Move over, home-made jewelry and online clothing stores. CBD oil is here as the latest lucrative business opportunity, and modern-day moms are going gaga over it.
It’s pretty common for modern-day moms to have some sort of side hustle or part-time jobs, especially if they’re mostly at home, watching the kids. After all, a little extra income never hurts. Side businesses also help break the monotony of everyday housework. It’s essentially a win-win for the moms.
Usually, these home businesses involve selling or reselling jewelry or clothes. However, lately, there’s a new type of product that moms are successfully turning into a business: cannabidiol (CBD) oil.
A new side business
CBD oil has various alleged benefits, ranging from helping with anxiety to pain relief and relaxation. Some researchers have set out to study its anti-aging and anti-inflammatory properties, with some CBD users claiming it can help fight acne and oiliness. Another supposed effect of CBD oil is a quick energy boost.
The CBD oil business is a burgeoning one, and mothers in this business are mostly do direct selling, which on its own is a multi-billion industry.
According to the latest data from the Direct Selling Association, a trade association based in Washington, there are 18.6 million people involved in the direct selling business and all together, they sold $34.9 billion in 2017. These direct sellers included those who were part-time, full-time or were affiliated with companies.
According to Joseph Mariano, the association’s president and chief executive officer of Direct Selling Association, 73.5 percent of the direct sellers across the United States are women.
Mariano said, “We’ve always had a large percentage of women in our sales force. In the last 10 to 15 years, it’s been a large majority.”
CBD market: A lucrative space
According to experts, the popularity of the direct-selling industry is primarily anchored by today’s predominant gig economy. Not to mention, direct selling also means convenience and flexibility. These three factors are perfect for the modern moms, who need to balance home responsibilities with side jobs that they enjoy doing. And CBD oil is the latest trend and product that they could use and promote themselves while having a great chance for profit.
The CBD market grew by about 80 percent last year. According to Brightfield Group, this number is equivalent to around $591 million. Hemp Business Journal, on the other hand, said the market for hemp-derived CBD was about $190 million in 2017 and will grow to $646 million by 2022.
With the 2018 Farm Bill now in place, those numbers may soon blow up, especially this 2019, where various opportunities await the industry.