8 Crazy CBD Business Opportunities You Should Try In 2023
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The CBD industry is a fast-growing market that's estimated to reach $22 billion by the year 2025.
Many of you might be wondering, with so many CBD products and manufacturers in the market, is CBD still worth investing in as a viable business opportunity?
The short answer is yes.
There is a diverse range of business opportunities in this space that aren't limited to selling CBD oil, which you're right—it is a highly competitive landscape and it's by no means slowing down.
If you want a piece of the pie with a creative way to make money related to a CBD business, we've got a list of 8 business opportunities and CBD business ideas that might just suit you. Before we jump into CBD business opportunities worth looking into, let's quickly go over some facts about the CBD industry as a whole in the United States.
10 CBD Industry Fast Facts
Cannabidiol (CBD) is one of many naturally occurring compounds extracted from the cannabis plant, which has had a long and complicated history in the United States.
Here are some facts to familiarize yourself within the CBD space...
- CBD is found in both hemp and marijuana plants.
- CBD is considered a non-psychotropic compound. It does not produce intoxicating effects like THC (tetrahydrocannabinol).
- CBD derived from hemp crops with a limit of 0.3% THC became legal to grow, manufacture products, and sell in 2018 with the US Farm Bill.
- CBD is one of over a hundred cannabinoids in the cannabis plant, and it works better when taken harmoniously with other cannabinoids and terpenes in a full spectrum or broad spectrum extract.
- High-quality CBD is considered a safe compound even at high doses in humans and animals.
- CBD is an extremely versatile compound and can be found in sold as CBD edibles, smokables, topicals, and traditional capsules and oils.
- CBD works in the body's endocannabinoid system to support homeostasis (balance) for optimal bodily function.
- CBD dosing requires some experimentation as it's very personal to the individual and is dependant on genetics and other lifestyle factors.
- It's legal to fly with CBD within the United States as the TSA has recently adopted friendlier guidelines towards hemp-derived CBD.
- CBD oil and hemp seed oil are not the same. Hemp seed oil is extracted from hemp seeds and does not contain any traces of cannabinoids, while CBD is harvested from the plant resin speckled on the buds, leaves, and stalks.
8 Interesting CBD Business Opportunities
1. Become A CBD Oil Retailer
An obvious way to get into the CBD market is to set up shop either online or in a physical, brick-and-mortar store and sell CBD products.
The good news is that you don't have to worry about hemp growing licenses, extraction, or product formulation to become a CBD product retailer. Partnering with a reputable CBD supplier is the fastest way into this industry, and it can be quite lucrative.
This business model requires buying hemp-derived CBD from a trusted manufacturer or wholesale distributor and marking up the price to earn a profit from your sales. You can leave the logistics of hemp plant farming and extraction, product quality, and formulation to the experts while you focus on the marketing of the products.
It's worth mentioning that choosing the right supplier is huge to making this business opportunity work out for the best. Here are some tips for choosing a CBD business partnership to start your venture as a CBD food retailer:
- Quality CBD products. Your brand will only be as good as the quality of the CBD products you offer, which is why it's important that your supplier takes quality seriously with responsible hemp sourcing and third-party lab testing.
- Communication. No one wants to do business with a faceless entity. You have no shortage of CBD suppliers out there, but to make your life easier, look at CBD businesses that value their partnerships and offer ample support and easy communication to ensure your business runs smoothly too.
- Reputation. Partner with a CBD company that has a good reputation with its customers and CBD retailer partners. This will save you a lot of headaches and money in the future. Look at third-party review websites and look at what other people are saying about the brand, rather than relying on the testimonials on the company website.
Neurogan has a private label partnership program and fulfills wholesale bulk. Please reach out to our team to learn more about these opportunities.
2. Dropship CBD Products
Dropshipping may be the fastest way to gain entry as a CBD business because it doesn't require a large start-up cost, and you don't have to hold any CBD product stock yourself.
Dropshipping CBD involves creating an e-commerce store and brand identity where website visitors can order directly from your site. However, that order will be processed by your dropshipping partner who will fulfil the order and ship the products directly to your customers.
This is an excellent option for digital nomads who wants to start a business from their laptops and have don't have to worry about the logistics of CBD manufacturing, warehouse fees, or shipping.
To make sure your dropshipping CBD business is a success, you need to partner with a reliable and CBD manufacturer that values high-quality products and timeliness in fulfilling orders. One of the drawbacks to this model is that you have to rely on the supplier to deliver exceptional service in terms of product and speedy delivery, which you don't have much control over.
Neurogan is happy to partner with you as a supplier and order-fulfillment center for your dropshipping-model businesses. Reach out to our team today to find out more information.
3. Open A CBD Spa
Many people seek out CBD topicals and CBD-infused food to support relaxation. If you're in the beauty and wellness industry, launching a CBD spa may be the perfect niche to make you stand out in the industry.
Cannabidiol is an extremely versatile compound that can be added to your favorite spa products for a truly unique spa experience from cosmetic products (cleansers, masks, creams, and lotions) to natural tea beverages.
CBD-infused massage oils may complement the immense benefits of massage therapy by providing additional support for a healthy inflammatory response and condition and nourish the skin.
4. CBD Content Creation For Digital Marketing
Because CBD is a cannabis-derived product, there are a lot of restrictions to advertising CBD products.
Many CBD manufacturers and distributors rely on content creation to promote their products and to raise brand awareness about the benefits of CBD.
You can start a business that niches in CBD content creation such as blogging, creating graphic design assets, and photo and video content for your clients to use on their social media and website.
This can be an incredibly lucrative CBD business opportunity for those who have a knack for creativity and want to get into the CBD business without having to sell CBD products themselves.
5. Create A CBD Product Review Channel, Site, Or Podcast
CBD enthusiasts with a knack for production may find an exciting CBD business in the world of content creation through blogging, Youtubing, or Podcasting. These CBD business opportunities don't require much (if any) capital. However, it is a huge time investment on your end to produce high-quality content.
This suggestion is different from the content creation for digital marketing because instead of selling the content you create to CBD brands to use as their digital marketing assets, you'll be creating content for yourself by establishing yourself as an expert in the space. This is a long-term game plan, and it requires you to build an audience, gain trust, and show other CBD brands that you have a loyal following.
The end goal here is to grow affiliate marketing contacts, becoming a CBD influencer. Your stellar content has built an audience that trusts your recommendations, which opens up opportunities in affiliate marketing.
Affiliate marketing means you generate sales or website traffic for a brand in exchange for a commission. Word of mouth recommendations are the most valued form of advertising, and as an influencer, your recommendations to your wide audience are powerful, and CBD brands will pay a lot for this influence.
6. CBD Containers & Brand Design
You can think a little more outside the box with this business opportunity and look at creating packaging for CBD products.
This is a great option for those who have a background in graphic and product design. As new CBD brands, enter the market almost every day, they'll need unique package designs and containers to make their products feel and look special. This is where your skills as a designer may come into play.
Every type of CBD product that is being sold needs some type of packaging from skincare products, edibles, topicals, and your classic capsules and sublingual oils.
Aside from having a knack for design, you'll need to familiarize yourself with Food and Drug Administration (FDA) compliance rules to make sure you're abiding by health and marketing standards.
7. Open A CBD-Based Pet Shop
CBD has been found to be a safe and effective natural compound to use on pets. Many animal lovers will spend whatever it takes to give their most loyal companions a healthier and happier life, which is why the CBD pet industry is very lucrative.
If you're looking to niche down in the CBD space, opening a CBD-based pet shop either online or in a physical store could be a promising CBD business opportunity.
8. Start A Subscription Box Service
Subscription boxes have become increasingly popular in recent years. You can find subscription boxes available from everything like beer, makeup, shaving products, and even art supplies.
It allows customers to experience a wide range of products they may not have heard about before, and it helps smaller brands market to a new set of consumers in partnering with a subscription box service.
All subscription box services start with a niche—in this instance, you can collect the best CBD products and have them delivered to your subscriber every month to try out new, noteworthy products. This will require a lot of customer research and CBD brand outreach to create a feasible partnership that will be beneficial to all parties involved.
The Takeaway: CBD Business Opportunities
Although the CBD market is fairly new, its growth has been incredibly staggering, and it's not looking to slow down anytime soon.
From our list of business opportunities, you can see that the CBD industry isn't limited to manufacturing and selling products. There are a lot of adjacent opportunities that can be a fun, creative, and rewarding way to make money, especially if you're genuinely passionate about the benefits CBD has to offer.
Neurogan is proud to partner with CBD retailers with private label and wholesale opportunities, so if that business opportunity piqued your interest, please reach out to us for more information about partnerships.
What are the CBD business opportunities?
Although the CBD business is still relatively new, its growth has been astounding, and it shows no signs of slowing down anytime soon. The CBD industry is more than just making and selling products. There are several adjacent alternatives that might be a fun, creative, and fulfilling way to make money, such as producing brand labels and containers and operating shops.
What is dropshipping business?
Dropshipping may be the quickest option to start a CBD business because it does not require a high start-up cost and does not require you to store any CBD product stock yourself. Dropshipping CBD entails developing an e-commerce store and brand identification via which website users can place orders directly from your site.
Can I buy Wholesale CBD?
One obvious way to enter the CBD sector is to start a store, either online or in person, and sell CBD products. There is no need to be concerned with hemp growing licenses, extraction, or product development. Partnering with a reputable CBD provider is the easiest and most profitable way to get started in this industry.
What is CBD subscription box?
It allows customers to try a variety of products they may not have heard of previously, and it assists smaller firms in marketing to a new set of consumers by partnering with a subscription box service. In this case, you can accumulate the greatest CBD products and have them delivered to your subscriber every month to try out new, notable things.
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