The sale of CBD products continues to skyrocket at an unprecedented pace. So much that the market is expected to reach $19.5 billion by the year 2025. It also takes into account the annual compound growth rate, which is estimated to be 37% over this period.
What Is CBD?
Cannabidiol, also known as (CBD), is a chemical compound found in the Cannabis sativa plant that also goes by the name of cannabis or hemp. It has been discovered that well over 80 chemicals, or cannabinoids, were found in the Cannabis sativa plant. The most well-known ingredient in cannabis is the Delta-9-tetrahydrocannabinol or (THC).
However, CBD is derived from hemp, a form of the Cannabis sativa plant that has only a negligible amount of THC. Although related, it is not the same as marijuana plants. It is a “non-psychoactive substance”, which means that it does not change your mental state or give you a “high.”
Why Is It So Popular?
What makes CBD so popular is that it works on your ECS. The ECS or the endocannabinoid receptor system works to regulate your organ system and other bodily functions in order that your body and mind can work at optimal levels.
Research has shown that CBD encourages your body to create more of its own cannabinoids. Other studies have demonstrated that CBD focuses on specific receptors and molecules to generate specific effects, that sequentially, create balance in the body.
Preliminary research has proven that CBD has been successful at relieving seizures, chronic pain, insomnia, inflammation, and anxiety.
Want To Sell CBD On Shopify? Do This.
Thanks to the 2018 Farm Bill, which removed restrictions on selling CBD online (provided it comes from hemp plants), business owners have rushed to get in on the game as the industry is expected to generate sales of almost $80 billion by the year 2030.
But before you jump in on this lucrative industry, you must become familiar with all legal aspects and regulations required to sell CBD products. You will also be required to take the following steps in order to begin selling CBD on the Shopify platform:
1. The first step is to fill out the form called the “Attestation for the Sale of Hemp and Hemp-Derived Products.” In order to access this form, you must first be signed in to your Shopify account as the store owner.
After submitting the form, the attestation is automatic, there is no need to wait for a response from Shopify.
2. The next step is to choose and apply for a third-party payment gateway. Currently, Shopify Payments is not available to process payments for hemp or CBD products. Instead, it has partnered with third-party payment gateways that do support the sale of these products. The requirements vary based on each gateway. Make sure that you review these requirements before you apply.
3. The final step involves setting up your “e-mail only” customer notifications for both orders and shipping. The only, legal way to notify customers about any CBD-related products and shops is through e-mail. SMS messages are not available. In order to enable e-mail only customer notifications, you can disable your customer’s SMS notifications.
Shopify places full responsibility on its merchants to ensure they are in compliance with federal, state, and local laws regarding the sale of CBD products. They are not responsible for notifying CBD shop owners about changes in CBD laws.
CBD Industry Continues To Evolve
Although the use and awareness continue to grow concerning CBD products, the laws pertaining to selling CBD online are constantly changing and at times, very confusing. It might be a good investment to retain a law firm that specializes in the CBD business. This is probably the best way to keep up to date with all the laws and regulations.