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Exploring CBD
CBD products represent a key market opportunity for providers of pain management offerings, but it represents completely new territory. How do HME businesses
move into the CBD market?
By David Kopf
Many HME businesses are cannabinoid often used in managing chronic products because they hear about the benefits
very familiar with the opportunities offered by pain management. A wide variety of their existing patients suffer pain management issues, and
there are a variety of products. — compression items, wraps, hot/cold therapy, or TENS units —they can offer to their clients to help them address their pain and discomfort.
And, like any other HME category, smart providers are regularly hunting for ways to broaden their pain management revenues. The latest offering: CBD. However, CBD isn’t like previous offerings, and many providers aren’t sure how to proceed, given that it is new, it is related to cannabis, it’s not hard equipment, and the laws related to CBD vary from state to state.
Let’s start by defining what CBD is. CBD is one of the compounds called cannabinoids produced by the cannabis plant. The first canna- binoid most everyone has heard of is THC, the psychoactive component in recreational mari- juana. CBD, also known as cannabidiol, is the
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pain, insomnia and anxiety.
CBD products are sold in varying dosages that
might or might not contain very small percent- ages of THC, as well. The products range from tinctures taken under the tongue, capsules, gummies and lotions. Consumers can buy them online and, depending on what state a person lives in, they can buy it at retail establishments.
ASSESSING THE CBD MARKET
While providers might be inspecting the edge of the market, it might be akin to surveying
the foothills next to a mountain range. CBD
has grown widespread. according to market researchers the Brightfield Group, the global CBD market could expand to $22 billion by 2022. Another study from Cowen and Company proj- ects the CBD market to hit roughly $16 billion
by 2025. Low or high, those estimates speak to considerable market demand.
“CBD is on an unbelievable growth trajectory,” says Laura Baldwin Fuentes, R.Ph, co-founder and CEO of Green Roads. “Consumers from all walks of life are increasingly seeking out CBD
from news reports, and get first-hand testimo- nials from friends and family members. This growth is only predicted to accelerate.”
“There’s such a growing interest market, because the product itself has so many benefits that it could definitely bring additional cash flow and new business and return business ...,” says Victor Velazco, CBD advocate for Oliver’s Harvest (oliversharvest.com) which is produced by Coast to Coast Natural Inc.
“Everywhere you look, people are talking about it or they’re a company that’s selling it,” notes Jon Fedele, CEO and owner, PurWell LLC (purwell.com). “I just had a conversation with a Physician two days ago who said that he has, at minimum, four or five patients every day that ask him about CBD. He’s just a General Practitioner.
“So it’s a growing market. I think there’s a great opportunity for DMEs and pharmacies alike,” Fedele continues. “I think they’re poised to succeed in this market for several reasons, but most importantly because their customers know and trust their healthcare advice. They look to them to advise them on products that are going