CBD-infused products may be one of the hottest trends in 2021, but cavillations have understood their potential benefits for centuries. Commercial CBD is derived from the hemp plant, and Chinese healers have understood hemp’s medicinal powers for more than 4,000 years.
According to Forbes, CBD sales in the U.S. will surpass $20 billion by 2024. (Dorbian, 2019) The growing demand makes CBD sales an ideal enterprise for anyone who wants to begin an ecommerce business.
While it is now easier than ever to begin a thriving CBD business, every budding entrepreneur need to follow several critical steps to ensure their new business has the best chance.
Why a CBD Business?
Cannabidiol, or CBD, is related to its psychoactive cousin, delta-8-tetrahydrocannabinol (THC), the compound that causes users to get high when using marijuana. Cannabis plants contain both compounds and about 100 other kinds of cannabinoids.
But CBD is obtained from industrial hemp that needs to contain less than 0.3% THC to be grown with FDA approval. CBD is an exceptional product to sell because it provides many cannabis benefits without producing a high.
According to business site Big Commerce, a survey reports that one quarter of U.S. citizens have tried CBD at least once in the last 24 months. (Laurinavicius, 2021)
Steps in Creating a CBD Business
- Establish your motivation
- Decide on a niche
- Research CBD Laws
- Design a business plan
- Partner with a supplier
- Create a website
- Develop a marketing plan
Decide What Is Motivating You to Start Your Business
Source of motivation
Family business / career change /
Choose Your Target Customers
Become Familiar with Regulations
Create a Business Plan
Locate a Supplier
Build a Website
Market the Business
Dorbian, I. (2019, May 20). CBD Market Could Reach $20 Billion By 2024, Says New Study. Forbes, p. 1.
Laurinavicius, T. (2021). How to Start a CBD Business: The Ultimate Guide to Getting a Green Light. Retrieved from Big Commerce: https://www.bigcommerce.com/blog/how-to-start-a-cbd-business/#4-evergreen-issues-cbd-businesses-are-facing