Reaching a total value of $6.4 billion as of 2022, the CBD industry is expected to outgrow previous estimates. This is partly driven by the number of small businesses sprouting across the country selling everything from sugary snacks to teas. You can’t blame them because demand remains high. If you count yourself among many who are seeing the profitable potential of selling CBD products then here’s a brief guide to help you get started:
1. Understand how CBD products rules work in your state
Local CBD regulations are gradually taking a step back. It sounds like good news for sellers like you, but it doesn’t mean you have the freedom to sell at your own whim. You’re still subject to existing laws that govern the sale and consumption of anything with a THC level lower than 0.3%.
In fact, only a handful of products have passed FDA approval with a wide range of brands still under review. To be sure, consider ordinances and other rules in your city or state. Generally, you’re safe to peddle CBD products derived from hemp instead of marijuana, but you may be required to register your business and ensure that your products comply with current THC limits.
Photo by Mike Petrucci on Unsplash
2. Look for a CBD products niche
Once you have determined that you’re safe to sell CBD products in your locality, you might want to consider what sector or niche to sell to. New niches are introduced each year as more brands discover a wider usage of CBD oil. In addition to selling tinctures and teas, you might want to consider selling accessories aimed at enthusiasts and casual consumers.
There is also a growing market for pet products infused with cannabidiol oil. That’s ranging from shampoos to soaps. You may also market your products to appeal to the needs of people with eco-friendly agendas. Whatever niche you choose. Just make sure you know a lot about it before proceeding.
3. Become a CBD product oil connoisseur
To become a CBD business owner, you need to understand the substance from the inside and out. That doesn’t mean getting an advanced education in chemistry or biology. You only need to spend time familiarizing yourself with the CBD extraction process and explaining different cannabinoids. Your technical knowledge will come in handy if you plan on developing your own range of products to distribute on the market.
4. Build a business plan and nurture networks
Now that you have a workable blueprint for your CBD business, you can start drafting a business plan that specifies the kinds of products you will be selling. This may also include how you will finance and market your business. For it to be truly successful, you should play an active role in the CBD industry. Join communities and look for local suppliers and thought leaders who can help flesh out your goals.
Endnote
It’s always a great time to start a CBD business considering how the substance is becoming more prevalent each year. You just need to remember these essential tips before diving in.
