E-commerce platforms aim for high profits with CBD offerings
Two major e-commerce platforms are now actively supporting the sale of legal hemp products.
Shopify and BigCommerce are each providing new features on their platform to help U.S. retailers sell hemp and hemp-derived cannabidiol (CBD) products. Shopify is now supporting sales of CBD products online or in brick-and-mortar retail locations, where permitted by law.
This support includes access to Shopify’s online store builder tool, payment and shipping providers, marketing tools, and customizable shipping rules. In addition, retailers can leverage more than 2,500 apps, including for functions such as marketing, accounting, and inventory management, to optimize their store with custom features and functionality within the Shopify platform. Shopify’s support team is also available to CBD retailers using the platform. The company has enabled retailers to sell legal CBD products in Canada since November 2018.
Meanwhile, BigCommerce offers BigCommerce for Hemp & CBD, a set of tools and services tailored for hemp and hemp-derived CBD commerce. In addition to providing a secure and hosted online storefront, BigCommerce for Hemp & CBD connects retailer with U.S.-based merchant service providers and payment gateways for both digital and brick-and-mortar retail, as well as proprietary shipping and fulfillment solutions.
Passed in December 2018, the 2018 Farm Bill removed hemp from the Controlled Substances Act and eliminated restrictions on the regulated cultivation and commercial sale of most hemp and hemp-derived cannabidiol products in interstate commerce. There is little mystery as to interest from retailers’ or retail platforms’ subsequent interest in CBD. According to cannabis-focused research firm Brightfield Group, the CBD industry has the potential to become a $22 billion business by 2022.