With the legalization of Cannabidiol (CBD) in 2018, the CBD industry has experienced dramatic growth. Experts project that the industry will be worth a massive $23 billion by the year 2024. This has attracted a lot of entrepreneurs eager to get a piece of this billion-dollar cake.
The downside to this is that a lot of CBD brands have now saturated the market, making it difficult for customers to know what CBD brand to trust. Although there are many high-quality CBD products out there, you may also come across some low-grade products.
According to medical experts, about 69% of CBD products sold online are either mislabeled or containing more than the 0.3% levels of THC. Before you jump into this industry, you want to make sure you know it well.
Here are the five most popular CBD retailers in the global market today and how they managed to set themselves apart in the industry.
Best CBD Retailers
When it comes to the recognized retailers of CBD products, these five companies have built a brand for themselves in the billion-dollar CBD industry. When you are jumping into the industry, then knowing who your main competition will be is of vital importance.
The top five CBD retailers in the market today that influence other companies include:
- CVS Health
- Walgreens Boots Alliance
- Rite Aid
- Ulta Beauty and
- GNC Holdings
The source of CBD
When starting out selling CBD online, you need to know where the company you are buying CBD products from source their CBD. Make sure to ask if it was sourced from a hemp plant grown in a site that is legally recognized either in the US or Europe, and that they are follow all best practices.
Quality and purity
Every reputable CBD manufacturer will be willing to share the results of their Certificate of Analysis (COA) report through a Third-party laboratory test. The quality and purity of a CBD product are important to you as a retailer. You will need to be able to represent the quality of the product to your customers and be able support your products.
Build a reputation
To get people to trust your CBD brand, having a well-designed website or a social media presence is key. It also pays to be active on social media, as people would want to be able to know how to easily get in touch with you to give you the necessary feedback you need. Make sure you have a marketing strategy well in advance so you can launch your new business with success and have a built-in audience.
In conclusion, it is very important for you as an entrepreneur to carry out extensive research into the general structure of the CBD industry before you start your new company. As long as you take note of the above factors when starting your online CBD retailing business, you can rest assured of attracting lots of the right customers in the long run.