Cannabis is an enormous business opportunity & the most buzzing word right now in the USA. People have a huge amount of information on the internet regarding this topic, though it has legalization issues across different states in the US. In this article we will discuss how big the business opportunity is in CBD industry in 2020 and how you can extract some juices for your already existing retail business, (i.e.: Medical Practice, Holistic Treatment Facility, Spa Saloon, Pet Care Shop, Vape Shop, Natural Food Store, Yoga Center etc.) from this booming industry. We will also introduce you with top suppliers of white label wholesale cbd products manufacturer in the USA.
If we consider cannabis and its many usage, most thoughts is paid to Tetrahydrocannabinol (THC), the psychoactive element that gives cannabis its “high”. However, consumers and industry insiders increasingly recognize that Cannabidiol (CBD) has got what it takes to benefit general users with hemp plant’s health and wellness properties.
The legal hemp market in the USA is expected to increase from 688 million dollars in 2016 to 1.8 billion dollars by 2020. 53 percent annual growth rate has been predicted by hemp-derived CBD products. So entrepreneurs have ample opportunities to leverage CBD products to foster their business horizon. Like many profitable opportunities, there is a success blueprint, that you can adopt. Make sure you considered the following five factors to start and run your CBD business successfully.
Federal government considers those hemp extracted CBD products as legal, that are made from industrial hemp. Any CBD Products i.e.: CBD Oil or CBD Vape is considered legal to sell as long as it’s active THC level doesn’t cross the authorized threshold of 0.3%. But most often that is not the case for marijuana extracted CBD products. When this 0.3% THC threshold exceeds for any CBD products, it is federally illegal to sell.
If you are planning to sell CBD products as a retailer either online or in store, you need to do the following:
You have to launch your company with a feasible business plan & policies which will help you to increase your business growth and to reach your goals. You also need to develop strategies for financial defenders as well as other stakeholders. You have to focus on the following parameters which will help you to develop a strong business plan:
Factors Linked to Products and Services:
Factors Linked to Market Analysis:
Factors Related to Methods of Financing:
Factors Related to Marketing Plan:
Factors Linked to Planning & Execution:
Factors Linked to Sales Forecasting:
You need to choose a quality supplier, whether you are interested in re-selling and distributing or creating your own branded CBD products. Here’s what you need to consider:
Sources of CBD: In Europe farmers have many years of hemp growing experience and many reputable CBD wholesalers collect their CBD from them. In recent years, an increased number of US hemp derived CBD came into existence. When a supplier cultivates hemp in-house, make sure to get yourself acknowledged with their farming methods to verify that they follow the standard mechanism and their raw materials exceed or at least meet the standards of the industry.
COA (Certificate of Analysis): The levels of THC, CBD and other molecular compounds in any cannabis products is determined by its COA (Certificate of Analysis) report. Detailed components combination in each batch (purity, percentage, concentration etc.) should be reflected by this COA report. To confirm the potency and purity of the products and to remove doubts it is recommended to evaluate the products with a third party test.
Your website is your gateway to the internet. These days you can sell almost anything online so is true for your CBD products. You don’t know, but 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.
Choose a website development platform: Your web development platform is equally important as your website content is. You have to choose a platform according to the needs and demands of your business. Keep in mind that there are many platforms out there that will not let you sell CBD product right away. We recommend WordPress or Shopify to launch your CBD business website.
Create genuine content: Authority and visitors can be generated by good & unique contents. You have to update your site regularly with fresh new contents so that visitors will come to visit your site more frequently. Use a strong SEO strategy to increase your ranking opportunity on Google and other search engines. You can create unique contents by paying the copywriters. Your products’ acceptance will be increased if you publish customers’ satisfaction stories.
When you’ve created your website, you have to concentrate on your branding to let the world know about your company.
Re-education and Serving the Customers: In this industry, you’ll face many queries. You have to be always prepared by collecting knowledge about everything related to CBD. You won’t be able to give an exact solution for curing any disease with CBD products, just provide information to your customers & show them the CBD products that will enhance your customers’ health, wellness & beauty.
Be an expert in social media: Not only writing unique contents for your website is important but also you have to develop contents for social media to connect with your target customers. You have to build a feasible social media plan that will assist you to establish your brand and to draw the attention of your customers. CBD product photos and promotional campaigns will attract new customers to experience as well as old customers for recurring purchases.
Success in any industry can be challenging. With proper planning and little hard work you can get in the ground floor of this booming CBD industry with little to no risk. You can use this article as a blueprint on your journey to the green rush. Your involvement in Cannabis industry will create a new customer base who otherwise would have no clue about the health and wellness features of Cannabis plant, at the same time it will create new income opportunities for you.