For information about local licenses and permits:
Although CBD oil does not produce psychoactive effects like the THC found in marijuana, the two products are associated closely enought that the production and sales of CBD are currently in a legal grey area. Before starting your CBD oil business, it is important that you make sure to read up on both state and federal laws regarding CBD products. This will help ensure your business functions smoothly and avoids legal trouble.
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People should have some experience with the cannabis market. Owners should understand the basic public demands as well as the public fears and residual stigma of cannabis. There’s a lot to learn about cannabis due to the variety of the product. Understanding the different terpenes and strains can make it easier for your company to stay ahead.
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
Because of its versatility and rapid rise in popularity, CBD oil is predicted to hit $1 billion by 2020 in the US alone (some say even closer to $2 billion.)
"In today's day and age, if someone is looking to sell a product, the normal avenues are Amazon, eBay, Alibaba or paid ads on social media," Slovik said. "In this industry, it's way, way, way different. You can't do any of those things."
CBD is found in both cannabis and hemp plants. CBD oil can be extracted from either plant and used to create CBD oil products. However, there is a key difference between hemp CBD oil and CBD products derived from cannabis: THC.
Industry analyst BDS Analytics predicts the U.S. CBD market will reach $20 billion in sales by 2024. This would be a major surge from $1.9 billion in 2018 (a 49% annual growth rate).
Market and sell your products
If you're considering getting involved in the CBD industry, you first need to understand more about cannabinoids and the products that utilize them.
CBD products are generally created in several steps. First, the raw material needs to be cultivated and harvested. For example, if you plan on using industrial hemp to create your CBD products, you will either need to cultivate or purchase a large amount of the plant. From there, CBD oil is extracted from the plant using a variety of methods. Again, you can do this yourself or outsource the process to an extraction company. Once you have extracted the CBD oil, it can be sold as a concentrate or used to infuse a variety of products. Some of the most common CBD products on the market today include sublingual tinctures, infused edibles and topicals, like gels or creams.
"I would recommend double-, triple-checking everything. Know there will be changes. Research as much as you can, and recognize what the future opportunities are by thinking outside the box," he said.
The federal government considers marijuana a Schedule I drug under the Controlled Substances Act, making it illegal for interstate commerce, even as dozens of states legalize it for adult use. Industrial hemp, on the other hand, was recently removed from the Controlled Substances Act altogether, opening the way for its cultivation and harvest in the U.S. for the first time since 1937.
Factors Linked to Market Analysis
Factors Related to Marketing Plan
2. Develop a strong CBD business plan
The estimation about CBD sales were high even before 2020. With the COVID-19 pandemic worldwide, people’s interest in alternative health and wellness products alike CBD has grown exponentially. Hence, it is easily understandable, why now is the perfect time to start your own CBD business.
Your website is your gateway to the internet. These days you can sell almost anything online, so is true for your CBD products. Someone out there is searching for your products on the internet, so you have to make sure that your website is accessible, engaging and can be found with different search terms (related to your industry) on Google.
Re-education and Serving the Customers: In this industry, you will face many questions. You have to be always prepared by collecting information about everything related to CBD. You cannot make medical claims in regard to CBD products, just provide information to your customers and show them the CBD products that will enhance your customers’ health, wellness and beauty.