Do you want to start a CBD business but you lack ideas on a niche to target? If YES, here are 50 best CBD business ideas & opportunities for 2020.
CBD, short for cannabidiol has transformed into an industry of its own. Who would have thought that the controversial cannabis plant would go that far? Scientists, bent on fishing out every needle in the haystack of nature, have separated the various compounds that can be found in the cannabis and hemp plant and has found one compound that is almost the elixir of life; that is the CBD.
After tetrahydrocannabinol (THC), Cannabidiol (CBD) is the next most popular compound in the cannabis plant; out of the over 85 already identified compounds. CBD has thus far become an integrated industry chain, and this chain runs from the industrial hemp to downstream industries. Most of them can provide various finished products of Cannabidiol Oil and various accessories to customers directly.
The worldwide market for Cannabidiol (CBD) in 2019 is 311.8 million US$, and the market is estimated to grow at a CAGR of roughly 32.0% over the next five years, and may reach 1251.8 million US$ in 2024.
A lot of people are starting to make a business out of the CBD industry and they are steadily making profits in the still emerging industry. If you want to cash in on the CBA industry, there are lots of businesses to consider, and some of them include;
50 Best CBD Business ideas & Opportunities for 2020
- CBD infused food and snacks
CBD food is quickly becoming one of the fastest growing industries in the united states. The seeds and the beneficial oil in the cannabis plant are being used as ingredients in baked goods, smoothies, salad, granola, protein powder, and many more food products.
Because of the nutritional benefits of CBD, the meals and snacks are getting more appealing to consumers. The CBD food industry is gaining tremendous popularity especially because it is healthy and contains no harmful compounds. This is indeed a good CBD business you should start thinking of.
- Sell CBD Supplements and Medication
CBD vitamins, beauty, and body care products are increasingly becoming more popular. The oil is known to reduce aches and pains. It aids in recovery after a workout or even illness. It also offers a complete set of amino acids, making it a great protein supplement.
Packed with antioxidants, CBD oil is a powerful immune system booster. People are looking for more natural and effective supplements and medicines. From skin care products to vitamins, there are many CBD ideas to pursue down this path.
- Make and sell CBD bottles and containers
One other way to get into the CBD industry is to produce packaging that would be suitable for CBD products. You can produce and sell versatile bottles, jars, tins and bags for CBD edibles, topicals and more. You can also produce tamper evident and child resistant containers that meet the guidelines and regulations for CBD packaging. As the hemp plant is now being used to make plastics, you can craft your CBD containers out of the hemp plant also.
- Become a CBD Tester or Quality Control Inspector
A CBD tester or quality control inspector helps ensure that cannabis products comply with health, safety, and potency standards before being released into the market. They can work for cannabis companies or government departments or agencies. In some cases, they may help inspect and enforce marijuana cultivation laws and regulations (including those that apply to the use of pesticides).
- Open a CBD Restaurant
Like drugs and cosmetics, there are myriads of ways one can integrate CBD into food and get the best out of it. If you know all the ways to use cannabis to enhance the taste of a meal, you can open your cannabis themed restaurant. To run this business, you may regularly have to come in contact with the marijuana plant, but if you have any personal or legal issues with this, you can use concentrates as they can as well give you what you need.
Even if you can’t produce any CBD products, you still have a chance at the industry, and one way you can still enter is to become an independent agent or dealer. An independent agent or dealer enters into an agreement to sell someone’s product but cannot use the manufacturer’s trade name as part of its trade name.
A distributor may sell to a number of dealers. A dealer then typically sells only to consumers or retailers. To start this business, you need to find a reputable CBD producer so that your products can easily gain traction in the market.
- Become a Rack Jobber or Rack Merchandiser
This involves selling another company’s products through a distribution system of racks in stores that the rack jobber services. The buyer typically enters into an agreement with the parent company to market their products to stores through store racks. This is another way you can sell CBD products.
- Start a CBD Concentrate Extraction Business
Another huge part of the legal cannabis business revolves around the extraction and selling of cannabis concentrates. These concentrates are used in various industries from cosmetics to medical, even to the restaurant industry. If you are able to start this business, you would not want for where you can distribute your concentrates as the industry is still quite young.
You can decide to carve a niche for your business and extract concentrates that can only be used in a particular industry. Know that to maximize profit in this industry, your business would have to be located in an area with lots of cannabis farms so you can have easy access to raw materials.
- CBD Network Marketing Business
One way to penetrate the market when selling CBD products is through network marketing. Network marketing covers both direct sales and multilevel marketing. This means you sell products through your own network, such as friends, co-workers, neighbors, and so on. In most cases, you earn more commissions when you recruit more network marketing agents to do the same. If you are diligent, there is no limit to how much products you can sell.
- Form CBD Cooperatives
Cooperatives are people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations. To help boost sales of CBD products, a producer can form cooperatives to help with the business. A cooperative is when an existing business does an affiliate with a large network of similar businesses. They all advertise and promote through a common identity.
- Become a CBD HR trainer
CBD retailers need training in how to hire, train, and motivate employees. As a HR consultant, you can help new companies establish HR programs, including developing personnel forms, interview questions, scheduling systems, and employee termination practices. Startup costs for HR related services are minimal, especially if you start on a part-time basis.
- Provide Security Services
A huge amount of security is needed in every sector of the CBD industry. Growers and retailers need security and loss control audit services. All businesses who handle hemp products need video cameras and alarm systems. CBD retailers handle large amounts of cash each day and need front and back office security services to deter theft. If you have experience in the private security industry, you can establish a niche in the hemp products industry.
- Graphic Design
This may sound strange as a CBD business, but graphic designers are needed to build brand identities for CBD businesses. From logo design to website development, graphic designers are critical to the CBD industry’s growing success. Graphic designers can find unlimited opportunities as a freelancer specializing in working with CBD businesses.
- Become a CBD marketer
Every CBD business, from growers to processors to manufacturers, have one thing in common: they need marketing, sales, operations, and merchandising consulting so their business avoids mistakes and maximizes profits with strategies that are planned and profitable. As the cannabis industry grows and becomes more competitive, companies are doing their best to market themselves effectively so as to get the upper hand on their competition.
And just like businesses in other industries have come to rely on branding experts, designers, copywriters, and other kinds of marketers, so are CBD businesses.
From dispensaries to seedbanks and everything in between, companies are constantly looking for tailored services to help them develop their brand and push their products/services. That’s great news for marketing experts looking to branch out into a new industry. If that sounds like you, working freelance or starting your own agency could be a really solid business idea.
- Sell CBD Concentrates
Vaporizer concentrates, such as CBD oils and waxes, are another common product in the industry. These can be used with an electronic device to vaporize and inhale the CBD product. You can start the business by distributing CBD concentrates to companies that produce vape products.
- Sell CBD topicals
CBD topicals include gels, creams and sprays for aches and pains. These products are placed directly on the skin to target a localized region of the body for a cure. CBD have been infused in a lot of creams and related products. You can start selling these products in your neighbourhood so as to gain market acceptance before venturing out.
- Produce Sublingual tinctures
A sublingual tincture is CBD oil that generally comes in a small bottle with a dropper. Sublingual products are ingested by placing them under your tongue and allowing the oil to absorb. Sublingual tinctures are small and easy to carry around in case of when needed. This can be a good business idea if marketed to the right people.
- Make and sell CBD accessories
Just like football fans buy T-shirts of their favourite teams, or anime fans buy bags or figurines of their favourite characters, CBD users will also start looking for accessories to enjoy their hobby. Cannabis accessories can include: t shirts, caps, key rings, scrunchies, and almost anything that catches your fancy.
If you can’t make the products yourself, you could start an e-commerce business reselling items you find online. By buying them cheap or in bulk and selling to the local market, you can create a viable business in no time. If you’d like to profit from the industry without operating illegally, but without waiting for a verdict from parliament, consider selling accessories for CBD.
- Sell an indoor incubator
For consumers living in cities that want to grow their own cannabis, they’ll need some sort of help, especially since there will be a lot of newcomers entering the industry. This is where you come in. You can offer a self-contained growing-chamber that produces high quality buds. It resembles a mini-fridge and can fit anywhere in a private residence. If you’re scientifically minded, you can invent your own version of it and start selling it.
- Develop Machinery for CBD Concentrate extraction
Instead of producing the CBD concentrates yourself, you can decide to manufacture the machinery that can be used for the extraction. This is one on those businesses in the cannabis line that does not require touching the leaf. You can equally source for these equipment, stock up on them, and sell them at a slightly higher price than you paid for them as a way of reaping profits. Although the initial investment will be fairly large, the returns will more than make up for it.
- Build an App or Platform for CBD product Users
You can offer technological solutions for CBD adjacent businesses by developing programmes and apps to make their business operations run smoother. This app can help CBD product users find dispensaries near them. With the impending rise in CBD-related entrepreneurs and online retailing businesses, there will be a greater need for software developers going forward. If you’re looking to put your coding skills to work in the cannabis industry, start now and develop a reputation for good work.
- Become a CBD Social Network Founder
You can also potentially start your own social network aimed specifically at CBD consumers. This could also present some unique advertising opportunities for other cannabis businesses as it can be a way to bring manufacturers and consumers together. If you delve into this industry early, your social network can grow in popularity in a short time, before others start springing up.
- Become a CBD Product Reviewer
Currently, a lot of CBD products are hitting the market and consumers are now getting swamped for choice. So you could potentially build a business around providing reviews and other pertinent information to help consumers make informed decisions on the products they want to use. Because not much people are in this service, you can get easily noticed for brand endorsements.
- Start a CBD Subscription Box Service
This is a great business idea that can help provide consumers with a continually new variety of CBD products once they hit the market. Offering these boxes is also a great service that can be provided not only to individual subscribers but possibly large scale cannabis events, for festivals, even given as a welcome gift at a hotel or cannabis-themed bed and breakfast.
You can put together your box service to deliver things like cannabis-related snacks, rolling papers, cannabis stickers and magazines, caps and more. You can even use this as a CBD gift service where you deliver cannabis related gifts to people at the request of your clients.
- CBD cosmetics
Incorporating CBD into cosmetics has many health benefits for the skin and body. If you like the idea of creating medicinal marijuana infused cosmetics, then this could be the business idea for you. Because of the many health benefits of CBD, you will not find it hard to create a market for your products.
Today, businesses are selling everything from cannabis creams, face washes, shampoos and candles all of which can be made at home and sold at dispensaries or farmer’s markets. Find out what users are looking for and start selling. Keep in mind that you will need to abide by health and safety requirements for beauty products, or if you prefer, you can just import a ready-made products and selling them.
- CBD reviewer & blogger
The world of CBD is still fairly new, and many people would need a lot of guide when navigating the waters. You can offer to guide newcomers by offering reviews and advice on your experiences to ensure they have a pleasant first experience.
You could potentially build a business around providing reviews and other related information to help consumers make informed decisions. There are also many online resources regarding how to write these reviews and how you should go about it.
- Retail CBD products
Retail is one line of business that every product goes through before it gets to consumers. Depending on which state you reside, you can become a CBD retailer by retailing cannabis products. You can do this in a storefront setting with basic products.
If you want to become a successful CBD products retailer, you have to make your store to look like something almost everyone can come in and feel comfortable. This is because the stereotype following cannabis is that it is only used by addicts. Your lively, neat, warm, well-lighted store should be able to dispel such thoughts, and help you welcome a lot of new customers.
- Become a CBD consultant
Are you an expert in CBD products, have you done a lot of research regarding these products, have you worked with them for a lot of years? If you answered yes to these questions, then know that you can become a consultant for CBD products and businesses.
You can set up your business and use your knowledge advantage to help small business owners understand their products, clients and processes. Many people want to get into the industry, but they often don’t know much about the business or the plant itself. They will pay you for your knowledge of various strains, processing techniques or gardening procedures.
- Develop CBD Technology
The CBD industry is still quite new. While technology in other industries has been evolving for centuries, tech solutions for the CBD industry have only been developed openly in the last several years. If you are a techie, you can start developing technologies that would in accelerating this industry. For example, you can develop a technology that can help to automate the industry.
- CBD Dispensary Manager
CBD dispensaries represent a huge portion of the cannabis industry. Like other kinds of stores, they are complex retail operations that require good management. That’s why a lot of dispensary owners actively recruit experienced retail professionals from high-end stores and other types of quality retail outlets.
Some medical marijuana dispensary owners also seek people with a background in pharmacology. In addition to a good salary, managers often get performance bonuses, health insurance, and paid vacation time. Dispensary careers like this can also lead to advanced opportunities that come with six-figure salaries and involve overseeing multiple stores.
- Become a Master CBD Extractor
When it comes to high-paying medical marijuana careers, it’s hard to beat this one. Master CBD extractors usually get paid so well because they have a very rare combination of expertise. Their job involves overseeing the production of safe and effective oils and concentrates from harvested marijuana plants.
They accurately extract precise amounts of CBD (the main active components of cannabis). They also manage their laboratory facilities and adhere to strict safety standards and government regulations. So in order to get into this career, you generally need a PhD in biochemistry.
- Become a Budtender
Are you a people person? Budtender jobs involve helping dispensary customers choose the best strains of cannabis for their particular needs. It’s a role that requires good listening, sales, and customer service skills.
- Become a Dispensary Receptionist or Cashier
Many CBD dispensaries hire people for the front end of their stores to greet customers, answer phone calls, and handle final sales transactions. At medical marijuana dispensaries, workers in this role are also frequently responsible for verifying customers’ prescriptions, identification, and eligibility for making purchases.
- Start a CBD Courier Business
Medical marijuana jobs that involve delivering products to customers’ homes can keep you physically active, especially if a bicycle is your method of transportation. Your job would be to deliver CBD orders to users who cannot come to the dispensary on their own.
- Produce CBD Edible Recipes
Do you enjoy baking about as much as you love cannabis? We have good news, there is a fun way to combine the two to market your business. You can offer baking seminars with recipes that incorporate cannabis oil. You can take this to the next level by either selling cooking books, or by posting cannabis recipes on your blog or site.
- Make CBD Patches
Patches are another method for absorbing CBD through the skin. Similar to nicotine patches and various types of pain relief patches, CBD patches gradually release their ingredients into the body over the course of the day.
Customers prefer CBD patches when they need to maintain a low, consistent dosage throughout many hours, or just for the convenience of patches over other methods. Patches are also useful when a person won’t have access to other CBD products during the day or won’t have a chance to take them.
- Produce Products CBD for Pets
CBD has been shown to have similar effects on animals as it has on humans, so it’s popular with people who have pets that suffer from pain or anxiety — even if their owners don’t use any CBD themselves. Since animals can have much more sensitive systems than humans, CBD oils for pets should be specially formulated to ensure their safety. CBD for pets can also come in flavors like fish and bacon to make it more appealing to cats and dogs.
- Sell CBD online
In the United States, people can order CBD products online, regardless of which state they live in. Moreover, the DEA has not been strictly enforcing its regulations around these products, so people feel safe in acquiring them. All of this is good news for your online store.
If you want to launch your online store with a focus on CBD products, be sure to stick with a reliable wholesaler so as to be on the safe side. In other words, purchase only high-quality CBD wholesale from a trusted wholesaler.
38. Host CBD Cooking Classes
For CBD users, the chance to cook with cannabis is exciting. If you want to become a business owner, you can start helping your fellow CBD enthusiasts and earn money in the process. CBD cooking classes can help others learn how to cook with cannabis butter or oil, how to create cannabis butter, and more. You can equally sell your recipes in your classes.
39. Health Consultations
If you are someone in the health department, you can provide health consultations to people who are interested in using CBD to improve their health, but who may lack the information to do so with confidence. A person must begin using cannabis with complete confidence and consultation provides them with the necessary information for that to happen.
You may need to take a few college classes before offering client health consultations, but it is a fun and rewarding career that offers great profits for those who are willing to offer the service.
40. Run a CBD Website
A CBD website can provide users with a variety of information, products, services, connects, and more. It’s easy and affordable to start a website and through affiliate marketing, advertising, etc. you can make a nice chunk of change without any additional work necessary. Don’t rush into creating the website. Instead, carefully consider what you’ll offer, the layout, etc. so your site stands above the competition. Expand your horizons to enhance the profits.
41. Run a CBD Podcast
Many people enjoy listening to podcasts when they cover topics of interest. Start a CBD podcast and you’ll quickly gain new listeners and fans as you have a great time. It’s possible to start a podcast without a lot of money and from the comforts of home. It is fairly easy to turn a podcast into a profitable business in a relatively short period if you can build a fanbase and do things the right way.
42. Sell CBD Housewares
CBD housewares are cool but there is still a lack of companies offering such products. Now, you can enter the industry and make a nice chunk of profit selling various types of marijuana-related housewares. Items such as lampshades, curtains, kitchen accessories, etc. rarely contain weed themes, but your new business can fill the void and make a nice chunk of change in the process.
43. Social Media Marketing
CBD businesses depend on both word-of-mouth and advertising to help them become successful. Social media marketing is an important part of their business since so many people use sites such as Facebook, Instagram, and YouTube to find new products, services, and businesses. If you have the expertise and gift for using social media, perhaps you can help build the brand’s audience by serving as a social media marketer.
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