Figures on the cannabidiol (CBD) industry suggest that it is one of the fastest growing industries in America.
The Brightfield Group, a company that provides insight for the CBD and cannabis market, projected that the industry would have hit $591 million by the end of 2018.
They further projected that the CBD market alone could hit $22 billion by 2022. The cannabis industry is set to reach $20 billion by 2020.
These are astronomical sums. The increase in growth rate of the industry over the years can be attributed to the rise in the number of CBD products available and concrete research by scientists that vividly outline the benefits of the CBD products.
A vote of confidence in the product by medical practitioners has also boosted the public’s trust of these products.
In December 2018, a bill that allows farmers to grow hemp like any other agricultural product was passed. CBD is extracted from hemp.
This move cemented the status of CBD products and effectively removed the legal impediments to the growth of the CBD industry.
The combination of data to support the growth projections and a general feel-good-factor in the industry has generated a lot of buzz in the industry.
If this information is enticing enough to make you want to join the CBD industry, consider these money-making methods:
1.Producing and Selling CBD Products
CBD products can be used to treat acne, muscle spasms, anxiety, depression, and lower the chances of developing heart complications.
Anxiety and depression are signs of mental health problems. There has been a lot of talk about mental health in recent times. The discussion has centered on removing the stigma around mental health problems.
You could join the conversation to end the stigma around it but also provide solutions to anxiety and depression in the form of CBD products.
CBD consumer sales are projected to reach $3 billion by 2021; it is a worthy investment.
2.Consulting with CBD Businesses
There are many opportunities in the CBD industry. The relaxation of laws on hemp growing should see an influx of investors in the industry.
However, many of these investors do not have enough information about the business. A CBD consultant can be extremely helpful in such instances.
Many investors would pay top dollar to get the services of a CBD consultant.
The consultant can guide the investors in running the business and marketing the products to achieve maximum profits.
3.Joining Affiliate Programs
This is one, if not, the best option on this list. This is because it is a low-risk option that can give back high returns. More so, the joining process is straightforward and many CBD affiliate programs are offering different benefits.
The majority of affiliate programs have almost similar processes of joining. First, you sign up using your name and email. Second, the company sends you a link that you can use to create your own links. Third, you share the links you created. Lastly, you earn a commission when someone buys a CBD product using the link that you posted.
While the joining process can be similar, these companies differ a lot when it comes to the specific details of the affiliate program. It is imperative that you join an affiliate program that will reward all your marketing efforts well.
How do you select the best affiliate CBD program?
The following should be your guiding principles when searching for a CBD affiliate program:
a)The Product’s Quality
The quality of a CBD product depends on the quality of the hemp it was extracted from. Hemp can absorb toxicity in the ground and pesticides used on the farm. This will lead to a situation where the CBD has harmful effects on the users.
A good CBD company is one that grows its hemp in controlled environments. This ensures that the end product is of the high quality. Obviously, quality products are always on high demand; and that good for business.
b)The Commission Offered
You have probably spent years curating content that has gained you followers from different parts of the globe.
You do not want to exchange all that effort for a commission that will not make an impact in your financial life. A commission of up between 20 to 30% on every product should be the standard.
The CBD Company should have a transparent affiliate system where you access all your affiliate marketing data any time you want.
Trust is a fundamental aspect of affiliate programs. To produce your best marketing efforts, you need to know that there is no chance of being conned out your hard-earned money.
d)The Credibility of the Company
Ponzi schemes are rampant in today’s world. New companies like to offer high commissions knowing full well that they will not pay those commissions.
Established companies that have built their credibility over the years take excellent care of their corporate image. Any issue raised is quickly investigated, and the relevant authority held accountable.
It goes without saying; an excellent CBD affiliate program is one that meets all the above qualities.
4.Selling CBD Accessories
Vaporizers in the form of pens, rechargeable vaporizer, and CBD phone cases are just some of the accessories that you can sell to people.
Personalized items make people feel special. With a growing market for CBD, you can be sure to find a market for CBD accessories.
Edibles are an excellent alternative for people who do not want to be seen vaping. They come in the form of cookies, cakes, brownies, and chocolate bars. Specializing on selling such CBD edibles can be very lucrative.
Having multiple income streams is fast becoming the dominant way of guaranteeing financial freedom for many people. The first step to setting yourself up for financial greatness can be as simple as checking out the different CBD business ventures and affiliate programs available.