CBD Oil Revenues Continue To Rise
CBD Oil set at least one company ablaze this year, as Diamond CBD, Inc., announced another period of record-setting revenues in May. The company, an industry leader in all-natural industrial-grade hemp CBD oil, surpassed $2 million in sales per month, a trend that continues to break year-over-year records according to a statement put out in late June. It’s a testament to both the company and the strength of the CBD oil market at-large.
More Than Just CBD Oil
Taking a closer look at Diamond CBD, while the company is known for their CBD oils, they’ve made a name for themselves with innovating new products in the CBD market. Sure, Strawberry Flavored CBD Hemp Oil will always be a customer staple, but with the development of CBD edibles, CBD vape oils, and even pet CBD oil, Diamond CBD shows that the key to tackling this market is diversification.
Where many agree that the company really shines is their diversification within CBD products. For example, not only do they offer CBD oil, but they give consumers several different brand options, like their Diamond CBD Flavored Hemp Oil to their Blue CBD Crystal Isolate. Giving consumers options is the optimum way to open up target demographics and build a bigger core audience.
CBD Oil: A $2 Billion Industry
The online cannabis financial site PotNetwork wrote about a recent report in the Hemp Business Journal that estimated U.S. hemp sales to be near $820 million in 2017. Noticeably, most of those sales came from hemp-derived CBD oil. According to the report in PotNetwork, hemp-derived CBD oil came was worth at least $190 million in sales in 2017, or 23 percent of all hemp industry sales in the U.S.
“Moreover, CBD oil helped to promote a 16 percent growth in the overall hemp industry in 2017, a staggering statistic considering that a market for the product barely existed five years ago,” noted the report in PotNetwork. “As one CEO whose company recently made a move into the CBD oil business noted earlier this year, the industry growth is fueled by the public’s desire for safer alternative treatments, especially in an age where opioid use runs rampant.”
High-Quality CBD Oil
Diamond CBD is part of a new slate of CBD oil companies pushing to change the industry through heightened self-regulation. Independent third-party lab testing is performed on all of their products, labels clearly list all ingredients and dosages, and more information is given to the consumer than ever before. Some are considering it to be a second-wave in the CBD industry; a sort of weeding out of the low-quality, scam-artists that permeated the industry in its earlier years.
After all, companies like Diamond CBD have turned CBD oil into a sophisticated venture, opening up the market with CBD edibles, CBD vape oils, pet CBD oil and more. And if their past is any indication, the future looks incredibly bright for this CBD oil company.