Well, a few years ago, breaking into the CBD industry was much easier than it is now. Now, the developing CBD industry has far different demands than it did at its advent and prospective entrepreneurs need to meet those demands to be successful.
As little as two years ago, the CBD industry was virtually unregulated, and it was possible for basically anyone to declare themselves a CBD oil wholesaler or stick their label on a CBD product. Now, more and more states are beginning to impose regulatory requirements for CBD products and public education is growing. To put it simply: states and consumers are beginning to catch up with some of the unethical behavior that has taken place in this fast growing CBD business.
In order for a CBD business to be successful in the current cannabis climate and moving into the future, transparency and quality are paramount. Customers are becoming more discerning with product quality and growing standards. CBD companies will soon be at the mercy, not just of discerning customers, but of state-mandated regulatory standards, too.
Source or manufacture a product you can be confident about
It won’t work anymore to source any substandard product and sell it as CBD. That boat has officially sailed. If you feel at all like you have to hide something about your product for fear that it will be rejected on this basis, then the product isn’t worth selling. Ultimately, you will spend a lot of time and money defending emails and requests from customers demanding to know information.
On top of this, CBD is sold as a remedial product. As new regulations begin to take hold, it will be extremely unethical to sell a substandard using deceptive marketing. Many products are being taken off shelves because they advertise a certain CBD concentration but contain another. This is bound to be subject to ethical scrutiny as well as jeopardisation of the brand and its goods.
If your products are made from ethically grown hemp and are superior quality, then there should be nothing to hide. Let your branding be completely transparent. At this stage, customers want to know what is inside their product including cannabinoid content and contaminants. Providing a certificate of analysis on the website builds trust and rapport with a customer.
Your website or other marketing platforms should also make mention of where and how the hemp source is grown as well as the extraction techniques used to arrive at the final product. Transparency is paramount in streamlining the entire process of customer service, as these are the kinds of questions that flood email inboxes.
If you can’t manufacture, get white label products
If it’s outside of your budget, time limitations or expertise, don’t bother growing hemp and extracting CBD. You can purchase white label CBD products from a wholesaler instead. This gives you more time to focus on other aspects of your CBD business that you have expertise and authoritativeness in. For example, if you are good at marketing, leave the cultivation to the master growers and focus on your marketing.
White label products make it possible for basically anybody to have a CBD business. You can source a great product and just focus on sales and branding.
Branding is so important
Now that CBD businesses are popping up everywhere, branding is becoming the defining factor. Everything mentioned in this article can be considered an aspect of branding. This means how you deal with customers, what your products look like, what’s inside your products and how you advertise those products to consumers.
It’s up to you whether you are going to be a CBD vape juice shop that sells CBD vape juice to young people or whether you will be a business that stocks a range of botanical materials, including CBD. Fundamentally, knowing what kind of CBD business you want to be will help you develop a solid branding base.
Stay in touch with changing laws and regulations
Finally, if you want your CBD business to be successful now and into the future, it’s important to stay up to date with the ways that law and regulatory requirements are changing. It’s also different in each US state, so be concerned with what’s happening mainly in the state you plan to sell CBD products.
If you neglect to adhere to regulatory standards now, your CBD business definitely will not make it very far. States that have not yet mandated regulations will at some point, and it’s in the best interest of CBD businesses to start thinking about those regulations from now.
The CBD industry is no longer the easiest place to make some money. It is slowly demanding all of the requirements of a food product and even therapeutic product. It is extremely important for those entering the CBD industry to acknowledge this, otherwise a business simply won’t last long. However, there is still a lot of money to be made in CBD. WIth a reputable product and solid organisation, great success can be had.