It’s 2020, which means we’re reaching the two-year anniversary of the passing of the Farm Bill. For those who don’t know, this bill made it legal to use hemp-derived CBD for both medical and recreational adult use under federal law in all 50 states. While the details are still a bit fuzzy, it opened the doors to a huge part of the CBD industry, now worth an estimated $22 billion.
It’s important to clarify that the bill doesn’t legalize CBD or cannabis; it only legalized hemp-derived cannabis products. That means CBD products made from full-spectrum cannabis still doesn’t technically qualify as legal, even though it may have less than 0.3% THC. These trace amounts have made it so that only reselling hemp wholesale products are allowed – because hemp does not have THC.
With the CBD and hemp markets booming, many people are getting in on the action by purchasing hemp at wholesale prices to resell it and make a profit. In the age of side hustles and entrepreneurship, this makes perfect sense. This is a hot market and you’ll want an in now before it’s too late!
If you’re looking for a good place to start with this venture, taking advantage of a CBD oil distributor opportunity with Evolution CBD might be it. Otherwise, check out the top 5 trends to watch for reselling hemp wholesale products for 2020.
Here’s what you need to know:
1 – Getting Branded
Gone are the days when a consumer would buy bulk, unbranded hemp or CBD products. Now, the consumer is looking for a brand that catches their attention and earns their trust. Regardless of whether they’re getting gummies, flowers, tincture, or body products – a buyer wants to see that their product came from a specific company. They trust good packaging, smart messaging, and alluring brand promises.
So, if you’re considering reselling your wholesale hemp product – consider this. It might take some extra overhead to get started producing your branded product, but you will be able to resell it for much more. You’ll also start building brand loyalty, which will help sustain your side business for years to come.
2 – Skepticism of Source
The sad truth is there’s not much regulation on hemp-derived CBD products. There are many companies out there just looking to cash in on the demand selling products that don’t even contain CBD. Bottles will claim to be a “stress-relieving CBD tincture” but only contain small amounts of CBD. Some products have even been tested positive for toxic additives like pesticides and carcinogenic contaminants.
For those who are thoughtful about their cannabis consumption, this isn’t going to fly anymore. They are looking closely at marketing claims and doing their research on ingredients and sourcing.
The best, safest choice for your reselling business and your consumers is to participate in third-party lab testing on the product before the point of sale. That way, you can ensure you’re creating a safe and effective product, and your consumers will be happy to see the proof.
3 – Majority Acceptance and Consumption
Millennials have been on the hemp and CBD trains for a while now. They take CBD gummies before bed for sleep, puff on CBD vapes, slather hemp oil on their faces, and soak in CBD bath bombs. That’s a solid audience to cater to if you’re trying to make a good profit by reselling wholesale hemp.
However, in 2020, everyone wants a piece of the CBD pie. Gen Xers and Baby Boomers, as well as the newly-adult Gen Z are all turning to these products as they become more educated on the potential benefits CBD can provide.
The stigma against cannabis is breaking down slowly, and more and more people see just how great the product can be.
4 – Tapping into Other Cannabinoids
Most people now know that cannabis contains both CBD and THC. But as we enter into 2020, more people are starting to learn about the other compounds like:
Scientific research is still slim, but the initial results are promising. For example, CBN has shown to be beneficial in improving user’s sleep patterns and stimulating appetite.
So, consider the other ways you might be able to tap into your wholesale hemp. It doesn’t just have to be CBD products!
5 – CBD for Pets
It’s not just humans that benefit from CBD. Our four-legged friends also receive some benefits, and their owners are taking note! CBD pet products have been proven to treat a range of animal issues like:
- Gut health
It’s important to make sure these products are highly vetted and come from pure sources, as pets can be especially sensitive to toxic ingredients.
From food to treats and even creams and sprays, even the furry folks can find relief through hemp products.
There’s one thing we know for sure: CBD products aren’t going away any time soon. If you want to take part in this growing (and currently booming!) industry, buying and reselling wholesale hemp products is the way to go. Consider the trends above as tips to help as you get started.