WARNING: This product contains nicotine. Nicotine is an addictive chemical.
WARNING: This product contains nicotine.
Nicotine is an addictive chemical.
October 26, 2020
It’s been over a month since the PMTA deadline. Naturally, there are more questions than answers when it comes to wondering what the FDA will do in regards to enforcement of these vape products. In light of this, many shops have reported that they are adding CBD to their shelves to diversify and create a new stream of revenue. In this edition of State of Vape, we take a look at the shift towards CBD in regards to the uncertain landscape of the vaping industry.
What We Know So Far
The majority of vape brands have gone through PMTA, which is good news if you’re looking to do business as usual. However, some vape brands either already have CBD product lines or are planning to introduce CBD products in the near future. Like any other business, diversification means additional streams of revenue. If you want to start diversifying now, you can browse products atWholesale CBD.
CBD isprojected to be a $23 billion industry in the United States by 2023, eclipsing previous reports on the industry. It may be possible that the projections could grow even more as new data and information become available. Since the 2018 Farm Bill legalized hemp and CBD federally (as long as the THC content is less than 0.3%), there has been an explosion in the number of shops offering CBD and CBD vendors. People from all walks of life, including celebrities and athletes, are reporting how CBD has helped them improve their quality of life.
CBD can be offered in many forms, such as vape juice, tinctures, capsules, edibles, drinks, topicals, and more. Users have reported that CBD has assisted with issues such as discomfort, restfulness, and work-life balance. Whether your customers are young professionals or retirees, or if you’re trying to cross-promote CBD to your vape customers, there is no doubt that CBD could boost the revenues of your vape shop.
Challenges
With growth comes challenges from other sectors. Despite the legalization of hemp and CBD under 0.3% THC content, many payment processors arestill reluctant to accept CBD even in states where recreational marijuana is legal. This could pose a challenge for stores going forward. While more payment processors are accepting CBD sales, it is important to note that you also examine the payment processing aspect of CBD purchases in your store and choosing which payment processor is right for you.
Just like in the vaping industry, the FDA is still trying to straighten out regulations and guidance for the CBD industry as well. The regulations and guidance regarding the CBD industry are still unclear, although under less of a spotlight as the vaping industry has been throughout late 2019 and early 2020. Dr. Stephen Hahn, the current head of the FDA,has made statements this year regarding CBD products. Hahn’s background in cancer treatment may explain some of his viewpoints on CBD. “People are using these products,” he said. “We’re not going to be able to say you can’t use these products. It’s a fool’s game to try to even approach that,” he added.
That’s all for this edition of State of Vape. If you have any questions or concerns about CBD products and how you can offer them in your store, you can always contact your eJuices.co account manager or sales representative. We’re looking forward to hearing from you and speaking with you.
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