CBD’s meteoric rise in popularity has hemp growers finding all kinds of market opportunities that don’t exist for THC products, including yoga studios, pet boutiques, gyms and coffee shops – all foreign territory for marijuana-derived products. One Kentucky hemp producer even has CBD products being sold in tractor supply stores; a North Carolina CBD company has […]
Many people have some money to help start a cannabis business opportunity but not enough to cover all the startup expenses. Unless you enjoy fundraising and have access to a network of potential investors, you likely face a steep uphill battle to get the funding you need. You need to take the time to research and prepare a detailed business plan, a compelling presentation for investors, find investors, present to them, hire a lawyer and the list goes on and on. To learn more about true start up costs of a traditional cannabis business, talk to an expert here.
Because CBD currently operates on the boundaries of legality, it's tricky to figure out how big the industry is and how much bigger it could get. Brightfield pegs the market for hemp-derived CBD products at about $591 million in 2018, growing to $22 billion by 2022. Other analysts, while nowhere near as bullish, are still very positive on the sector. Hemp Business Journal says the market for hemp-derived CBD was about $190 million in 2017, and will grow to $646 million by 2022.
I’m not saying that HempWorx doesn’t offer quality products. But you should be aware of the cost and the fact that the company has an affiliate program so that you know what you’re getting into. We hope they change their marketing approach in the future. If you are using their products and happy with the program, that is great and we hope you stick with it.
Some research suggests that in some people, CBD may work better when it’s combined with at least a little THC, says Martin Lee, director of Project CBD, an advocacy group that supports CBD research and the author of "Smoke Signals: A Social History of Marijuana—Medical, Recreational, and Scientific" (Scribner, 2012). This is called the “entourage effect,” Lee says, the idea that the sum of the two chemicals, plus other related compounds in the plant, is greater than their individual parts.
Before there was HempWorx, there was My Daily Choice, an MLM whose main products pre-HempWorx were supplements that you spray into your mouth. Josh Zwagil started My Daily Choice in November 2014, a month after ending a five-year run with an automotive products MLM, Syntek Global, where he rose to the highest rank of Blue Diamond Executive, according to his LinkedIn page. (Fun fact: After Zwagil left Syntek Global, the MLM filed a lawsuit against its longtime president, John Winterholler, alleging, among other things, that he went behind the company’s back and against its interests to market and sell a competitor’s products.)
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To summarize, we would say that HempWorx CBD oils are pretty standard in terms of effectiveness, and perhaps even a good value in terms of price compared to some of the more popular brands in the US. While they’re probably not the best we’ve ever had, they’re by no means the worst either. And of course, the company offers fast, reliable shipping to all 50 U.S. states.
And now that the updated U.S. Farm Bill has been passed which more or less legalizes hemp, we can expect to start seeing more and more very high quality CBD oils hit the American market in the coming years. HempWorx has been around for awhile, and they’re simply doing what they can from a business perspective in order to gain a foothold in the industry. In our mind, this should not take away at all from the quality of their products.