The cannabidiol (CBD) industry is expected to grow by 21.2% by 2028, making now the perfect time for you to bring your CBD business idea to life!
Edibles are some of the hottest products on the market thanks to their easy-to-ingest nature that doesn’t sacrifice CBD potency.
So what does this mean for would-be business owners? Quite a bit! Below, you’ll find some great tips on how you can build a CBD edibles business that stands toe-to-toe with the competition.
Make sure to keep reading!
Understanding CBD Regulation
Before we get into the specifics of how to make and sell the best CBD edibles, it’s important to understand what you can and cannot legally say about CBD or the products you’ll produce. According to the 2018 Farm Bill, hemp products can contain no more than 0.3% tetrahydrocannabinol (THC), which is the compound found in marijuana responsible for making users feel “high”.
As such, you’ll need to do your due diligence when vouching for your products. While the United States Food and Drug Administration (FDA) minimally regulates hemp-based products, it’s on you to ensure your products are above board.
The simplest way to check is to produce your own CBD edibles in-house. However, this comes with its own caveat since you’d have to either find a white-label partner or staff a lab and buy materials.
If your CBD business plan involves selling others’ products, it’s up to you to research the products you stock.
Center Your Brand on Authenticity
Next time you’re out for a drive, take a look at how many businesses offer CBD products. Even gas station chains offer hemp products these days! So how are you supposed to compete with the big dogs?
It’s all about branding. Today’s consumer cares as much about the companies they buy from as the products they love.
As you start shaping your CBD business, think about how you’ll want to market yourself. Ask yourself the following questions:
- Who do you want to sell to?
- What can set you apart from the competition?
- What advertising channels should you use?
- What values does your audience hold?
People can tell when a business is pandering to them. Be upfront and honest in your advertising. Focus on the holistic properties of CBD and what it can do for your customers.
Experimentation Is Key
Branding is a great way to get customers in the door but to generate repeat business, you’ll have to offer some truly great products. So what does that look like?
If you’ve ever had a CBD edible, you know that they don’t always taste as great as they could. That’s where you come in.
The aim is to balance potency with flavor. Play around with some recipes, whether you’re making gummies, cookies, or even gel capsules.
You can also offer CBD-related products, such as CBC isolate or CBC edibles. As long as you don’t go overboard, diversifying is a smart way to attract a wider audience.
Running a Successful CBD Edibles Company
Before we call it a day, a recap:
Start by understanding and investigating your products. Customers will have questions, and it’s up to you to answer them.
Of course, to get customers in the door, you’ll need to focus on creating a strong, authentic brand that illustrates the power of your product without pandering.
Finally, don’t be afraid to get creative! Experiment with flavors and tastes to find the next hit product.
For more tips on starting your own business, or if you’re just curious about CBD, check out the rest of our blog!