CBD sales during the pandemic have witnessed an unprecedented surge. However, predictions for the CBD industry have always been highly favorable, with sales in past years being as high as $5 billion (2019).
Ever since the pandemic, there’s been an overall greater interest in purchasing organic products. CBD has gained greater attention due to its therapeutic benefits, and retail outlets are now the go-to option for cannabis consumers, as opposed to dispensaries.
This makes it the perfect time to think about venturing into opening your own franchise for CBD products. But even if the idea appeals to you, it’s possible that you’re reluctant due to a lack of know-how.
We’ve outlined the essential steps you need to take in order to be a successful CBD business owner!
Ask yourself why you want to do this
Before starting any business, you need to outline, define, and write down goals and expectations. These help you create a framework for why you want to own and run a CBD store.
They help give you a direction when you’re lost and keep you focused. They also solidify processes and help you stay motivated toward making your CBD store a success.
Read up on CBD related laws in your area
All CBD extracts from the industrial hemp plant are legal according to the federal government. Other CBD products such as oils and concentrates are legal as long as they contain less than 0.3% THC.
The steps for selling CBD as a retailer include the following:
Getting a business license and TIN number for your registered company.
Finding out where the CBD products are extracted from.
If you’re planning to open a store in a place where medical marijuana may still be illegal, you need to ensure that all your CBD products are sourced from industrial hemp.
Make the dosage and company terms are as transparent as possible.