The Rise of CBD in the Wellness Industry

  • Published January 24, 2024

The Rise of CBD in the Wellness Industry has overcome the stigma over its use by focusing on educating customers on the CBD experience.

he use of cannabidiol, commonly known as CBD, has gone mainstream during the last decade because of its potential health benefits. Since the passage of the 2018 Farm Bill, which legalized the use of industrial hemp by removing it from the Schedule I list of Controlled Substances, that trend has picked up momentum as consumers look for natural methods to relieve various health issues. However, even with broader consumer acceptance of CBD, the stigma surrounding its sale and usage remained because of its association with the Cannabis plant species containing trace amounts of THC, the psychoactive ingredient in marijuana. Yet, curious consumers began to experience the natural benefits of CBD and wanted more. One of those consumers was California entrepreneur Alex Malkin, who saw an opportunity to make CBD products more accessible and affordable.

How Alex Malkin Entered the CBD Market

Like many other individuals, Malkin had difficulty sleeping at night, suffering from insomnia for nearly 10 years. The only thing that worked was medications like SleepAid, which left him with morning weakness and brain fog. A friend familiar with Malkin’s troubles asked him if he had ever considered using CBD oil for sleep. Malkin had not but was intrigued that no side effects accompanied its use. The original purchase didn’t give him the desired results, so Malkin purchased concentrated oil. After about three to four days, he noticed an actual change in his sleep quality, sleeping through the night without any wakeful periods. He continued using CBD at night, eventually sharing his discovery with Alexander, his business partner, who saw an opportunity, as the CBD niche market had many weaknesses. These included the lack of multi-brand stores and an Amazon-like store that could allow producers to sell their products directly to buyers at affordable prices. Because of their 20 years in the digital marketing realm, Malkin and his partner decided to launch and expand their offerings in a calculated manner to provide the widest choices of products at affordable prices.