Between 2014 and 2022, total consumers sales of CBD Oil will have grown from $108.1 per year to a projected $1.8 billion. Few industries have ever experienced that kind of rapid growth. However, between the recent CBD Legalization and the increasing amount of proven scientific benefits of CBD Oil, it only makes sense that the industry will continue this fast-paced growth. There’s never been a better time than now to get involved in the industry. Prices are still low and there aren’t too many competitors yet. Here are some key things you need to know if you want to create your own CBD Oil Business.
1) Hemp and CBD is Legal
Until very recently, CBD which is extracted from hemp existed in a legal grey zone. Many states had decriminalized hemp, but it was not legal to produce in the US. Thus many companies sourced their hemp from abroad. Federal legalization of hemp is going to bring about a sea change in the industry.
Now US farmers will be able to grow the crop and benefit from subsidies and insurance. Likewise, researchers will have better access to improving the quality and effectiveness of products.
2) What are You Trying to do With CBD Oil?
Like any product, you’re not going to be involved with the whole process. Farmers sell hemp legally to manufacturers who extract CBD oil from it. This is where you come into the process. Are you looking to be a Business to Business (B2B) distributor of CBD oil? Or are you looking to develop your own line of products such as soaps, tinctures, candies and more?
Think of CBD oil like any other commodity. You wouldn’t just say you’re in the orange business, right? You’d sell orange juices, make fruits salads or wholesale oranges to stores. The same thing applies here.
3) Look for Quality CBD Manufacturers
With the legalization of hemp, there is naturally going to be more CBD manufacturers out on the market. So how do you choose between them? There are many different things to look for. One thing is to see what kinds of products they make. Even if you plan to just sell soaps, for example, a company that can produce a wide range of products is a good sign of skilled production techniques.
You also want companies that offer “full spectrum” CBD products that include vitamins, minerals, flavonoids, fatty acids, and others as their products are more effective. Also, look into their processes to ensure they use safe methods.
4) Distinguish Yourself from Your Competitors
Just as there will now be many more hemp farmers and CBD manufacturers, so too will there be more companies offering CBD products. You need to make sure your products stand out. The first step is ensuring you’re using high-quality CBD oil that is also well-designed for a particular product.
From here, you have to give your product a unique identity that sets it apart. What makes your CBD soap different from another company’s. Does your CBD oil business use all organic products or signature scents? Businesses that do this will be able to greatly expand their market share.
Finding Success in the CBD Oil Business
The CBD Oil business is one of the most exciting new industries in America. Not only does it offer an excellent business opportunity, but CBD products have a huge range of benefits for its consumers. The key is finding the right partner. Hemp Lamps of America has everything you need to get your business off the ground from a wide range of high-quality CBD products to key B2B insights that can help you. Contact us for more information about CBD and how you can be a part of this growing industry!