3 Ways to Position Your CBD Brand for Achieving Market Domination

The CBD industry has experienced remarkable growth over the last decade. Many entrepreneurs from all around the world took it very seriously as they saw a potential money-making opportunity here. Hundreds of brands are competing with each other with their top quality products and unique business strategies. So, as a new brand, you need to take some essential measures to survive in the competition and, eventually, be able to stand above the rest.

Before the 2018 Farm Bill had passed, cannabis and cannabis-derived products were considered federally illegal. Through this new bill, the difference between the non-psychoactive compound CBD and the major psychoactive compound THC came into light. All products containing more than 0.2% THC became illegal to sell over-the-counter to the Americans.

Related: Maxvera Wellness is one of the top-notch manufacturers of white label CBD products and other high-quality nano supplements. Their proprietary nano emulsification process ensures the highest bio-availability in the private label CBD products they manufacture. After years of supplying other manufacturers and companies with high-quality CBD products and supplements, Maxvera now opened its door for small and medium-sized businesses. This means now you can get your wholesale CBD products right from the manufacturer, cutting out the middleman and thus save time and money.

This particular change in the law played a vital role in building an entirely new CBD market. This market now offers a wide range of hemp-derived CBD infused products including, oils, tinctures, capsules, soft gels, topicals, and many more.

The incredible rate of growth of this industry is alluring. New startups with the proper business plan are turning into multi-million dollar companies within a short period of operation. So, it’s not hard to guess that this industry is rewarding. As mentioned previously, this particular industry is very crowded with hundreds of brands. As a result, to be able to grab the far-fetched success, you have to compete with many other new and established CBD companies.

Here in this part of the article, we are going to discuss the three ways you can strategically position your CBD company to achieve the complete domination of the market.

1. Move to the Newly-Legal States

Most of the CBD companies are operating in those particular states where CBD business is considered relatively safe in turns of law and regulations. As a result, the majority of the CBD companies are now operating in California, Washington, Oregon, and Colorado as laws there are CBD friendly. You can hardly see any CBD company that operates in the Midwest and on the East coast. Therefore, this leaves a large portion of the CBD market overlooked.

Related: Want to start your own white label CBD brand? Read the comprehensive CBD business guide 2020 from Maxvera Wellness

Idaho, Nebraska, and North Dakota are the three states where all types of cannabis and cannabis-derived products are considered illicit. But, we still can see the light of hopes at the end of the tunnel. In recent days, legislative movements taking place in those states make us optimistic. We can hope that those three states will change their position very soon and become new markets of CBD. According to experts, CBD brands will be able to enter these markets by the next year.

2. Play by the Rules

To operate smoothly, abiding by the rules of the Food and Drug Administration is inevitable. The other way around, even there’s a risk of losing your business. When it comes to playing by the rules:

• Avoid making any kinds of health claims on the product labels or your website
• Make sure every batch of your products go through proper testing
• Follow the Good Manufacturing Practice or GMP standards

The rapid growth of the CBD industry makes it difficult for regulations to keep up accordingly. Unfortunately, this is affecting the quality of the products that are coming into the stores. Some are utilizing this as an opportunity to make more profits.

Woefully, the number of CBD products failed to satisfy the claims made on their labels is frightening. According to a preliminary study conducted by the FDA, a great deal of CBD products had mislabelling issues. Those products contained significantly more or less cannabidiol. Unfortunately, some of these products contained THC and other harmful substances.

Besides, the Food and Drug Administration is concerned with the number of those poor-quality CBD products currently available in the market. They can appear at any time with new regulations and stop those poor-quality CBD products from reaching in the hands of the consumers.

3. Focus On the Diversity of Products

The last decade went amazingly for the CBD industry. It experienced an unbelievable influx of CBD brands. Suddenly it became a must-go destination for the entrepreneurs. Following this, new CBD brands started to pop out overnight. They pushed their limits beyond the industry standards and brought out new products to keep the consumers engaged with surprises. Along with standard CBD oils, tinctures, gummies, e-liquids, many companies are offering CBD cookies, CBD coffee, CBD suppositories, and salves!

To sustain in the industry and compete with the other CBD brands, you have to be innovative in creating products. In this particular market, all the brands are offering almost the same products. Only the range of products you are going to offer your customers can differentiate your company from the hundreds of other brands.

Final Thoughts

CBD industry is relatively new, and the buzz it has created within this short time is significant. The market has been the mecca of money-making opportunities for health startups. Previously, many reputable companies have shown that it’s possible to make millions within a short period of operation. Following their footprints, the number of emerging CBD companies makes us hopeful.

However, lack of regulation and uneducated consumers on this topic has made it possible for scammers to enter this industry. But, it’s only a matter of time, when this industry will come into the proper regulations and achieve more reliability of people.