The cannabis industry is one of the industries that has shown steady growth over the years. Its market value was USD 7.1 billion in 2019. Projections show that the compound annual growth was expected to be 22.2percent from 2019 to 2025. However, 2020 has been a slow year for most industries due to the Covid-19 pandemic and cannabis has not been spared either. The commendable growth of this industry has made it lucrative over the years. This sector is impacting other areas such as pharmaceuticals, cosmetics, food, and beverages. People are now more woke and want to learn what the cannabis market has in store for them. However, the CBD market isn’t that easy to penetrate. Let us explore some of the challenges in this market
Legislation governing the use of cannabis products has been a topic of discussion over the years. Different countries have different laws when it comes to the use of cannabis products. It even gets harder when it comes to a country like the US, which has 50 states with different laws on marijuana legalization. These laws change a lot based on the state, which makes it confusing. The industry faces a lot of challenges because people tasked with passing laws on the use of marijuana do not fully understand CBD products. On the other hand, consumers are yet to understand some of the applications of marijuana products.
Expensive and slow licensing
The cost of licensing in the CBD products in the market depends on the country and the state. Canada legalized the use of recreational marijuana in July 2018. However, the laws and regulations that were passed by inexperienced lawmakers made it hard for small corporations to afford the extreme costs to operate in this budding market, and online space seemed like the only viable