The cannabidiol or CBD industry has boomed over the last few years due to the steady easing of its products’ consumption restrictions. More people have become conscious of the treatments they seek to address different health concerns, favouring all-natural cures instead of pharmaceutical ones. Given CBD products’ soothing effects, they’ve become a popular way to help treat issues like stress and anxiety to chronic pain.
If you’re passionate about CBD products and are interested in making them more accessible to your community, you may be thinking of starting a CBD business. Here’s what you need to know about the industry and how to set up your own venture:
The Future of CBD Products
According to industry analyst BDS Analytics, the American CBD market will reach $20 billion in sales by 2024, demonstrating a significant surge from $1.9 billion in 2016, showcasing a 49 per cent annual growth rate. With society becoming more accepting of CBD, more people will show their curiosity about the products’ effects to solve their issues of poor sleep quality, stress management, pain relief, and many more. Many stores across the US have tinctures and other similar products available.
The CBD market may experience a boom in trends over the next few years, such as more brick-and-mortar CBD shops, pharmaceutical CBD products, and easier access to online products from CBD e-commerce stores. Currently, CBD online sales make up 60 per cent of the sales channels.
The Different Kinds of CBD Products
If you’re hoping to start your own business, it pays to know the most popular kinds of CBD products on the market. Here are some of them:
- CBD edibles: These are products containing CBD that you can consume like snacks and food. These edibles often come in the form of baked goods, food, and candies.
- Vape concentrates: Vaporiser concentrates, like CBD oils and waxes, are used with an electronic device to vaporise and inhale the substance.
- Sublingual tinctures: This kind of product is CBD oil that is often available in a small bottle with a dropper. You apply this by placing one or two drops under your tongue and letting the oil soak.
- CBD topicals: These are products you apply directly to your skin, including creams, gels, and sprays. They’re usually formulated to relieve pains and aches.
- Capsules and pills: Patients who suffer from digestive issues or seizures rely on CBD capsules to soothe their symptoms.
It’s also important to note that there are CBD products formulated for animals, like dogs and cats, to treat a wide range of health issues. These include seizures and anxiety.
Starting Your CBD Business
Given the proliferation of CBD products in the market, there is ample opportunity to enter the industry as a new player. It will require the same amount of work and effort needed to start any business, but you’ll also have to stay on top of an ever-changing regulatory landscape. Still, the heavy lifting you’ll do to set up your business will be well worth it in the long run.
To ensure your CBD business succeeds, you’ll need to triple-check everything to ensure you abide by local regulations. You must also set yourself apart by developing a high-quality product that will brave the scrutiny of regulators and educated customers. To increase your authoritativeness, provide third-party lab testing results, which will validate your product’s quality and convince your target audience to buy from you.
Starting a CBD business is an exciting idea that can introduce you to the vast world of CBD production and the many benefits it brings its customers. However, before getting started, be sure to do your research to offer a high-quality product that helps you stand out from the crowd.
ASAD Wholesale is a wholesale distributor of tobacco, candy, groceries, and foodservice products. We have a wide range of wholesale CBD products that you can use to start your business. Whether you’re looking for wholesale cigarettes or other products, don’t hesitate to contact us today!