With 2020 in the rearview mirror and a reopened world on the horizon, a lot of health professionals and business owners are looking for new CBD business opportunities. The hemp-derived substance made waves in 2018 when it was legalized by the 2018 Farm Bill. This same bill was further clarified with even more relaxed regulations in early 2021 thanks to new rules by the USDA.
As more and more people try CBD oils and other CBD products, and more labs conduct tests on the substance, evidence of tangible improvement to the lives of CBD users has become clearer.
With this evidence mounting, there’s never been a better time to jump into the CBD business. To help you dive into the world of CBD we’ve assembled a list of four business ventures for 2021.
- Why You Should Consider CBD Business Opportunities in 2021
- CBD Retail
- CBD Spa/Resort
- CBD Sales through a Private Practice
- Online CBD Sales
Why You Should Consider CBD Business Opportunities in 2021
Ever since CBD was legalized three years ago, the number of CBD users has steadily increased. This growth pattern, combined with the show of government attention in the form of new CBD laws and state-specific labeling laws, shows that CBD is here to stay.
Right now, CBD users are searching for different ways to purchase and use CBD. This growing interest creates plenty of room in the CBD market for new businesses to find a successful niche.
As with any growing industry, the earlier you can get in, the easier it will be to find success. By getting into the CBD market now, your success will be far more likely and far easier to achieve than if you jump into the market a year from now.
Now that we’ve established why CBD is worth your attention, let’s look at four great CBD business opportunities you can pursue in 2021!
CBD Retail Opportunity
Retail remains a huge part of the CBD market, and there’s plenty of space in the industry to start your own store. The best part about CBD retail is that CBD doesn’t have to be your only product. As an example, if you already own a pharmacy or grocery store, you could add CBD products to your inventory with little difficulty. As of right now, there are no special license requirements needed to sell CBD.
Getting CBD product inventory is easier than ever now, too. Thanks to the latest rules released by the USDA, it is now far safer for farms to grow CBD without fear of breaking regulations. This has increased the supply of hemp available for cultivation, and that means more CBD available to sell.
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To start your own CBD retail program, all you have to do is get in touch with a CBD wholesaler such as US Hemp Wholesale. Once you’ve passed their application process, just select your products and let your customers do the rest.
CBD Spa/Resort Opportunity
This newer form of business has already seen quite a bit of buzz from CBD users and self-care enthusiasts. A CBD spa is almost identical to a standard spa or resort but all the products utilize CBD. These spas take the practice of relaxation to the next level with CBD skincare products and CBD massage oils. By combining the effects of CBD with the proven benefits of a spa day, customers can unlock a deeper level of relaxation and pain relief than they would at a normal spa.
If the idea of starting a CBD spa sounds appealing to you, there’s a few things you should know. First, the startup cost will be higher than a CBD retail operation. However, the guarantee of product usage means that you won’t need to worry about unsold goods. Also, because you are offering a service you are able to charge more to cover the cost of labor. This is also a great option for people who are already spa owners, as all they need to do is change out standard products for their CBD equivalents.
CBD Sales through a Private Practice
If you’re a part of the healthcare community and run your own private practice, you can pursue CBD business opportunities. We suggest adding a retail area to your private practice where you can sell CBD products that you recommend.
Beyond the financial incentive for you and your business, adding a retail area can actually help your customers. It’s not uncommon for a patient to disregard the advice given to them by a doctor because they don’t know where to find the product they’ve been recommended. Adding a retail area to your private practice eliminates this barrier and increases the likelihood that your patients will follow your recommendations and improve their health in the process.
If you’re not sure what CBD products work well for your patients, check out our series of helpful guides on the subject:
Online CBD Sales Opportunities
Finally, you can sell CBD online to take advantage of maximum reach and minimal start-up costs. Instead of spending money on retail rent, you can use it all on products, website quality, marketing, or even an SEO campaign to get recognition.
If you choose to pursue online CBD sales, be aware that while the cost to operate a store is significantly lower than with a brick-and-mortar location, there are additional regulations to keep in mind. Some states, such as Idaho, have strict restrictions on CBD. Labeling laws also vary from state to state, so make sure that whatever products you sell adhere to the maximum level of restrictions from the strictest state.
Ignite your Business with CBD Today!
It’s easier than ever to get your foot in the door of the CBD market. If you’d like to add some products to your lineup, US Hemp Wholesale is here to help. Our lineup of CBD product offerings includes everything from CBD edibles to CBD skincare products.
We even offer custom white label and private label solutions if you’d like to start a brand of your own. Contact us today and see how you can capitalize on these CBD business opportunities!