You may be seeing the booming economy of the CBD industry and asking yourself, “Is it too late for me to get in on the success and start my own CBD business?” and the answer is no, it is never too late! The CBD industry has been growing exponentially and is only becoming more popular.
The popularity of the industry has attracted many to the market. This may seem like the “big fish” have established themselves and made it difficult to find your place in the market, but don’t let that discourage you! Here are a few reasons why it’s not too late to start your CBD Business, and the best route to take when doing so.
Legalization of CBD
Let’s start the conversation with the topic of CBD legalization. This is important because time has actually shown to be a benefit in this situation as laws have become more relaxed around the legality of the cannabinoid.
First, it is important to point out that CBD is already legal on the federal level, thanks to the 2018 Farm Bill. Where things start to get complicated is getting down to the legality at the individual state levels. Most states will allow CBD, as long as it is derived from hemp, while CBD derived from marijuana is still illegal in many states.
As time progresses, more and more states will be receptive to CBD and its benefits. This will most likely increase the number of states that legalize marijuana-derived CBD for medical and recreational use.
Growing Interest & Demand of CBD
CBD is only getting more popular with an increase in demand every year. The industry has grown exponentially, not just in the last decade, but even since 2019, the year following the passage of the Farm Bill. CBD market revenue was at a value of $5 billion dollars in 2019, $10 billion in 2020, and is projected to reach over $15 billion by the end of 2021! The growth of the industry keeps booming as it is expected to get as high as $22 billion by year 2022. The rate of market growth expected between 2020 and 2027 is projected to be at 31.9%. These are huge gains for an industry that has managed to create large amounts of increased momentum, making it the perfect time for you to hop on the rise of a huge industry.
Partnering with a Manufacturer is Best
As mentioned earlier, there are many staple CBD brands in the industry, but that doesn’t mean you won’t be able to be one as well. It may take time to establish your brand, but luckily you can make life easier for you and your business by partnering with a manufacturer!
It can be tempting to manufacture your own products with the thought that it will be more profitable, but you will find that you encounter more obstacles by handling everything yourself, which will hinder your business’s growth. Time is money, and much time will be consumed if you are handling everything alone like making sure your products are up to quality standards, meeting regulations and ensuring compliance. This leaves little time for you to focus on your brand’s growth and marketing since you will be extremely engaged in these other elements of operation that could be passed on to a manufacturer instead.
You are also unable to have the diverse selection of products that would be available to you if partnered with a manufacturer. You would be limited to the selection of products that you manufacture. More benefits include the expediting of packaging and labeling, as private label suppliers will also package and label your product with your branded labels. The partnership between a brand and a manufacturer is one that is surely positive. In doing so, you will allow yourself more time to focus on what your brand needs and less time focusing on the technicalities of the business.
Just because CBD has been around for a while does not mean that you can’t join in on the success story. As you now see, the CBD market has not even reached its maximum potential, and still has plenty of room for you and your brand to get your piece of the pie. If you are serious about embarking on your CBD brand journey, get in contact with the right supplier and simplify your success. Contact CBD Hemp Experts to get connected with one of the leading wholesale manufacturers and distributors of over 100+ premium CBD products. Go with the Experts!