The CBD sector keeps growing regardless of the coronavirus effects. Indeed, according to a study, the CBD market will reach more than 28 billion dollars by 2027. It is safe to say that the rise of CBD store is more than you can imagine. Check out this post for the supporting statistics.
What is CBD?
CBD mainly refers to a hemp derivative. It is not the same plant while CBD is similar to marijuana cousin. People like leveraging it for just about anything. Just tell a medical condition and there is a chance that somebody will deal with it using CBD or similar. It works to handle anxiety and chronic pain. CBD is also effective in arthritis treatment.
The rise of CBD store is more than you can imagine
According to the Brightfield Group, the CBD market went beyond 4 billion dollars three years ago. And expectedly, the sector will top more than 20 billion dollars by 2025. Also, Customer Reports (2019) showed that over 60 million American people had used CBD in the past 24 months. What is more? Among people using CBD, more than 20% reported that it assisted them in supplementing or taking the place of prescription or stuff.
More specific CBD statistics in the US
According to FDA, hemp-based CBD goods are legal in every 50 states provided that their THC is less than 0.3%. And in 2019. CNN showed that in general cannabis sales, the winner was Colorado. Since 2014, it has sold more than one billion dollars. According to Statista, when it comes to CBD sales in 2019, California is the best state (over 725 million dollars).
Also, it is worth mentioning that according to SingleCare, among American people using CBD, most of them (almost 65%) use it for pain relief. More than 40% of Americans make use of CBD for insomnia and nearly 50% is for anxiety.
Statistics by age
Gallup shows that 20% of those who are from 18 to 29 years old have used CBD. 16% of people whose ages are from 30 to 49 have relied on it. For those aged from 50 to 64, their percentage is eleven. 8% of people aged at least 65 have counted on CBD.
The key to that growth: A trusted POS system
Thanks to POS, preferably ConnectPOS, real-time synchronization for CBD store is ensured. A lot of CBD firms have not managed to ensure that. The consequence is information disparities between various sales platforms. ConnectPOS allows data to get updated no matter when there is a stock level change. This system also helps you comply with the local regulations regarding CBD. For example, it provides the age restriction filter in the offline checkout area or the checkout page. Plus, ConnectPOS delivers a unified stock control system. Its tools such as auto-generated sales reports and stock taking work to inform you about the stock levels, sales trends, and so on.
Amid the growth of CBD store, what are you waiting for but to run a business in this field? Should you be looking for a potent point of sale for your shop, you can think about ConnectPOS. Call us for further information!