The CBD industry continues to grow in the U-S and Wisconsin. A report from Nielsen.com predicts the hemp-derived CBD market could become a $6 billion industry by 2025. That’s big business.
But how easy is it to capitalized on this fairly new but potentially lucrative trade? It might be harder than you think.
414 Hemp is located in Mayfair Mall and has been in business for about two years.
Owner Maya Mays says getting financial backing from a bank to open a CBD based business is almost unheard of but that didn’t stop her from pursuing her dream career.
“I worked two jobs. My partner worked, I mean, just long hours, saving money. I made the right decision. We were already farmers before the hemp license came available,” said Mays.
Mays grows her own hemp and when the 2018 Farm Bill passed legalizing hemp at the federal level, it was go time.
Mays says misconceptions about CBD are something that can be navigated through by having conversations with customers who have questions about the product.
“It’s really about getting the right information out there. We’re learning as we grow too. So we’re constantly traveling, going to different conferences, learning from other states like California, states that have been doing it for a while and learning their strategies,” said Mays.
She says the majority people who visit the store are people between the ages of 40 and 80, mainly looking for pain relief.
“A lot of people come in here with fibromyalgia, MS, epilepsy, PTSD, chronic arthritis, anxiety,” Mays said. “In this business you share a lot of tears because you get a lot of testimonies.”
414 Hemp is located at Mayfair Mall at 2500 N Mayfair Rd. in Wauwatosa.