store. However, since the pandemic struck, online sales of CBD have boosted a great deal.
Building Brand Loyalty
No matter what happens, the franchises are looking forward to selling products and providing an education of products.
Furthermore, it is all about guiding the customer to make their first purchase. They will earn money on the purchase later on, regardless of how they shop.
The main goal is to make the customers loyal to the brand. With the growing future of the industry, there will be lots of opportunities.
With uncertainties related to CBD stores’ future, the franchises try to make the best of the current situation.
Hence, their effort to churn out more loyal customers can be a good step for the CBD business’s sustainable future. It’s the primary reason why franchises focus on educating the customers about the products. If people can understand the product, they will buy it.
Although there are many hurdles in this industry, there is hope that it will pull through. CBD has numerous benefits and, it is just a matter of time till people get aware of it.