Updated: Jul 1
CBD startup is the perfect business opportunity that you should consider this year. Recently, since CBD has been legalized in many states, there is a massive section of the market waiting to be explored. More and more businesses are entering the CBD market since its potential growth is absolutely undeniable.
Are you looking for a chance to step into this fast-growing industry? Then you’ve just come to the right place. We’ll show you everything you need to be a CBD startup. From the market’s potential, explanation to how to begin, it’s all right here.
What is CBD & why it’s a great idea to be a CBD startup?
Before everything else, we found it extremely vital to understand all the basics first. So, what is CBD and how could it become the business idea you should at least know about in 2021?
1. What is CBD?
CBD, or cannabinoids, are the processed compounds of cannabis and hemp. Although you might have heard about THC and its effects, CBD is a much different aspect. It offers a great deal of therapeutic and health merits and now has been used mostly for medical purposes. Most CBD products have to go through a lot of examinations and must get FDA approval before being introduced to the market. Thus, all the raw materials, or plants, must be cultivated to extract oil. After that, you can now use CBD oil on its own or infuse it into edibles, drinkables, and many other types of products.
2. CBD startup potential
According to BDS Analytics, the CBD market is predicted to reach over $20 billion in revenue by 2024. More and more states, as well as people, are accepting CBD for its health benefits. People began to use CBD to control and calm stress, better quality sleep, or even for pain relief, and it’s showing a significant result. Since its first debut in 2018, the industry is coming up with more and more CBD startup ideas. Thus, businesses are enhancing the customers' online experience by opening up websites and e-commerce platforms. So to be completely honest, the potential for CBD startups to take advantage of the industry is extremely positive!
If you want to hop on and ride the trend, here are some products to consider for your CBD startup:
Edibles: This is one of the largest sectors of the market, which include CBD-infused pastry, candies, and other types of food or drinks.
Vaporizer concentrate: this includes oils and wax, another large chunk of the industry. This product is mostly inhaled by electronic devices.
CBD topicals: Gels, cream, or oil with CBD concentrate are used directly on the skin to prevent pains and aches.
Tinctures: Still CBD oil, but you’ll place it under your tongue to absorb.
What should you do to start a CBD business?
When it comes to CBD startups, there are countless possible ways for you to join and make money from the industry. However, it also has all the hard work related to legal, supply chain, marketing and so much more that you must get your hands on. If you’re wondering how to start a marijuana business, herbal pain relief, wellness connection of Maine, then here is your answer.