Originally posted on February 8, 2022 @ 3:04 pm
The cannabidiol (CBD) industry is growing remarkably, with recent projections pointing to a bullish future. According to a press release on the Globe Newswire website, the global cannabidiol market is poised to grow by an incredible $29.91 billion from 2021 to 2025. That represents a compound annual growth rate of 26.93% over the forecast period.
Numerous factors are responsible for the CBD industry’s bullish outlook, including an increased awareness of the health benefits of cannabidiol. Besides, more CBD users realize that the compound is non-psychoactive. That’s a welcome relief considering that CBD comes from cannabis, and the plant is known for its psychotropic nature.
A general tendency towards legalization is another reason behind the continued growth of the cannabidiol industry. While CBD remains illegal in many countries worldwide, the compound enjoys higher legal approval than other cannabis extracts like the mind-altering substance tetrahydrocannabinol THC).
These interesting CBD facts might explain why many investors are turning to the lucrative cannabidiol industry. However, there are several tips to implement if you wish to launch a successful CBD venture.
This post explores the tips and tricks for selling CBD online.
Check If It’s Legal
Cannabidiol may enjoy a higher legal backing than many cannabis extracts. But that doesn’t mean the compound is legal worldwide.
In the United States, hemp-derived CBD is legal in all 50 states. You only have to prove that your products contain no more than 0.3% of the psychoactive compound tetrahydrocannabinol.
However, this may not necessarily be the case in your jurisdiction. That’s all the more reason to establish your local CBD laws before setting up a CBD store, be it an online shop or a brick-and-mortar one.
Select Your Products
Another primary reason investors are turning to cannabidiol is that there are numerous products you can offer. The following are common CBD goods to consider adding to your shelf;
- Smokable products, including dried hemp flowers
- Inhalable products, such as CBD-based vape oils
- Edible products like CBD-infused teas, gummies, chocolate, and baked goods
- Encapsulated CBD products
- CBD-enriched skincare and cosmetic products, such as CBD creams, CBD bath bombs, and CBD face masks
- CBD oral tinctures
- CBD pet treats
For starters, you might want to consider cannabidiol-infused edibles. CBD edibles have garnered considerable fame in the recent past due to their ability to guarantee user discretion. Plus, these products deliver long-lasting benefits.
Set Up an E-commerce Store
As you’re planning to sell your cannabidiol goods online, it’s only logical that you have an online retail outlet. Fortunately, setting up an online CBD venture doesn’t have to be a painstaking process.
First, you’ll need to select a domain name. The conventional wisdom is to choose a name that contains keywords related to your brand.
Once you have a domain name, choose your e-commerce website builder. Shopify is an excellent recommendation here.
The next step involves designing a layout for your store. This mainly entails giving the store a visual identity and grouping the products into various categories.
Once the store is ready, add products and set up shipping.
Research Your Audience
Cannabidiol is mainly consumed for therapeutic reasons. The compound is a staple ingredient in medical cannabis products. Therefore, most of your prospective customers are likely people battling various ailments.
However, CBD may also appeal to recreational marijuana users. So, it’s crucial to research your audience and establish their specific needs.
If your business is likely to serve a considerable number of recreational users, you may need to stock CBD products loaded with THC. Such products are known as full-spectrum CBD and are suitable for users looking for a mix of therapeutic and recreational benefits.
Find a Reliable Supplier
Due to the boom in the cannabidiol industry, CBD suppliers are virtually everywhere. But the challenge is usually finding a reliable and trustworthy one.
You want someone who deals in high-quality CBD. You can establish the quality of cannabidiol products by asking the prospective supplier for proof of lab-testing from third-party laboratories. Also, inquire how their CBD was cultivated and extracted. This will help you determine if the end products contain worrying toxin levels.
Another best practice when looking for a reliable CBD supplier is to find out who their clients are. The more clients they serve, the likely trustworthy they are.
Most importantly, the supplier must have a valid license and proof of certification. The US Hemp Authority is a great place to look for certified CBD traders.
Be Careful About Marketing
Marketing cannabidiol is easier offline than online. That’s because popular search engines like Google and social networking platforms like Facebook still prohibit cannabis-related advertisements from their platform.
However, there are ways around these bottlenecks.
For instance, you might set up a blog where you mainly expound on the health benefits of CBD, backed by scientific studies. You can then integrate backlinks to your e-commerce platform pure cbd concentrates to try into these blog posts. Google and Facebook won’t penalize you if your CBD-related posts are more educational than promotional.
There’s also the option of marketing your CBD goods on cannabis-friendly websites and online community forums. Examples include Leafly, WeedMaps, and Reddit.
Selling CBD online isn’t a walk in the park. But the process doesn’t have to be painstaking either.
It mainly involves establishing your local cannabidiol laws, setting up your e-commerce store, and implementing effective marketing techniques.