A new study suggests that the CBD industry will grow to $20 billion by 2024. Thousands of entrepreneurs around the country have followed in the footsteps of major retail chains like Kroger, CVS, and American Eagle by offering CBD oil products in their shops, and now is the perfect time to get on board with this mounting trend. Check out our handpicked best seven tips for success in the CBD wholesale game.
1. Familiarize Yourself with the Unique Benefits of Selling Wholesale CBD Products
There’s no product like CBD in today’s retail industry. While consumers continue to leave brick-and-mortar stores en masse to shop on the internet, people go out of their way to visit stores that sell CBD. Offering CBD oil wholesale proves that you’re up to date with the latest trends, and selling CBD products wholesale sets you apart from old-fashioned retailers that have failed to embrace the cannabinoid revolution.
In the past, selling CBD products made you a true renegade. This substance existed in a vague regulatory gray area, and no one was sure if it was legal or not. With the passage of the 2018 Farm Bill, however, CBD is now no longer included in the DEA’s definition of marijuana, which means this cannabinoid isn’t viewed as an illegal drug at the federal level. Plus, an increasing number of states across the country have blessed their fledgling CBD industries with legislation that explicitly gives the nod to this cannabinoid.
CBD is more legal than it ever has been before, and the demand for this cannabinoid continues to keep up with the ever-increasing supply of CBD oil that’s saturating the market. According to a recent Gallup poll, nearly 80% of Americans believe that CBD has at least some benefits, and word of this non-intoxicating cannabinoid’s healing properties is spreading like wildfire.
2. CBD Isolate Wholesale, CBD Crystals Wholesale, CBD Gummies Wholesale: Understand Your Options
Many retailers start selling CBD products without fully understanding the topography of the market. Even if you operate a small mom-and-pop shop, remember that larger companies agonize over which products they should sell and analyze their sales data ruthlessly to make sure they only pick winners. Going into the CBD sector with a full understanding of the products that are available is a great way to set yourself up for long-term success.
One of the great strengths of CBD from both a consumer and wholesale perspective is the vastness of the array of product types you can make with this cannabinoid. From CBD bath bombs to vape cartridges, you can put CBD in pretty much anything, which has led to incredible diversification within the CBD market.
When you’re first starting out with CBD, keep in mind that most customers will be looking for three popular CBD product categories: Oral, topical, and vape juice. There are tons of subcategories within these basic product types, but make sure you’re offering at least one SKU from each category when you’re first starting out to prevent customer disappointment.
On the other hand, only a comparably small number of customers will be looking specifically for niche product categories like CBD isolate, CBD gummies, or CBD crystal. While lots of CBD producers use CBD isolate to make their products, this type of cannabidiol isn’t very popular at the consumer level, so if you do pick up any of these niche products, allocate most of your budget to higher-demand CBD product categories.
3. Add Wholesale CBD Tincture to Your Lineup
CBD tincture remains one of the most popular cannabidiol wholesale categories. Most consumers automatically associate CBD with its tincture form, and this product is guaranteed to remain a staple of the industry for years to come. Even if you don’t add any other type of CBD product to your shelves, I strongly recommend that you get things started right with a rock-solid CBD tincture that will serve as the flagship of your in-store CBD offerings.
The main benefit of CBD tinctures that you should educate your customers on is the versatility of this CBD product category. It’s easy to add CBD tincture to food and drinks, and cannabidiol tincture for pets makes it easy to give CBD to cats and dogs. If you choose to hold CBD tincture under your tongue, however, it rapidly absorbs into your bloodstream through a highly permeable mucous membrane, which delivers practically instant effects. Combined with the long-term effects that ensue after you swallow CBD oil tincture, this CBD product category is one of the best options for promoting an immediately favorable view of CBD among your customer base.
4. Capture Diverse Markets with Wholesale CBD Vape Oil
You’d be surprised which customers are on the hunt for CBD vape juice. The popularity of this CBD product category isn’t limited to smokers or stoners; from 90-year-old grandmas to young professionals looking for anxiety relief, CBD vape juice appeals to people from all walks of life.
Similarly, all types of businesses can benefit from offering CBD vape oil. While wholesale success with CBD used to be limited to natural food stores and similar retailers, the popularity of CBD vape oil has opened up an entirely new arena of vape shops, smoke shops, and even gas stations that now offer cannabidiol products. Almost everyone is selling CBD vape juice these days, and this product category offers great margins and access to a surprisingly wide customer base.
5. Is CBD Legal? Become an Expert
The first thing that most customers will want to know when they see you offer cannabidiol products is whether CBD is legal. Instead of simply shrugging and trying to make the sale anyway, do your best to get up to date with the latest CBD legislation and how it affects cannabidiol commerce in your area.
The most important thing you need to know is that the 2018 Farm Bill radically changed the legal climate surrounding CBD in the USA. In the wake of this revolutionary legislation, the TSA has declared that it’s okay to take CBD on airplanes, the USDA is mainstreaming domestic hemp agriculture, and a significant number of states have cleared the air and made CBD commerce fully legal. As a result, It’s easier than ever before to assuage consumer fears about the legality of CBD
6. Listen to Your Customers
Your customers are your most valuable resources in your quest to sell CBD as successfully as possible. It’s reasonable to assume that your interest in wholesaling CBD began as the result of customer requests for cannabidiol products, so listen to what your regulars have to say about CBD and which types of products they’d buy and recommend to friends and family.
Instead of merely keeping track of your inventory and buying more product based on sales statistics, ask your customers which products they like the most and which options they’d love to see on your shelves. Seek customer testimonials whenever you can, and make sure that everyone who enters your shop feels free to share their experiences with CBD.
The more you know about how your customers see CBD, the better you’ll be able to target your efforts, and the more long-term success you’ll be able to enjoy. Nothing boosts your sales like offering the right product at the right time, so rely on your boots on the ground to give you the best assessment of the level of success you’ve attained with CBD so far.
7. Choose a Brand Your Customers Will Trust
As customers become more educated on CBD, they’re less willing to try any old product that catches their eye. These days, most customers will reach for their phones to search for information on a product faster than they’ll reach for their credit cards, which is a great thing for consumers. At the same time, you don’t want to pick a CBD brand that will wilt under increased scrutiny.
As you select a CBD brand your customers will trust, take a look at a few key factors:
- Does the brand you’re considering offer lab testing results?
- Does the brand’s site look clean, polished, and professional?
- What do customer reviews say about the brand?
- Does the brand offer educational resources in the form of a blog or a FAQ page?
If you trust a CBD brand, it’s likely your customers will trust that brand too. Remember that the best way to learn more about a company is to make a call and strike up a conversation. The right company will be happy to answer any questions you have and proactively assist you in your CBD oil wholesale efforts.