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The cannabis industry is now generating over 10 billion in revenue. Due to this explosive growth in revenue and use, many people are considering starting their own CBD Business.

If that sounds like you, this article is for you! There are a few things you need to understand before getting started on your new venture. This guide will help you get started on the right foot.

1. Know & Understand the Laws

The cannabis industry is heavily regulated. Make sure you understand the laws in your state and municipality before starting your CBD business. Ignorance of the law is not an excuse, and violating state or municipal regulations can result in hefty fines or even jail time.

The U.S. government passed the Hemp Farm Bill back in 2018 which made selling and using CBD legally. However, you’ll still need to know the national and local laws for growing and selling.

2. Learn About Your Products

It’s important that you understand CBD and its benefits before selling it to customers. Learn about the different types of CBD products, how they’re made, and how they can be used. Customers will expect you to be an expert on CBD and its many uses.

Many people come in blind and don’t even know where to start. Having a strong understanding of the product will allow you to explain these products as well as market them effectively to your target audience.

From the growing process to potency, quality, and even things such as non detect distillate, you’ll want to learn everything you can about CBD.

3. Find the Right Business Model

There are a few different business models you can choose from when starting your CBD business. Do you want to be a producer, wholesaler, or retailer? Will you sell products online or offline? Each of these options has its own set of pros and cons. You’ll need to decide which model is best for you.

Create a list of pros and cons for each model and look to find out if you are even able to get the right resources for that model.

4. Create a Strong Brand & Marketing

Building a strong brand is key to success in the CBD industry. Customers will be more likely to buy from brands they trust. Make sure your branding is consistent across all platforms and that your mission and values are clear.

Creating a website, social media pages, and even a logo can help establish your brand early on. It’s important to start building your brand as soon as possible so you can begin to establish trust with customers.

Starting a CBD Business

These are the four most important things to consider when starting a CBD business.

Start by understanding the laws and regulations for the product and even starting a business in the industry. You’ll also need to learn as much as possible about CBD itself and the products made out of it. Lastly, you’ll need to find the right business model and marketing strategies for your business.

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