In 2018, the federal government passed the 2018 Farm Bill, which legalized CBD. Since then, the CBD market looks saturated as more entrepreneurs venture into the cannabis industry. However, according to a budding cannabis entrepreneur Kimberly Dillon, the CBD market is still “in the initial stages.”
Opportunities in the CBD industry
Dillon runs Frigg Wellness, a line of CBD-laced hair and skincare products. The business targets women from every background. In an interview with a Forbes Magazine contributor, the Los Angeles-based entrepreneur said she saw a gap in the CBD market that prompted her to launch her own enterprise.
I saw an opportunity on the CBD side in beauty. I’m African American [and I know] your braids can be heavy on the scalp. I was doing focus groups for work and I was hearing a lot of women saying how they were using lube products on their faces and hair. I thought why are they using lube products for their face? Why don’t we create beauty products that address their concerns? This idea for Frigg came a year and a half ago. I took the plunge because I’ve always been around entrepreneurs and people of colour, so I went for it, said Dillon.
Dillon also runs another cannabis-related enterprise, Plant & Prosper, a consulting collective that focuses on the hemp industry. While she currently focuses on Frigg, Dillon together with various partners also “coach clients on branding and marketing for their nascent cannabis and hemp brands.”
A glut in the CBD market
Asked about what she thinks about “a glut of CBD products flooding the market,” Dillon said she recognizes the fact that the CBD market is flooded, but was quick to note that it’s still in the initial stages. The holder of MBA from the University of Michigan also gave reasons why Frigg Wellness stands apart from the clutter.
“One, we use scientists and doctors to develop our beauty products. We also use specific use cases, thinking of a multicultural experience [such as] women who are suffering pain on their scalps due to extensions and wigs. We know how to resonate with a different community.”
Dillon concluded by saying CBD has only been legal for barely two years. They still have to win consumer awareness and customer loyalty. She noted it’s really about building brand loyalty and community and educating consumers.
