CBD: Industry, Product or Ingredient?
The US CBD market was not immune to the economic impacts of the pandemic. CBD brand strategy was upended by store closures, changes in consumer needs, and drops in the price of CBD. The industry has been rebounding ever since its fall in Q2 2020, but the landscape looks much different than before.
The brands that focused on boosting their ecommerce have proven to be the most successful. Increased online sales made website visitors more important than ever, and the brands with the highest consumer loyalty also have the highest site traffic. Strategic online advertising brought shoppers onto brand websites. Targeted email campaigns kept potential customers interested and primed them to buy. Subscription models helped foster loyalty by providing convenient, money-saving incentives to remain a customer.
Ecommerce is the dominant channel, CBD discovery is stunted, and there is still no federally-supported regulatory structure for ingestible products. All the while, innovation in the category and increasingly close ties between CBD and cannabis beg the question—is CBD a standalone industry, a cannabis product, or an ingredient?
CBD: Industry or Ingredient? 2021 Mid-Year US CBD Report
Katrina Glogowski, Seattle Attorney & Angel Investor
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
Episode 743 of The Talking Hedge:
Your Cannabis Business Podcast.
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