The cannabis industry as a whole has seen unprecedented growth brought about by changes in political views and scientific studies that uncover the medical benefits of the plant. When talking about cannabis’ benefits, people are most likely to encounter the wonders of its compound cannabidiol (CBD). In essence, CBD is mainly responsible for the medical
The cannabis industry as a whole has seen unprecedented growth brought about by changes in political views and scientific studies that uncover the medical benefits of the plant. When talking about cannabis’ benefits, people are most likely to encounter the wonders of its compound cannabidiol (CBD).
In essence, CBD is mainly responsible for the medical potential that cannabis is now being known for. It has blossomed into an industry of its own in the U.S. and it should be no surprise that a lot of people are willing to jump on the bandwagon for potential returns. However, would it be easy to get into a CBD or cannabis venture head on?
Kasey and Kristin Price, and Sarah Baker are founders of the CBD-based lifestyle brand Hoop Beauty. The brand is focused on selling products to young adults by highlighting the relaxing and autoimmune disease-fighting properties of the compound.
Kristin, a 16-year old, is making Hoop Beauty her second successful business. The first was Kristy’s Kaps, a non-profit that has delivered over 1000 hats to adults and children from all over the world.
Young entrepreneurs having second thoughts about launching a CBD business should act fast. In an interview with Civilized, Kristin says that now would be the perfect time get into the industry.
She adds “I have always been passionate about beauty products, but wasn’t quite sure how to incorporate that into my future. This opportunity came along when I discovered that CBD was giving me a big piece of my life back.” At the time she began developing an interest in the miracle compound and how it could help cure alopecia.
Kristin used this interest as an inspiration as she wanted to help teenagers like herself. She also says that entrepreneurs must have the initiative to reach out to CBD experts and should do so until they find a person who is willing to cooperate with them. The plus side is that the CBD industry is has a welcoming atmosphere, perhaps due to the fact that people are still developing an interest in CBD. Many people are willing to work with others to further propel their efforts. Lucky for Kristin and her co-founders, they were surrounded by adults that shared their vision and helped Hoop Beauty grow.
How to begin selling CBD
There are many ways to get into the CBD industry but the most popular by far is through retailing. Seeing as it is a product-based service, there are many things to consider before launching such kind of venture.
First will be to understand the legality of CBD in the area you’re intending to set up shop in. CBD’s legality tends to get confusing but a Medium article says that looking where it was derived from is the key. Some CBD oils are acquired from marijuana and not all states have the plant legalized. However, since hemp doesn’t cause the high marijuana is known for, the law has no specific restrictions with it.
The next step would be to adhere to laws before selling any products. There are various cannabis laws placed in the U.S. and it all depends on where the entrepreneur is. However, it is crucial to note in the packaging that CBD is not yet approved by the Drug Enforcement Administration (DEA).
With the legalities cleared, the next course of action would be to plan the approach for the business. For Hoops Beauty, Kristin and her co-founders decided to target young adults who have an autoimmune disease. Considering how there are countless benefits found in CBD, entrepreneurs could focus their attention on one to acquire niche markets.
The next steps are geared towards building trust between the brand and the consumers. Entrepreneurs must understand that CBD is a consumable product so it is crucial to let their customers know that what they are using is safe. Establishing this trust comes in many forms including setting legal policies and presenting approvals from different scientific and political bodies.
When the brand has finally launched, the entrepreneur should then focus heavily on strengthening the business through marketing and social media.
The CBD industry is projected to hit the $57 billion mark by 2027. That growth will be supported by countless companies who strive to provide quality products that can change the lives of people. Entrepreneurs that are still unsure of what business to launch should heavily consider retailing CBD products as one of their options considering how it is still consistently growing.