The present invention relates to a process for preparing cannabidiol isolates from industrial hemp. With the process an economically feasible manner is provided of putting industrial hemp waste material to use as a starting material for producing CBD. The present process offers the advantage that it produces a high purity CBD extract in good yield. The method further offers the advantage that it is highly reproducible in that it produces CBD isolate with a specific cannabinoid profile, which is particularly important for pharmaceutical and/or cosmetic applications. The invention thus also relates to the cannabidiol isolates that can be obtained using the process and to applications thereof in pharmaceutical and/or cosmetic formulations.