The growing popularity cannabidiol (CBD) as a herbal extract with much touted health benefits is helping CBD products move “from dispensaries to general sales channels” across the United States. Analysts from Arcview Market Research and BDS Analytics. believe CBD sales in general retail will grow to $12.6 billion by 2024, more than double dispensary CBD sales.
In 2018, 65% of the $1.9 billion spending on CBD products in the nation took place through licensed dispensary channels in states with legal cannabis programs, the report states.
Paul Talbot in February saw CBD as a business opportunity and launched an online marketplace, Earlier this month , the former digital marketing professional with expertise in holistic wellness, opened a boutique store, Infused, A CBD Marketplace at 1909 Ninth St., Unit 130 in downtown Boulder. The store is about helping people find what fits their lifestyle, Talbot said.
Talbot said he and his mother experienced relief from pain and anxiety with CBD products, which made him explore the CBD market to start his own business.
His goal is to educate consumers about CBD products.
“I want to provide a professional space to buy CBD products consumers can trust,” Talbot said.
A more personal communication about products will help educate people about how cannabidiol works on the human body, and about top brands and their offerings, he said. It also will help the store to learn about what customers need.
Infused carries CBD oils, edibles, topicals, smokeables and even products for pets. Products range from $5 to $140, all of which are made of U.S.-grown hemp that is third-party tested, he said. He gets his products mostly from manufacturers from around the country.
“I spend a lot of time curating brands. All our products are TSA-approved, which means people can travel with them,” he said.
He plans to organize educational events in the store on a regular basis.
“I feel I fulfill a certain niche to educate consumers about what they are buying,” Talbot said.
“Competition in the marketplace will provide more choices. Since we opened at least four other (CBD) stores that I know of have opened in Boulder,” she said.
CBD sales are expected grow from $2 billion in 2019 to $20 billion in 2024. Sales of CBD products in dispensaries across the country will come down to 26% by 2024, according to CBD: Cannabinoids Escape the Dispensary.