Since the passage of the 2018 Farm Bill, the market for CBD has exploded within the United States. Projected to be worth over $20 billion by 2024, there’s no doubt that consumers are interested in products infused with this popular cannabinoid. Though it doesn’t contain THC and doesn’t get you high, people rave about the effects it has on conditions ranging from chronic discomfort to sleeplessness. Medical research is still ongoing, but CBD certainly has the potential to be a game-changer. Given all of this, there has never been a better time to get involved in the industry. If you’re considering getting into the CBD business, read on to learn about how you can start your own CBD brand.
How can you develop quality CBD products?
There’s no substitute for providing customers with a high-quality product that they enjoy using. If you’re planning to start your own CBD brand, investing in developing the best products you can is essential if you want to succeed. You want people who buy your products to feel loyalty to your brand, especially in a business as competitive and profitable as the CBD industry.
Look to successful brands like Cheef Botanicals for inspiration. One of the most impressive things about Cheef Botanicals is the amount of variety within their line of products. They offer CBD oil, gummies, tinctures, pre-rolls, capsules, concentrates, topicals, hemp flower, and vape cartridges. Initially, it may be best for you to focus on one or two types of products rather than trying to match experienced brands like Cheef Botanicals in terms of product diversity.
What do you need to sell your products?
Once you’ve developed and manufactured a quality product, you’ll need to move on to packaging and distribution. The logistics involved can be complicated, especially for anyone new to the retail business. When dealing with a large volume of products, it’s smart to outsource packaging to a company that specializes in it. Buying packaging materials and assembling your products on your own can cost significantly more time and money.
Distribution will depend heavily on where you sell your products. If you plan to have retailers carry them, you’ll need to start making connections with local businesses to discuss the idea as soon as possible. Strong visibility and growth in sales can help get the attention of national retailers and cannabis blogs and websites.
If you operate your own storefront, you’ll need point-of-sale (POS) software. You can find a POS software download online that provides a license to businesses servicing fewer than 150 clients or managing inventory with fewer than 150 items free of charge. New licenses for larger businesses are also affordable, which also makes it easy to upgrade if your business eventually requires more powerful tools to manage inventory and get your products into the hands of your customers as efficiently as possible.
The CBD industry is growing exponentially, and many people are wondering how they can get in on the action. Starting a CBD brand can be an exciting business opportunity, but it does present unique challenges. Don’t forget to remind your customers that if they’re new to CBD, it’s always a good idea to talk to a doctor about how it may affect any health conditions they have or interact with medications they are prescribed. While creating products is exciting, you should dedicate just as much of your time to logistics like manufacturing and distribution, and purchase software that can help automate as much of the process as possible. Now is the perfect time to pursue opportunities within the CBD industry, but it’s essential to make sure you have a sound business plan and understand the logistics of product distribution before you get started.