How to start a CBD business
There’s no better time than now to start a CBD business.
The business of CBD is booming and it’s not too late to start – especially with a reputable CBD wholesale manufacturer to work with.
Is the market brimming with CBD retailers? Yes, it is. And, not all CBD businesses are made equal- especially when it comes to reliable, quality products.
According to a report by Cowen Research, by 2025 the retail market for CBD products in the US is expected to hit $16 billion — that’s up from $2 billion in 2018.
And, it’s not as easy as you might think.
There are a few important things to keep in mind if you want to succeed – starting with finding the right CBD manufacturer to produce your product for you at wholesale CBD prices.
That, in and of itself, is a whole other aspect of this fascinating and lucrative business niche that most of us just don’t have the wherewithal to handle on our own.
And, given the right CBD wholesale product manufacturer to work with, you could be off to the races and winning big before you know it.
The benefits of CBD oil are making it popular.
In recent years, CBD oil has become a popular natural remedy for people looking to alleviate numerous physical discomforts and ailments.
CBD oil is a natural supplement that has been touted for numerous health benefits ranging from pain management to the alleviation of anxiety.
However, CBD is best known for its effectiveness in the treatment of some of the most severe childhood epilepsies.
Dravet syndrome and Lennox-Gastaut syndrome are two conditions that typically don’t respond to antiseizure medications and CBD has shown great promise in reducing seizures as well as stopping them altogether.
In fact, recently, the FDA approved a drug called Epidiolex made from pure cannabidiol (CBD) to treat certain rare forms of epilepsy in patients two years of age or older.
Cannabidiol (CBD) is a cannabis compound that has been touted to have significant medical benefits. CBD is derived from hemp plants, a cannabis cousin to the marijuana plant.
CBD contains less than 0.3% of the cannabis compound THC, which means there are no psychoactive effects or risks of addiction; in other words, CBD does not make people feel “high” and can actually counteract the psychoactivity of THC
CBD is a safe, long-term health aid which is why it has become popular for treating everything from anxiety to chronic pain, sleep issues, and cancer symptoms.
In addition to using CBD for their own discomforts and wellness conditions, folks are also using it to help their pets. Both cats and dogs can benefit from the use of CBD. Anecdotal evidence has shown that it’s good for treating arthritis, chronic pain, and anxiety – and, some dog owners have had great success with treating the symptoms of Cushing’s disease.
Is CBD legal?
CBD is readily obtainable in most parts of the United States, though its exact legal status is unclear.
You may have read that CBD derived from marijuana is legal in all 50 states. But, this isn’t technically true because it applies only to hemp-derived CBD products with less than 0.3% THC and grown under the 2018 Farm Bill.
CBD derived from marijuana that contains more than 0.3% THC is only fully legal in states that have passed recreational marijuana laws.
How to start a CBD business.
If you’re interested in exploring the high-growth CBD niche, there are a few things you need to to start your online or wholesale CBD business:
- Decide on your CBD niche and the products you’d like to provide. Tinctures, supplements, oils, edibles, vape pens … there are dozens of choices.
- Develop a good understanding of the laws and regulations around CBD in your area if your business is a local brick-and-mortar store or nationally if you plan to sell online.
- Create a comprehensive CBD business plan.
- Get your business documents in order.
- Create a CBD wholesaler relationship with a trustworthy CBD supplier that provides third-party certificates.
- Choose the right eCommerce platform for your business or build a website.
- Decide on shipping and payment terms.
- Market your business.
Where can you buy the best quality CBD products at wholesale prices?
Without a doubt, the number one step in starting your own CBD business is connecting with a reliable CBD supplier like Saving Grace CBD.
Whether you’re wholesaling an existing brand like Saving Grace or white labeling your own new CBD brand, you’ll want to make quality your number one priority.
Reputable wholesale CBD product manufacturers will always do third-party lab testing and provide certificates of analysis (COA).
Not being able to provide one is a major red flag and you should walk away immediately.
In addition to the overall ingredients – such as the organic carrier MCT oil that Saving Grace uses – and cannabis constituents the products contain, you should also ask to see testing on the following things:
- Pesticides (the product should be 100% clean of all pesticides, including those that are organic or “all-natural.”)
- Microbiological traces ( there shouldn’t be any bacteria or mold in the sample)
- Residual solvents (your product should be clean of residual chemicals leftover from the extraction process)
Finally, the quality of your product will affect your customer satisfaction and your reputation (or that of the CBD company you are wholesaling for) as a CBD brand.
When buying retail CBD products, most customers cite quality, price, concentration, and consumption method as the most important aspects of the brand they choose. Nearly a quarter of CBD consumers cite the effectiveness of the product as their number one reason to purchase.
There are hundreds of CBD products on the market, a lot of misleading information, and many products that don’t actually contain any CBD at all but market themselves as if they do.
Do your research. Don’t let a less than stellar product prevent you from achieving the success you seek in the CBD niche.
Make your life easier and your business a success by partnering with a reputable CBD manufacturer like Saving Grace CBD.
How much money can you make with a CBD business?
The amount of money you can make with your CBD business is subjective to the wholesale pricing you get from your CBD product manufacturer, the type and quality of the products you carry, and your approach to marketing and sales.
In 2018 retail sales of CBD products were estimated to be between $600 million and $2 billion. By 2025, according to research, it is believed that CBD product retail sales could conservatively generate $16 billion.
As CBD becomes more mainstream, there are many new opportunities to start your own CBD business.
Among these options is an ever-expanding customer base thanks to evolving technology and expanded information and education about the benefits of CBD.