Millennial Entrepreneurs Lead the Way with CBD
Millennials take on CBD
As CBD rises in popularity across the globe, millennials step up and lead the charge. Hemp production and commercialization legal in the United States thanks to the 2018 Farm Bill. CBD, or cannabinoid, derives from hemp plants. But do not confuse hemp with cannabis. The hemp plant contains less than .3% THC, the psychoactive component that causes a “high” effect. The legalization of hemp then opens the flood gates for many young entrepreneurs to take advantage of this rapidly growing industry. According to a study, one in every seven adults in the United States is currently using CBD products. The largest age group of users is 18-29-year-olds. Certainly, millennials are not just personally interested in CBD. They also want to make it part of their life’s work.
Who are Millenials?
The term millennials often refer to the generation of people born between the early 1980s and 1990s. Many millennials entered the workforce during the 2008 recession, which significantly impacted their vision of the workforce. Because of economic restrictions and historically low salaries, millennials were forced to think differently to survive economically. As a result, millennials are creating some innovative new ideas like working from home, freelancing, group workspaces, and a better work-life balance.
In general, millennials are an open-minded generation interested in diversity and equal rights for all. They tend to be very self-expressive and open to untraditional ideas and new ways of living and working. Millennials also care a lot about authenticity. This is obvious from their daily lives to their firm belief in corporate social responsibility. As a generation, they want transparency from work, government, and other bodies. Millennials also maintain a strong belief that one should contribute back to the world they live in.
Millennials are the most entrepreneurially-minded generation ever. Therefore, their ability to see the world differently allows them to take chances and formulate ideas that more conservative generations could not. In a survey conducted in the United States, 13% of respondents noted their career goals include climbing the corporate ladder to more senior-level positions. In sharp contrast, 67% stated their goal was to open their own business.
The millennial drive to take care of their future and create their own professional opportunities stem from the economy of the self. The recession taught this generation some tough lessons, most notably that you are not guaranteed a job for life, so you should try making your own. Consequently, this leads us to millennials exploring the CBD industry with enthusiasm.
Why CBD works for Millenials
Millennials are already advocates for CBD. With $10 trillion in a lifetime buying power, millennials have amplified the market for all manner of health, wellness, and lifestyle products described as a natural, clean label and organic. CBD products are a natural fit for millennials. As more people seek alternatives to opioids and other pain medications, CBD is a natural and safe option. Many CBD-infused products like tea, bath bombs, and even water promote a wellness-minded way of living. CBD is part of a broader way of life. Meditation, wellness, yoga, eating healthy organic foods, and CBD all fit seamlessly together for millennials. Given their personal preferences, it is no wonder that this generation decides to go after the CBD industry and all its wellness-related potential.
Another important factor is the Millenials online skills. As CBD get more known, it gets more mentions and CBD reviews on the world wide web, thus helping them research the compound on their own terms, and not waiting for traditional to catch up.
CBD is can potentially relief anxiety symptoms and depression. While Millenials looks happy and their Instagram profile, studies show that anxiety levels among Millenials are on the rise, making CBD for anxiety a great solution.
A return to basics
A study in the U.K. reveals that 30% of Brits, representing almost 15 million of the population, are wary of approaching a doctor about their mental health. This group does not want a medication that may be too severe for their symptoms. Of this percentage of people, nearly half were millennials. Similarly, 38% of Brits, representing almost 17.5 million UK adults, would use CBD oil to manage their mental health. Again, half of them were in the millennial age range. Millennials are interested in CBD not only as part of a wellness lifestyle but also as a serious alternative to harsher medications.
Legality and CBD
The commercialization is legal as of 2018, and since then misinformation abounds about the legality of CBD. This, combined with the FDA’s lack of regulations, has made some investors nervous. Millennials, however, are jumping at an early opportunity. Millennials, as a group, tend to question authority and challenge old ideas. If past generations grew up with the idea of marijuana as illegal or wrong, millennials have no such association. This way of thinking clears their path towards investing in CBD products and opening up cafes and small stores to sell their goods.
Social media and CBD
The baby boomer generation faces more challenges in accepting and understanding CBD. As an older generation, it is more difficult for them to understand legality and regulations. Millennials, however, are the most tech-savvy generation so far. A quick Google search or scroll through Instagram and they have access to peer reviews and information on how to safely buy CBD. This instant access to information also serves to encourage would-be investors and arm them with the right information to move forward.
Millennials also know how to reach other Millenials: through social media. Marketing restrictions around CBD are tricky. CBD producers cannot claim the effects of their products as true unless they have scientific studies to back it up. Millennials have a particular genius way of circumventing this obstacle. Kim Kardashian had a CBD baby shower that she covered on Instagram. The products enjoyed exposure to hundreds of millions of views. UFC champ, Nate Diaz, recently smoked a CBD joint after practice and handed it out to a crowd. Likely a publicity stunt for his new CBD brand. The creative millennial mind finds a real home in the CBD industry.
Where is CBD going?
The CBD industry is set to increase in revenue drastically in the coming years. Armed with their ability as free-thinkers and their strong belief in a more natural and holistic lifestyle, millennials are showing up for the CBD industry in a big way. We expect to see many more young entrepreneurs utilizing their creativity to open CBD and its beneficial effects on the world.