Even though the CBD industry is new, it’s growing at an incredible rate, and many entrepreneurs are scrambling to get involved. With plenty of money to be made, it’s no wonder that there are more CBD products than ever on the market. However, developing and manufacturing a quality product is only half the battle when it comes to running a business. Getting that product into the hands of consumers all over the United States is the crucial other half, and the logistics of doing so in a cost-effective and efficient manner can be difficult for even the smartest business owners. If you’re already a part of or considering getting into the CBD industry, keep reading to learn how CBD brands manage to distribute their products across the nation.
What is CBD?
If you’re unfamiliar, CBD is short for cannabidiol. Cannabidiol is just one of a number of compounds found in the cannabis plant. Since the passage of the 2018 Farm Bill, CBD derived from hemp has been legal for possession and sale in the United States, which has created a new and booming industry. While research is being conducted to determine what precise health benefits it may offer, the FDA has already approved its first medication containing CBD. The medication, Epidiolex, treats two rare seizure disorders.
Even though the legal CBD market has only existed for a few years, the industry is already projected to be worth $20 billion by 2024. Some platforms continue to restrict advertising CBD products, but even that doesn’t seem to have slowed the industry’s growth or sales in any significant way. Now that Facebook and other tech giants are allowing CBD brands to advertise more freely, it’s likely that the audience for CBD will continue to increase in size.
What are some common CBD products?
One of the most appealing parts of getting into the CBD business is the wide variety of products that can be sold. Diamond CBD is one brand that demonstrates the product diversity within the CBD industry impeccably. Diamond offers CBD oil, which is one of the most popular ways to consume CBD, but they also have other options like edible gummies and even CBD bath salt.
If you’ve never used CBD before, talk to your doctor before you make it a part of your routine. They can give you a better idea of how CBD will affect you and how it may interact with any medications you’re taking. They may even be able to provide recommendations for products and what dosage is appropriate for you.
How can your business distribute products more effectively?
The two most important things you can do as a retail business are manufacture quality products and deliver them to your customers quickly and efficiently. If your business ships a large volume of products nationwide, you may want to look into fleet telematics solutions. If you want to elevate your distribution logistics operations, you can utilize advanced data and metrics to standardize routes and maximize their profitability. Telematics can also help improve your planning and optimize your strategic decisions.
If you aren’t already working within the CBD industry, it’s worth considering whether or not it’s time to get in. Profits continue to soar, and there are new types of products being developed every day. Whether your primary interest is edibles like gummies and chocolates, topicals like lotions and oils, or unique beauty products like bath salts, there’s likely to be an audience for it among loyal CBD users. However, product distribution is an absolutely essential part of the business, and you should make sure your company invests accordingly to ensure that your products are always shipped, transported, and delivered on time. Ultimately, your company will only remain afloat if your customers are satisfied enough with your products to order again and recommend them to their friends.