Every entrepreneur aspires to build a company that revolutionizes its industry and disrupts its marketplace. This kind of innovation usually doesnâ€™t happen very often.
However, a few entrepreneurs in the CBD industry have discovered gaps in the market, found new ways to deliver services, and are now securing millions in funding and capturing huge segments of market share.
The CBD industry is estimated to grow by a whopping 700% by 2020. This industry is still fresh and has opportunities for entrepreneurs looking for a startup idea and people looking to invest in a budding industry.
With more countries around the world and states in the US legalizing the use of CBD for treating health issues, this industry has been estimated by the Brightfield Group to expand to a 22 billion Dollar market in customer sales by 2022.
CBD is short for cannabidiol. It is gotten from a strain of the Cannabis Sativa plant called Hemp.
It doesnâ€™t contain THC, so it cannot get its users high. Because of its fantastic medicinal benefits, doctors are recommending CBD to help their patients treat acne, anxiety, chronic pains, depression, epilepsy, glaucoma, insomnia, loss of appetite and body weight, muscle spasms and even Parkinsonâ€™s disease.
In the words of Jeffrey Maganis and Ivan Kan, Co-Founders of Calm by Wellness, a community-backed CBD Hemp oil company that connects the brightest doctors, pharmacists, and researchers in Cannabis together, â€śwhat the top companies in the CBD industry do is provide high quality, simple, and convenient solutions to major problems that currently exist in the space. This includes everything from farming and distribution, to convenient personal devices and payment methodsâ€ť.
If youâ€™re looking to grow your CBD business or plan to launch a successful startup, itâ€™ll be helpful to learn from others who are achieving immense success and capturing vast segments of the market. Here are five startups who are revolutionizing the CBD industry.
Founded by Kevin McKernan, Medicinal Genomics uses its unmatched expertise in cannabis genetics to develop testing technologies that help growers, dispensaries, and testing laboratories to ensure patients and consumers have access to safe, quality cannabis.
This innovative business uses blockchain to help cannabis entrepreneurs.
A service called StrainSEEK is used to map and sequence the DNA of different cannabis strains, register that information and store it on the Bitcoin blockchain in its public-facing Kannapedia database.
By doing this, McKerman and his team of scientists and developers give growers some security for their unique strains, so pharmaceutical giants are unable to productize that strain and steal their business.
Calm by Wellness:
Co-founded by Jeffrey Maganis and Ivan Kan, Calm by Wellness Co boasts of being the leading producers of the best CBD hemp oil for pain sleep and anxiety.
With an innovative line of products, ranging from on the go supplement packets, CBD gummies for kids, hemp extract cooling gel and flavored CBD extracts, the Wellness Co team are transforming the CBD industry into a hub of creativity and innovation.
James Monsees and Adam Bowen founded PAX Labs in 2007 with the goal of creating responsible, enjoyable, and personalized experiences for cannabis. They have now become the vape manufacturer to beat, with close to $50 million in funding, a mature product line, and plenty of Hollywood-fueled brand recognition.
Users refer to PAX vaporizers as the â€śultimate vaporizerâ€ť because of the unique experience it provides.
Monsees and Bowen offer customers the best-in-class software and hardware tools to help them personalize every experience.
CEO, Vanessa Luna, and her team have created a solution to one of the problems facing the cannabis industry, banking. MoneyTrac or MTRAC is a company aimed at delivering banking solutions to high-risk sectors in need of a secure and compliant digital payments platform.
In simple terms, they â€śbank the unbankable.â€ť
MTRAC offers its customers:
And most importantly, peace of mind.
Keith McCarty, the founder of Eaze, succeeded in creating what most people are calling the â€śUber for weedâ€ť and others the â€śAmazon of cannabis.â€ť
Eaze is one of the leading companies in medical marijuana delivery, offering customers fast and reliable delivery of hemp-derived CBD products. Delivery.
With over $51.5 million to its name, Eaze is also one of the better-funded cannabis startups in the industry.
The CBD market is booming and is set to only get bigger in the next few years.
With more states and countries legalizing the use of cannabis strains for medical purposes, now is the best time to launch a startup that solves a problem in this billion dollar industry.