The CBD market is rapidly growing across the United States and around the world. More and more countries are accepting cannabis and its derivatives as legal products to be sold for recreational and medicinal use. It is estimated that the CBD market could top $100bn by 2026.
That’s big money. So, why not try to get involved and sell CBD yourself? If that sounds like something you might be interested in, then read on for all the top useful tips for starting your own CBD business.
CBD: What and Why?
If you didn’t know already, CBD is cannabidiol, which is a derivative of the cannabis plant. There are many cannabidiols, though the main two are CBD and THC. THC is a compound that has psychoactive properties, whereas CBD does not. CBD, however, does have some great health benefits, which is what is making it so popular. It may not get you high, but it certainly seems that it could be good for you!
There’s a huge range of CBD products available on the market. People are often choosing a CBD gummy, ointment, or oil for their medical needs. You need to be sure that you stock a range of all the different types of CBD products available.
Ointments and creams tend to be used for aches, pains, and inflammation. Oils and edibles – like gummies – are ingested into the stomach, making them release CBD slower and help with sleep, relaxation, and anxiety. You may also look to sell vapes, which can act as fast reducers of stress. Check out the competition and make sure you stock a full range.
CBD is legal in all 50 states, so finding a supplier shouldn’t be too tricky. Whether the CBD is produced in your state or not is pure luck, but you should try and find suppliers as locally as possible to keep costs down. Make sure it has been tested and is of the highest quality. If possible, seek other customers’ opinions on various manufacturers to make sure you’re getting top-of-the-range products.
What About Licensing?
Fortunately, no license is required to sell CBD products in the states. If you opt to manufacture CBD products, you will need licensing. However, as a reseller, there is no license required. This means that you can simply buy stock, store it, and start selling, much like you might do with any other reselling or retail business.
Even if you are going to be operating out of high street premises, selling products face-to-face with your customers, you should still be selling online. Over 50% of all shopping is now completed online, meaning that you could lose a huge proportion of your sales by not taking the eCommerce route. Look for the best online store providers and get your products listed.
Setting up a CBD business requires premises and a little capital to get you started. Once you’re up and running, your cash flow should be excellent, as you have a product that almost everyone is talking about! Your journey could take you all the way to the top of the CBD game.