Since the passing of last year’s Farm Bill, the CBD industry in the United States is coming into its stride. Mainstream brands are finally catching on to its potential, for wellness and for wealth, but most are barely scratching the surface. Companies such as Coca-Cola and Urban Outfitters are giving CBD a try, but the launches have been slow, if at all.
A snapshot of the relationship between CBD and mainstream brands:
Last September, Coca-Cola and Aurora Cannabis were discussing a possible beverage collaboration that would look more like a “recovery drink” than a treat, but the conversation went flat and nothing ever came of it. More recently, CBD for Life, an American CBD brand owned by iAnthus Capital Holdings (CSE:IAN) (OTC:ITHUF), hit shelves last week but only at six Urban Outfitters stores in two states.
Why the hesitation? In an industry slated to be worth more than $14 billion by 2025, one would expect more mainstream brands to be jumping on board. As it turns out, despite the success of many CBD and other cannabis brands across North America, there is still too much that big brands don’t understand about the cannabis plant in general, curbing many possible partnerships at this time.
How CBD companies are using consultants to bolster success in the mainstream market:
CBD companies are forced to forge their own way in the American market without the help of big brand recognition. This is why consultants and advertising firms with a focus on cannabis are playing a more crucial role in the growth of this industry. As the market for CBD continues to expand and come into its own in the United States, consultants will be at the forefront of CBD education, marketing, and ultimately the success of this industry.
Here’s how two companies are paving the way for companies to succeed in the CBD industry:
Findit provides online marketing and brand awareness to CBD companies
Findit Inc. (OTCMKTS:FDIT) is a social networking content management platform that gives CBD brands the power to create their own unique marketing campaigns that can be easily shared across multiple social media accounts. The Nevada-based company uses its team of writers to write and create content catered to the CBD industry. There is also a video production service CBD companies can utilize to feature new products and services. Users can then search online or through Findit’s own search engine for products.
“What so many CBD business owners want to achieve with their online marketing strategy is to reach new and existing customers who are using search engines to find a specific product that they offer,” explained Clark St. Amant, an account executive with Findit, in Monday’s press release. “Our campaign strategy has been to increase . . . brand recognition and increase their online and in-store sales”.
Plant and Prosper combines coaching and consultation to empower CBD businesses
Kimberly Dillon, the founder of Plant and Prosper in California, has been pioneering for CBD as a wellness alternative long before it became popular. Her consultation firm applies her experiences with CBD and her skills in marketing for startups to give up-and-coming CBD company owners, especially women, the right tools to succeed. Dillon sees this industry as just scratching the surface of its potential, and her firm provides unique coaching opportunities for business owner,s as well as cannabis consultation, in order to give them the strong foundation they need to launch a successful business.
“We are in round one of a very long game,” Dillon said of the industry in a recent interview with Marie Claire, “and I especially want women and people of color to claim their stake.”
The potential future for CBD companies and their consultants:
Because of their unique hands-on approach to the industry, consultants have the potential to really transform not only the way consumers use CBD, but also how mainstream brands view cannabis-related products. A survey conducted by Consumer Reports found that 26 percent of Americans were using CBD in 2018. This creates a huge market potential for big box brands, even if they are initially hesitant of the industry.
Ultimately, understanding the cannabis plant is at the root of all successful CBD businesses. Using a consultant to coach and educate CEOs, advertisers, even consumers is one way to open up the floodgates and give mainstream brands the opportunity to cash in on that potential.