The cannabidiol (CBD) industry literally has a billion-dollar future in the next four years thanks to continued market acceptance and bullish marketing efforts. CBD, particularly CBD from hemp, continues to flourish and grow in the state as they struggle to get their hands on marijuana-based products. Compared to marijuana, CBD oil from hemp is the more practical choice.
The cannabidiol (CBD) industry literally has a billion-dollar future in the next four years. That is the result of continued market acceptance and bullish marketing efforts.
According to MarketWatch, the CBD market alone already makes up about 40 percent of the sales of all cannabis products. Data company Statista said that consumer value of CBD products will probably reach a market cap of $2 billion in the United States in less than five years.
Getting into the CBD business
The benefits of CBD, when it comes to anxiety, inflammation and seizure control, will most likely propel its market to new heights. In Indiana, for example, ever since CBD oil became legal back in March, sales have been booming. CBD, particularly CBD from hemp, continues to flourish and grow in the state as they struggle to get their hands on marijuana-based products. Compared to marijuana, CBD oil from hemp is the more practical choice. That’s because contains only trace amounts of tetrahydrocannabinol (THC), known mostly for its psychoactive effects.
This is probably the reason why more companies are now venturing into CBD harvest and production. With all its potential, the CBD market is certain to bring in profits
But what steps can you take if you wish to explore the possibilities of a lucrative CBD business?
Know the law and plan your business plan
First of all, people need to understand that hemp, as a cannabis product, is considered to be an illegal substance under Federal Law. However, CBD products are now legal in almost 50 states as long as they have been produced using industrial hemp.
This means that marijuana-derived CBD is legal only in places where the cannabis plant is accepted. This is because only CBD, as CBD oil, which has 0.3 percent levels of THC is considered legal. Going beyond that is treading dangerous waters and CBD from marijuana is likely to exceed federal levels.
Once you’ve decided that you want to pursue hemp-derived CBD, then it’s time to obtain an incorporation or business license. After that just follow the laws set by the state government regarding CBD businesses.
According to Green Entrepreneur, the next step is to start creating a business plan and a roadmap on where you want your CBD business to be in the next few years.
Apart from strategies, it is important to know how the business will be funded and marketed. Be transparent to stakeholders and have a concrete plan of how you want the business to start. To ease the planning, here are some key points:
Start with the most important. Do you want a CBD product for women and athletes? Are you sticking with human customers or are you open to extending services to pets? Knowing what product to produce will help a business focus on target consumers.
Finance and marketing
Now that you’ve started with the business plan, how are you planning to sustain it? Where will the money come from? Once this is clear it’s now prudent to go next to marketing—how will you reach your target market?
Companies like White Label Liquid Inc. (OTCMKTS:WLAB) could offer some help when it comes to the branding of CBD products. An ISO-certified company, WLSI offers strategic business solutions to those who are planning to get into the (CBD) business. WLSI can help in the manufacturing, logistics and even consultation of product quality and development.
White Label’s developers and engineers are experts when it comes to developing a diverse line-up of products. All they need is two weeks to complete CBD products with a distinct flavor, labels, and packaging.
Aside from CBD products, White Label Liquid can also produce e-liquids. Can also help budding enterprises come up with a plausible marketing direction in terms of supply.
Build your brand
Once you have a product that you’re happy with, it’s time to start thinking about your brand. The best way to communicate your message and to reach your market, in both messaging and retail, is to set-up a user-friendly website that people can reliably go to anytime.
These are simple steps that an individual or company can follow if they want to venture into the CBD business. Just remember, it is best to partner with reliable brands to safely navigate a controversial yet promising business like CBD.
(Featured Image by futurefilmworks)
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