CBD is all the rage these days as it has finally become legal in the US. It is considered a supplement by the FDA and is available without a prescription.
Because of this, we are seeing thousands of products with CBD hitting the shelves recently. From snacks to candies. From pills to powders. There is a CBD based product that promises to improve the life of the consumer in many different ways.
You may be wondering if you should jump into the fray and start your own CBD based business. It is never too late to get started so if you have a good idea and think it may be successful then you shouldn’t wait much longer.
Since it is a new product, consumers are always looking for shopping tips, so you may be able to find a market for whatever your product is going to be.
Read on for the tips on how to start your own CBD business!
1. Understand the local laws
Though CBD is legal on a Federal level, not every jurisdiction is as enthusiastic about it as others. You will need to check what your state and local laws are before embarking on a CBD based business.
Some areas may allow oils to be sold, but not edibles, for instance. The opposite can be true in others. You will need to do your due diligence to find out beforehand as ignorance of the law is not a valid excuse.
No matter where you plan to set up shop, there can be no more than 0.3 of THC present in the CBD oil used.
This is the psychoactive drug in marijuana that is still considered a controlled substance by the Federal government and is illegal. Some states new laws that allow marijuana use, but it is best to avoid it in some circumstances.
The dosage needs to be very transparent and you will need to comply with many different packaging laws, as well.
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2. Find a supplier
If you’ve done your research and learned that your state and city are allowing CBD businesses like the one you plan to operate then your next step is finding a supplier.
There are many hemp farmers that are growing and processing the oil and then sending it out for third party certifications. Make sure to look for established farms or distributors that only source their CBD from recognized sources.
Check all the documentation to see that the product meets the standards laid out by the FDA.
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3. Find your market
Growing a small business in any sector requires finding the perfect person for your product and marketing to the market they represent.
Figure out what your audience that would love your product will respond best to and focus in that area. Inbound marketing allows your target audience to find you and will become loyal fans of your product if you market it correctly.
Use the social media network they prefer and craft your strategy according to what works best on that platform.