If you want to join the CBD industry, then it’s vital to learn CBD marketing first. The Cannabis industry is growing at a higher rate with experts projecting the industry it to be worth over $4 billion in 2024. More so, Cannabis and CBD products are in vast production in different fields. From Cannabis capsules to oil tinctures and formulations, the industry’s is ever booming.
Hemp’s journal recent report also projects the industry to be worth $2.1 billion in 2020. The projected increase is a 700% increase from the 2016’s CBD sales worth. Before jumping on the CBD business opportunity, you should set your business on the right track. The CBD market is new and therefore has many pitfalls, some of which may downgrade the entrepreneurs.
Fortunately for you, you can follow some tips and directions to get your CBD business rolling in the right direction. To be successful in the pure natural cbd oil venture, follow the advice below:
1. Be familiar with all regulations
Before delving in the CBD industry, it’s crucial that you first know the CBD regulations. Ensure you understand the national and federal regulations regarding the sale and use of CBD products. According to Federal law, it is illegal for anyone to sell CBD which does not come from the hemp plant. Also, in states where cannabis use is unauthorized, you are now allowed to sell CBD products here.
Also, the CBD in the market must contain less than 0.03% THC content. Any content above the percentage is illegal. Also, CBD products manufacturer for treating specific ailments must be regulated and approved by the FDA before being sold in the market.
If you want fewer challenges with FDA in the sale of your products, label them with specific words. Avoid words like “enhance calmness” and instead use ones such as “can be used to treat epilepsy.”
Also, if you love the benefits of the CBD products you are selling, then labeling them with such can bring FDA issues. Instead, link articles or print files to the products you are selling. Your customers can then access the information n to help them know more about the benefits of the products you are selling.
2. Have a business and growth plans
Regardless of the business venture, you are pursuing, always ensure you have a reliable business and growth plans. The business plan will outline how your company will start, its target consumers, source of products, facilities, and capital. With a solid business plan, you will find it easier to run your business with fewer challenges.
For example, to build a structure, an architecture will require an architectural plan. Businesses operate in the same way and need solid plans for them to be successful. Your business plan should also be specific. For example, if you plan to produce and sell CBD products, then you will need two business plans. The first will be for the hemp farm and other for selling CBD products.You should also create a growth plan which outlines what you need for your business to grow. It will also show you the resources required and challenges you may experience in the way.