The CBD industry is taking off. It’s now legal to buy cannabidiol products in many places across the world, and more and more people are starting to use CBD for all kinds of reasons. A 2018 report estimates that the CBD market will be worth $22 billion by 2022. This will lead many entrepreneurs and organizations to wonder- in what way can we start a CBD company?
Starting a CBD business isn’t quite as hassling as starting a marijuana business. However, there’s still a lot you need to know. If you want to sell legal, hemp-based CBD products, they must be tested to ensure low levels of THC. Of course, you also need to do your market research, find out who you’ll be selling to, and sell the right products. Here’s a quick guide to ways to start a CBD company.
How Can We Start a CBD Company?
Like with any other business, you’ll need a lot of planning and a solid business plan to start a CBD company. Consider whether you want to sell locally or online and who exactly your target market is. Some CBD companies target their products at medical users while others provide CBD for a wider demographic.
You also need to consider the legal aspects of starting a CBD company. Some sellers may want to get licensed in a legal state to sell cannabis products. This will allow you to sell cannabis-based CBD products which also contain CBD.
However, you can also sell hemp-based CBD with THC levels of less than 0.3% THC legally due to recent changes in federal law. If you sell hemp-derived products, they must have a Certificate of Analysis (COA) from a lab which confirms that they have less than 0.3% THC. No matter what kind of CBD company you start, make sure you follow your local laws for registering and starting a business and do everything legally.
Why Should You Start a CBD Company?
CBD is a fast-growing trend, and if you have enough knowledge in the sector, it’s a good industry to get into. Market reports suggest that the CBD industry will boom over the next few years, especially as more people become aware of it and it becomes more available.
A large-scale survey by HelloMD also found that 80% of CBD users found it effective as a medical treatment and people are beginning to abandon traditional treatments in favor of CBD. Since CBD is a plant-based product which is fairly inexpensive to cultivate and sell, it can result in big profits over time.
CBD also comes in many different forms and can appeal to many different people. Many stores focus on selling CBD vape cartridges and oils. These appeal to those who are enthusiastic about vaping. Other stores sell CBD Oils aimed at those who want to check out the effects of CBD. Some sell a wide range of products which can suit everyone. Regardless, CBD is now starting to appeal to people of all ages and backgrounds.
Where Can You Get CBD Products?
If you plan to sell CBD products, there’s a couple of ways to go about it. Some companies cultivate products themselves or reach out to hemp farmers and CBD producers to create unique, branded products.
However, there are also many popular CBD brands out there which you can buy wholesale and resell to a wider audience. This is often an easier approach, especially for newer businesses.
It’s a good idea to sell a wide range of CBD products. CBD Oils don’t appeal to everyone- some users prefer to try out different edibles, topicals or vape products. You can even get unique products such as CBD shampoos and CBD tea mixes.
What CBD Products Should You Sell?
When it comes to CBD products, there’s a ton of variety. If you want to sell CBD, you’ll want to make sure you cover the kind of products they want. Here are some of the most popular kinds of CBD products which customers are likely to demand.
CBD Oils/Tinctures – CBD Oil is the most common product CBD users look for. It’s popular due to its convenience and ease-of-use. It’s taken by applying a small amount of the oil underneath your tongue and holding it there to absorb the effects. The fact that it’s just CBD-infused oil in a bottle also makes it fairly easy to produce in comparison to other products. Things like flavored CBD Oil can also sell well.
CBD Edibles – CBD Edibles are also very popular for patients and users. These are foods (and sometimes beverages) which are infused with CBD Oil or isolate. When digested by the body, they give you all of the mental and physical benefits of cannabidiol. Many users prefer edibles over oils as they’re easy to take and also taste good. You can also make edibles in practically any form, from fruit gummies to brownies and even drinks like CBD tea.
CBD Vape Products – Vaping is a popular hobby and many users look for CBD products to vape. CBD Vape-Oils are a little different than regular CBD Oil or Tincture. They’re usually thinner, which makes them easy to vaporize. You could also sell CBD vape cartridges or Juul pods. These often come in a variety of flavors which makes the experience more enjoyable for consumers.
CBD Topicals – CBD Topicals are topical products infused with cannabidiol. They can come in the form of creams, body sprays, balms, gels, shampoos, and even bath bombs. They’re useful as they absorb into the skin without reaching the bloodstream. They offer quick pain relief along with clearing up skin problems. Many users like these as a way to get the effects of CBD directly to an area of their body.
With the continuous growth in the CBD market, many business professionals will wonder how to start a CBD company. Like with any other business, you’ll need to follow strict guidelines, create a solid business plan, and get funding. However, if you’re willing to take on the challenge, a CBD company can be very profitable, especially as more users become interested in the products.