Did you know that the CBD industry is projected to grow to upwards of $20 billion in the US by 2024?
With such an incredible growth rate comes a multitude of CBD business opportunities. We’re going to show you some of the ways you can start a CBD business and capitalize on this fantastic opportunity.
Let’s dive in.
Physical CBD Products
When most people think of a CBD business, they think of physical products such as tinctures, topicals, and gummies. People who have yet to try CBD are more open to these products, and nearly 50% of CBD users favor these products as well.
The list of product types is vast and growing as the CBD industry expands. If you’d like to start a product-based CBD business, here are some ideas:
- Become a distributor
- CBD oils and tinctures
- Supplements and gummies
- CBD-infused food and beverages
- CBD-infused bath and body products
- CBD subscription box
- CBD Spa
- CBD restaurant
- CBD-infused pet food
- CBD tinctures and topicals for pets
- CBD-infused clothing
Is your curiosity piqued? Click here to discover more information about CBD and how it is the perfect fit for your new business.
Challenges for Product-based CBD Business Opportunities
In 2018, the Farm Bill removed CBD from the Controlled Substances Act and placed the hemp industry and CBD oil under the FDA’s jurisdiction. Because the FDA is still developing its CBD regulations, this leaves the CBD industry in a gray area.
The FDA’s clearest direction so far is that marketing CBD as having health benefits is not allowed. With the approval of Epidolex, a CBD-based epilepsy medication, in 2017, we will likely see further regulatory guidance from the FDA in the coming years. For now, CBD businesses must stay on top of any developments from the FDA and avoid crafting a marketing strategy around the supposed health benefits of CBD.
Another challenge for CBD businesses is finding banks and payment processors that will work with them. Due to the industry’s current lack of regulation, CBD is often placed into the high-risk category for financial institutions. To avoid an interruption in business operations, owners of CBD businesses must research whether a financial institution will work with them.
If working with physical products isn’t for you, there are still opportunities for you to build a CBD business. With CBD marketing opportunities, there is no need to maintain a product catalog.
You can build a CBD blog to review and recommend your favorite products while capitalizing on affiliate links. CBD businesses also need great content, so there is a wealth of writing opportunities for those passionate about the industry.
Choose the Right CBD Business for You
There are a plethora of CBD business opportunities, and there’s no better time to join this exciting industry than right now. Are you going to start a CBD business or have one already? Let us know on Twitter.
Samantha Gaines wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
Green State and Hearst partners may earn revenue when readers click affiliate links in this article.