Top Tips on Starting Your Own CBD Business
In a previous article, we talked about how professional athletes are finding CBD, the compound found in cannabis plant, incredibly useful. The market for CBD-based products such as supplements and topicals has been growing rapidly these past few years, especially as more customers turn to CBD when dealing with different health issues.
The CBD market is interesting on its own. Since it is a growing market, there are plenty of opportunities to seize. This year alone, there are more than 100 new companies whose products are based on CBD as the primary ingredient.
So, is the CBD market a viable market to explore? Can you start a new business – or a startup – specifically for conquering this market? The answer to these questions is a big YES, and we have just the expert tips to get you started on forming your own CBD business in this article. Let’s have a look, shall we?
Know the Regulations
The first thing you want to do before creating a CBD business is take a closer look at the regulations governing CBD as a compound. CBD is classified differently than other cannabis products, mainly because it contains less than 0.3% of THC, which is the compound that causes hallucinations and other harmful side effects in cannabis.
There are also regulations regarding how CBD can be used as a primary ingredient for different products. If you are making your own CBD supplements, for instance, you need to get FDA approval before you can claim any health benefit from consuming your product. This, however, is an easier process than you think.
Source Your Products
There is a way to get around restrictions and get to the market sooner, and that is by sourcing your CBD products from reputable companies. Whether you are buying CBD distillate in bulk, or you want to repackage or rebrand existing CBD supplements and topicals, working with reputable suppliers is a must.
In the case of CBD distillate, Cope is the supplier to look into. The company is known for its high-tech methods for extracting CBD while maintaining a super-low THC level across the board. Using bulk CBD distillate as a primary ingredient, it is easy to develop products that help bring the benefits of consuming CBD to more customers.
While there are plenty of opportunities to succeed in the growing CBD market, there are also competitors to anticipate. This is where a good branding (and marketing) campaign comes in handy. You want to be able to separate yourself and your products from the rest of the market, and a strong brand is how you achieve that objective.
Branding in the CBD market is about building credibility. Paired with a strong marketing campaign, you can make your brand recognized using a powerful brand identity and the right key messages to represent the brand. Do this right and potential customers will start associating your brand with quality and benefits.
The CBD market is interesting for two reasons: its rapid growth, and the wealth of opportunities you can find in this market. Now that you have the best tips and tricks to help you conquer the growing market, starting your own CBD business will not be difficult.