The cannabis industry is one of the fastest growing spaces out there. Here are a couple ways you could start your CBD business today.
- Hemp and hemp CBD are federally legal following the signing of the 2018 farm bill.
- The CBD industry is supposably projected to hit $20 billion in sales by 2024
- The industry still faces some challenges in banking, advertising, and insurance.
CBD is still relatively new to the mainstream, cannabidiol, also more commonly known as CBD, is now becoming a household product. The most famous cannabinoid is tetrahydrocannabinol (THC), which is known for the intoxication associated with the consumption. CBD, however, does not produce an intoxicating effect; instead, it offers potential therapeutic and health benefits.
CBD products are generally created in several steps. 1st, the raw material needs to be cultivated and harvested. An example, if you plan on using hemp to create your CBD products, you’ll neither need to cultivate or purchase a large amount of the plant. From there, CBD oil is extracted from the plant using a variety of methods. Again, you can do this yourself or outsource the process to an extraction company. Once you have extracted the CBD oil, then it can be sold as a concentrate or used to infuse a variety of products.
Starting a CBD company
When starting a CBD business you should look at what type of products you want to sell and does those products make an impact. There are countless opportunities for new businesses to sell CBD products. Starting a CBD business includes all the hard work and effort of launching any other company in addition to the uncertainty of a shifting regulatory landscape. However, it’s a booming industry that is projected to undergo explosive growth, the heavy lifting today might be well worth it tomorrow.
5 Day Private Label makes things more simple. The first thing you will want to do is determine which products you are going to carry. Once you have created a list of products you want to carry then you will need to send over your logo and request a sample on how your product will look, smell, taste, and more. Once you have seen the sample product the next thing is making a purchase.
How to have a competitive advantage
The key to having a competitive advantage with staying power in the CBD industry is to develop a high-quality product that will withstand the coming scrutiny of both regulators and educated consumers. That is why with 5 Day Private Label we make it easy to bypass all those regulators and we do product research so you don’t have to and you are already provided the best products for that season or year.
Growth Opportunity in The CBD Industry
The opportunity in the CBD industry is unparalleled. The cannabis industry is one of the fastest growing in the nation, and CBD products is one of the quickest growing sectors of that industry. Especially following the passage of the 2018 farm bill, hemp CBD products are proliferating at a tremendous rate. If you want to start a CBD business, You’re not alone by any means.
A combination of due diligence and creativity will set your business up for success in the industry. Now is the time to get in on the ground and build the perfect company that will last, but you need to differentiate yourself with a quality product that stands out from the crowd and 5 Day Private Label can help.