AJ Agrawal, a 31-year-old serial entrepreneur, built, bought and sold a CBD empire over a period of two years. FE International announced that Agrawal’s CBD brand, Verma Farms was their latest acquisition in 2021. This success story is remarkable in a calm year but it happened during an economic crisis and continuous supply chain crises. Agrawal, however, found silver linings and was able to walk away with a remarkable profit of eight figures. This happened while other CBD companies were forced into bankruptcy.
The CBD industry is performing well since 2018, when the Farm Bill was passed, legalizing hemp production. A prior report by Forbes showed that CBD sales in the US reached $4.6 billion in 2020. Current projections show that this sector of the cannabis market will reach $20 billion within two years. Although Covid-19 was not without its challenges, it created opportunities for CBD businesses to thrive. America was plagued by anxiety, and many people tried CBD to relieve stress. E-commerce thrived due to lockdowns, as well as a desire for safety inside. He also saw the other silver linings.
was not one to refuse an opportunity. It expanded to become CBD for pets in order to better serve the consumer during pet adoption’s rise.
Many CBD users realized during the pandemic that you cannot take a vacation.
Agrawal also saw a potential in the company’s foundation and building blocks. Verma Farms, which is Hawaiian-based and inspired by Hawaii, is a Hawaiian-based company. He says, “I first tried CBD while on vacation in Hawaii several years ago. That feeling was something that I hoped to translate into both product and marketing.” Although I couldn’t foresee the travel bans and lockdowns, I was thankful to be able to offer our customers a small taste of the stress relief and relaxation that comes with time in Hawaii. It also helps to connect more with the body and the natural world. Verma Farms’ trademark products include dried tropical fruits infused with CBD, Hawaiian Rainbow and Maui Melon chews.
Many CBD users realized during the pandemic that you don’t have the luxury of a vacation. He says, “I believe there’s a possibility when I reach my 60’s that I will move to Hawaii and spend the rest my life surfing and eating Japanese sushi.” Agrawal said, “I knew CBD was a good investment after I had my first experience with it.” However, he didn’t expect the rapid growth and overcoming of so many obstacles that CBD has experienced. Agrawal attributes Verma Farms’ success to creativity, flexibility, and reliance on ecommerce.
Agrawal claims that he was able to navigate funding issues using simplicity and flexibility in the early-growth phase.
Even for legal CBD companies, funding can be difficult. Agrawal claims that he was able to navigate funding issues using simplicity and flexibility in the early-growth stage. Pipe is a company that transforms recurring revenue into capital for growth, without any dilution of restrictive debt. Verma Farms was a proven success and a great candidate for the platform because Pipe evaluates revenue predictability.
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Agrawal says that the funding landscape, especially in e-commerce has been totally disrupted. “[This disruption] has made it possible for entrepreneurs such as myself to get into businesses quickly and efficiently, without the hassles, strings, or bureaucracy associated with VC funding. Anyone who is familiar with traditional funding or has been through it knows the struggles and stress of being dependent on investors and shareholders. This can be one the most difficult parts of entrepreneurship.
Knowing when to sell is another aspect of business that can be difficult. He suggests that you focus more on growth than acquisition, and not only looking for silver linings but also how to make the most of them. He says, “Grow over the long-term — an acquisition will occur.” This may sound counterintuitive for business owners who are eager to see eight figures. However, Agrawal states that it is easy to lose sight and focus too much on the end goal. Agrawal also suggests that you build a solid foundation before you focus on trends and try to work less. Don’t be focused on how much time you spend in your business. Instead, think about creating a system that is self-sufficient. The goal is to spend less time and not take up more of your time.
What’s next? Agrawal’s plans include the creation of other e-commerce companies, like Penguin CBD which he bought in New York in spring 2021. The brand, which is geared towards Gen Z, is well-known for its CBD oil “cookies and cream” and sour CBD gum worms, as well as other CBD-infused products. The founder says that he wants Penguin to become a more successful brand than Verma Farms. Follow Agrawal to keep up with his latest projects.
Partnering with Student Affairs and Academic Affairs in Advancing Nonpartisan College Student Election Engagement Efforts is Better Together
Crackers and cheese. Peas, carrots. Peanut butter and jelly. Bananas, chocolate. Chocolate and most things! Some things are better when they’re combined!
Clemson University formed a partnership called Clemson Voices four years ago when we began to strategize on ways to improve student voter engagement and democratic participation. Different types of democracy require different approaches.