How to Make Money Selling CBD Oil? The market of CBD oil is expected to expand to over $20 billion by 2024 and looking at the growing popularity of this miraculous compound, we can only agree Curious How You Can Make Money in with Cannabis, CBD, or Medical Marijuana? Talk to one of our B2B CBD Experts right now: Wholesale CBD Specialist Private Label CBD Specialist Blank Bottle CBD Specialist You’d have to be hiding under a rock not to notice that the North American cannabis industry is on fire. Not since
How to Make Money Selling CBD Oil?
The market of CBD oil is expected to expand to over $20 billion by 2024 and looking at the growing popularity of this miraculous compound, we can only agree with it! The best part is that CBD is naturally-occurring and this makes this product both available and accessible to anyone who knows where to find it.
Now, we know what you are thinking – can you make some cash out of it? Well, the answer is yes and this is why we are here with this brand-new article! However, if you don’t know the process of marketing and selling your CBD products (keeping the legality intact), then making good money from the CBD business might be a problem for you.
This also means that every problem comes with a solution and this latter has led thousands of people to earn millions by starting their own CBD oil business. When you are informed and confident in yourself, that’s when you know that your business is going to be a lucrative one.
So, if you are contemplating the idea of starting your own CBD oil business, well, then keep reading.
Why are people buying CBD oil?
CBD oil is the product of cannabidiol, popularly known as CBD, which is found in the cannabis plant, amongst numerous other compounds. CBD is unique in a sense that it contains very low quantity of tetrahydrocannabinol or THC, another cannabis compound which interacts with the CB1 receptors of the endocannabinoid system of the body to produce what we call ‘high’ in the brain, which gets you stoned.
However, CBD is the talk of the health and wellness market industry because of its magical healing qualities. Yes, it is known for its therapeutic nature and is helping people across the world in the treatment of their health conditions. What are these problems? Well, you name it and this product is said to be helping people fight it – anxiety, depression, inflammation, insomnia, seizure, epilepsy, even cancer, etc.
So, we understood from the above mentions that CBD has the potential to become a natural medicine, it is non-psychoactive in nature and it is naturally available, which means it is safe to take/consume by both people as well as animals. Now, add this one to the list – the compound has been legalized across all 50 states of the country under the 2018 Farm Bill.
How to make good money selling CBD oil?
CBD is everywhere, we all know it. You must be living under a rock if you are living in America and still haven’t heard of CBD, seriously! It’s great that you have heard of CBD and even better that you are using CBD oil, because someone who is impressed with the positive effects of CBD can only think of starting a CBD business.
So, now that you have decided to make good money by starting your CBD oil business, well, it’s time to know where you can start from-
1. Understanding the legal status of CBD
It is obviously impossible to start any business before learning about the legality of the product in question. This especially applies to CBD oil since it is a hemp-driven cannabis. From FDA regulations to state and country laws, you need to be clear on every law related to manufacturing and selling of CBD oil or else you might get tangled in a serious case of penalties.
So, is CBD officially legal in the US? Well, the answer to that is yes and now. Even though the Farm Bill has legalized CBD in all over the US, it depends on which state you reside in to be absolutely sure whether you can extract, manufacture or sell CBD from there.
There are certain states that have changed their laws to exclude hemp-driven CBD from the controlled substance. There are also a few states that have allowed the sale of CBD-infused products but they require a license to allow the sale. There are also states that have prohibited the sale and consumption of CBD oil and other products. Thus, you have to be completely compliant with the laws of every state before starting your CBD business.
2. Obtain a standard business license
Before selling the products, it is necessary to get your permit or license required by the state you are setting your business in. The permits may be required for keeping your CBD stock, food license for making your own edibles, and re-seller’s license for purchasing products from wholesalers. You can get in touch with a license expert to make sure what all permits and licenses you require to set up your business.
3. Sell High Quality CBD Products
One of the most important things to keep in mind is to choose a supplier which already provides for a high-quality CBD brand like CBDistillery. You can read the review here to know how they maintain their quality.
A lot of customers complain about purchasing fake CBD products . Thus, the first thing after obtaining the license should be building your reputation and do not compromise on the quality of the CBD oil and other products that you are planning to sell.
It is important to thus learn about the manufacturing process, the signs of high-quality products of CBD and how to know whether the product passes the taste of great quality.
4. Research the price, packaging and other important things
Now that you are in the process of establishing your CBD oil business it is also recommended to research the ideal price, packaging and shipping tips, marketing tools, customer-service know abouts, and other important things.
You can take the help of someone who is already in the business game and has years of experience in the field. The competition might be fierce but you should know that there are people in the business who would love to guide you and be a great help to you.
5. Extraction process
There are various methods of extraction process of CBD oil. However, in the current scenario, the best process is known as CO2 Extraction Process, where the final CBD product comes out as purer and contains less chemicals than it does in other methods.
6. Establish genuine connections in the industry
There is nothing better than learning from an expert, who has already made it big in the industry. Thus, it is important to go ahead and attend CBD trade shows and conferences and make your name amongst other people in the industry. When you establish strong connections and work toward developing them, you open yourself to a lot of possibilities. This will also increase brand awareness and you will get to learn new ways to sell your products. You also get an opportunity to analyse your competitors and learn what and what not to do with your business.
7. Grow content online
A successful company requires a strong online media presence. Also, you need to make sure that your website is well-optimized for Google and other search engines to help it come on the top of search engines.
So, you should keep updating your blog regularly and use the right keywords to attract as much traffic as you can, which will have the potential to turn your leads into customers. Thus, it is recommended to hire a good digital marketing company or professional to take care of your online business, since most people rely on online websites to buy their CBD products.
Once you are through the above seven points, you can consider yourself a seller of CBD oil and can keep growing your business.
Do not compromise on the quality and services even after you start earning good money via your CBD oil business. Always remember that customers are your priority and put yourself in their shoes as well. Keep it authentic and you can get success in any field and things are no different in this case. Thus, stay true to your business – work hard, be positive, make connections, and know exactly what you want in your vision. Sooner or later, you will start earning good money from your CBD oil business, more because the world is in need and searching for authentic, high-quality and affordable CBD oil and related products. Who knows, you might be the next big thing in the world of business!
33 Ways To Make Money In the Cannabis/CBD Industry
Curious How You Can Make Money in with Cannabis, CBD, or Medical Marijuana?
Talk to one of our B2B CBD Experts right now:
You’d have to be hiding under a rock not to notice that the North American cannabis industry is on fire. Not since the Gold Rush has there been an industry that has attracted as much attention from the average U.S. citizen hoping to cash in on a golden opportunity — or, in this case, a green opportunity.
So, how to make money selling weed legally? How can you get in on this Green Rush? The possibilities are only limited by your creativity. In order to stimulate your imagination, here are 33 ways for people to make money in the cannabis industry right now.
Here Are 33 Ideas for Making Money in the Cannabis, CBD and Medical Marijuana Industry
- Advertise Affiliate Programs — This is probably the simplest way to generate income in the cannabis industry. Find companies that offer commissions for sending traffic to their site, then find or create advertising channels to send them traffic. Once you set up a successful, recurring, online ad campaign, it can earn you money in your sleep.
- Create a Brand — If you’re curious how to make money with weed, how about creating a brand of your own? Many companies that produce CBD products offer white label services, which means they’ll put your logo on their products. A successful brand can make you rich, but it takes time and skill.
- Create Cannabis-Related Content — Cannabis is very popular and growing quickly. You could try your hand at creating some kind of content that you can sell, such as a “how to” book, educational videos, etc.
- Start a Media Outlet — Cannabis companies need places to advertise in order to reach their potential customers. How about starting a website, podcast or a video channel on YouTube? This is a full-time job if you do it right.
- Caregiver — Knowledgeable about the medicinal uses of cannabis? You could become a caregiver. These people help medical marijuana patients procure and sometimes administer the right medicine for their medical condition. In some states, this will require that you are licensed by the state.
- Independent Sales Rep/Broker — With so many cannabis shops opening up, there are tons of opportunities in sales and wholesale brokering. Find a company with good products and get out there and rep them. The commissions on wholesale goods and supplies can be quite lucrative.
- Sell Growing Gear/Supplies — Along with the explosion of home growers in the U.S. is also an explosion in sales of growing equipment and supplies. You could open a brick-and-mortar shop or just sell online.
- Invent Something — If you’re wondering how to make money in the weed industry and have creative ideas, a great invention can make you rich – whether it be a consumer product such as a new vaporizer method or a tool for growing or manufacturing of some kind.
- Cannabis Reporter — Almost all news outlets are now reporting on the cannabis industry, medical marijuana, cannabis lifestyles and so on. Become an expert in one of these areas and you’ll probably get plenty of work as a freelance reporter.
- Cannabis Blogger — Many cannabis product companies need bloggers to create content for their blogs in order to attract potential customers. Blog writing can be much more creative than reporting.
- Start a Dispensary — With all of the regulatory hurdles, this is probably one of the more complicated ways to make money in the cannabis industry, but it can be done if you’ve got the money, time and patience to work through all the obstacles.
- Open a Headshop — It’s much easier to open a shop that sells gear and clothing to cannabis consumers than it is to open a shop that sells cannabis, and it can be just as lucrative if you excel at operating a retail chain.
- Develop Business Software — Good cannabis-focused business software is hard to find. If you’re a programming genius with intimate knowledge of the industry, you might find the cannabiz a great niche for your services.
- Develop an App — Develop a great cannabis-related app and you might find millions of cannabis consumers downloading it. Apps make money either by selling the app itself, selling something within the app or selling advertising on the app.
- Become a Grower — Curious how to make money selling weed legally, have a green thumb, and a passion for growing cannabis? Depending on which state you live in, you might be able to start yourself a nice little cannabis farm. But as with a shop, you’ll have to negotiate your state’s regulatory system.
- Open a Cannabis Lab — All states require some level of lab testing to assure that cannabis products are free of pesticides, molds and other toxins. Cannabis labs will be very busy for a long time to come.
- Open an Extraction Facility — Got a knack for chemistry? How about setting up a cannabis oil extraction facility. Many growers only want to focus on growing and thus farm out extraction to folks like you. This may require an extensive investment in machinery.
- Become a Cannabis Doctor — If you’re a doctor, you might consider becoming a certified cannabis doctor. Many states require all doctors who write a recommendation for medical marijuana to be certified by the state.
- Open a “Bud’n’Breakfast” Inn — Although you can’t sell cannabis at an inn in most cases, you can allow guests to bring and consume their own cannabis. Some states also allow businesses to “gift” cannabis.
- Start a Social Club — A few states will allow social consumption clubs. This is a place where people can get together and enjoy consuming cannabis in a social setting. You’ll need to check your state and local laws for sure.
- Promote Cannabis Events — Many cannabis consumers are looking for fun and exciting events to attend to share their love for cannabis. You could start small with a social gathering or you could go big and promote a major concert event.
- Create a Mail Order Company — These days it’s a breeze to open an online store. There are all kinds of things that you could sell online, from pipes and vape pens to clothing to posters. Many makers of these products will also drop ship to your customers, saving you the hassle of running a warehouse and shipping facility.
- Cannabis Graphics Designer — If you’ve got a knack for graphic design, you’ll find thousands of companies that need your services. Make yourself a portfolio of cannabis logos, ads, posters, etc. and get out there and mingle.
- Cannabis Photographer/Videographer — Just about all businesses these days need good photography and video services or stock photos and video clips. Get out there and shoot some grow operations, events, products, whatever you have a knack for and build yourself a portfolio and you’ll likely find plenty of work.
- Make Cannabis Gear — Are you artsy-crafty? There are a lot of creative folks out there who are making a living producing hand-crafted gear, jewelry, clothing and other goods that appeal to cannabis consumers.
- Financial Services — Accountants, bookkeepers, insurance sales and other professional services are in high demand in this cannabis industry.
- Real Estate Services — Many states have restrictive laws when it comes to where a cannabis business can be located. You could become an expert in this area in a state that’s booming and help entrepreneurs locate their operations.
- Cannabis Lawyer — If you’re a lawyer or thinking of becoming a lawyer, the cannabis business is a great place to focus your practice. Experts in cannabis law will be very, very busy for a long, long time.
- Cannabis Business Consultant — If you’re looking for how to make money from weed and are a business consultant, you’ll find that your services will be in high demand if you learn all about the cannabis industry. The number of entrepreneurs who would like to start cannabis companies is exploding.
- Cultivation Consultant — Know a lot about growing cannabis? Everyone from the citizen growing at home to the big cannabis producers needs great minds like yours.
- Regulatory Consultant — Starting a cannabis business can put you into treacherous waters. Cannabis entrepreneurs need consultants who are experts regarding the regulations in each state.
- Invest In Cannabis Stocks — Maybe you’re busy with a full-time job but you’d like to find our how to make money with weed and cash in on this high-growth industry. How about investing some of your earnings in cannabis stocks? Although stocks are falling now, they are expected to rise substantially in the coming years.
- Trade Cannabis Stocks — Day trading and swing trading are a lot more complicated than simply investing long-term. You really need to be educated in stock trading if you don’t want to lose your shirt.
These are just some of the many ways that people are cashing in on this opportunity of a lifetime. Hopefully these ideas stimulate your creative juices and get you excited to get out there and make a name for yourself in the cannabiz. Keep in mind that if you focus on hemp CBD oil products you won’t be subject to marijuana regulations, which can be maddening to navigate.
Again, the simplest ways to get your hands in the pie are affiliate sales and white labeling. All you have to do is advertise. Everything else — production, packaging, shipping — happens behind the scenes. And if you choose affiliate sales you don’t even have to concern yourself with customer support. Good luck! We wish you great abundance in your career in cannabis.
Why Should I Join the Cannabis Industry?
If you have experienced the benefits of cannabis firsthand, it’s hard not to become an advocate for hemp and marijuana products. You can cash in on that passion by becoming a member of the cannabis industry. The cannabis market is a multi-billion-dollar industry with career opportunities ranging from hemp farmers to bloggers to sales affiliates.
What Are the Best Ways to Make Money in the Cannabis Industry?
There are many opportunities to get in on the burgeoning success of the cannabis industry. For the least risk, consider joining an affiliate or white label program.
How Do I Become a CBD Affiliate?
You can earn 25% lifetime commissions by becoming a member of the Joy Organics Affiliate Program.
What Is the Difference between a CBD Affiliate and CBD White Label Program?
CBD affiliates sell products on behalf of already-established CBD companies. These representatives will earn a percentage of revenue shares for each product they sell. A white label program allows you to sell other brands’ CBD products with your label on them. These programs would require you to purchase inventory ahead of time to rebrand with your company’s label.
How Can I Use My Professional Skills in the Cannabis Industry?
The cannabis industry is like every other business in that it requires everything from marketing experts to graphic designers to front store employees. What makes it unique is that cannabis has different regulations than other businesses. The field is wide open to become the leading expert in marijuana tax laws, CBD real estate services, or cannabis stocks.
How to Make Money in the Cannabis Industry and Open a Dispensary?
Whether you’re opening a CBD shop or medical marijuana dispensary, be aware of all local and federal cannabis laws. Each state has unique licensing and certification requirements. Contact an insurance agency and accountant who is familiar with cannabis laws for adequate coverage. Lastly, acquire funding, build a team, and scout a potential location for your business.
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Todd Smith is Joy Organics Chief Partnerships Officer and Co-founder. Before Joy Organics, he worked in the wellness and nutritional industry for over three decades and helped generate over 1 billion dollars in supplement sales. He has applied that knowledge and experience to empower over 1000 businesses through Joy Organics’ partnership programs. Todd is also the author of a book, podcast, and blog titled Little Things Matter.