With the explosion of hemp-based CBD products over the past two years, a new product arrives on the market each day. But how do you choose the best specialty cannabinoids for your business? If you’re starting a business, no matter what type it is—a restaurant, a retail store, a food truck—there are a few key steps that you need to take.
You need to come up with a memorable name, appealing logo, and catchy tagline that immediately let potential customers know what your business is about—before they even step inside. You also must take care of some legal paperwork, including establishing the business, getting a license, and other tasks as necessary. One of the most important aspects of your business, if not the most important aspect of your business, is choosing the right product.
The Best Specialty Cannabinoids For New Business
Let’s say that you’re opening a restaurant. You’ll want to find the freshest ingredients at the best price, because the quality of the food will affect the outcome of your dishes, and your dishes will determine whether people continue to dine with you. If you’re opening a retail store, you may have an idea of a specific product or purpose: For instance, you may want to open a store that supports small and sustainable businesses; you want to sell products from businesses that donate proceeds back to funding education, the arts, or small business loans in developing nations.
If we look at how to start a CBD business, the process is the same: You need a name for your business, a logo (especially to brand your products, if you sell private label CBD products), and a tagline in addition to the legal items. But it’s the type of cannabinoid products that you sell that will determine the success of your business. You’ll want to find excellent CBD products from a reliable CBD manufacturer, but how do you choose?
Considerations for Choosing The Best Specialty Cannabinoids
There are several factors you’ll want to consider with choosing specialty cannabinoids, and several of these considerations will revolve around selecting a CBD manufacturer. Here are three top factors in making your decision:
In 2018, under the Agriculture Improvement Act of 2018 (which you will also see referenced as the “Farm Bill” on this website and online), CBD was legalized with the stipulations that it must 1) be derived from hemp plants and 2) contain no more than 0.3% THC by dry weight. Therefore, you want to make sure that the products you’re purchasing to sell adhere to these regulations. That’s why you should strongly consider looking into a US based CBD manufacturer for this key reason: A US based CBD manufacturer and its products are regulated by the FDA, so you know that the products you are purchasing are legal for consumer use. When you purchase from another country, you may not always be sure that the product you’re getting is as described. You could end up with a CBD product that is derived from marijuana, which would be illegal.
Product Availability For The Best Specialty Cannabinoids
What types of CBD products are you looking to sell? CBD is versatile in its use, so you could sell everything from oils to creams to gummies. If you are looking to sell a wide variety of products, you must find a company that is a CBD oil manufacturer, a CBD capsule manufacturer, a CBD creams manufacturer, a CBD gummies manufacturer, and so on. You don’t want to have to order CBD liquids from one manufacturer because another manufacturer you use doesn’t offer that product type. Therefore, it’s a good idea to see what types of products a prospective CBD manufacturer provides. Even if you don’t want to see that product type initially, the opportunity to do so in the future is there. As your business grows and you get frequent customers, expand your product offerings to keep them returning (and to get new business!).
Private Label vs. Manufacturer Label
Another consideration for choosing specialty cannabinoids is whether your manufacturer of choice offers private labeling. Private labeling may not be the route for you: Perhaps you are already familiar with a brand, or you have customers that come in seeking a “tried and true” brand, and that is what you decide to keep in stock. But if you are looking to take your business to a level above competitors, consider working with a private label CBD manufacturer that can create private label CBD products specifically for you. That advantage here is that you can create signature CBD products that none of your competitors will have—and they’ll be branded with your name and logo. Do you want to create a series of “ice cream flavored” CBD gummies? Maybe you’re looking for something special to sell during the holidays, like an eggnog scented CBD lotion? It’s possible with private labeling!
The three considerations outlined above are important but not the only factors to take into consideration:
- Types of CBD
- Manufacturer Capabilities
Lets go over these in more detail. These three areas are key to selling the best specialty cannabiniods for your new business.
Budget & Types of CBD
Like all business owners, you’ll have a budget to which you need to adhere. One manufacturer may offer all the products that you would like to sell but have too high of a price point for you.
You may also be interested in selling different types of CBD, like nano CBD or full-spectrum oil. One is not necessarily “better” than another, but having variety and options can be a key differentiator from competitors or clients who are trying to find the ideal product for themselves.
Some manufacturers need to source their materials from growers and other manufacturers own the farms from which they source their materials. It could make a difference in quality and supply, so inquire with your manufacturer about how they source materials for their products.
In choosing the right CBD manufacturer or specialty cannabinoid product, there is no “right” or “wrong” answer, because what works for one CBD business owner won’t work for another!
If you’re looking to get private label CBD products from a US based CBD manufacturer with a strong product line, send us an email today to get a free quote.