Include a list of everyone that works for your CBD company, their title, and exactly what they do. Include details on their education and relevant experience.
Be realistic when you compile target market information for your CBD business plan. To say that your target market is everyone in the US over the age of 21 is a little far fetched. More likely, your target market is anyone over the age 21 that is willing to pay your desired price and you are able to reach in your first year of business.
Solution: Take the time to do the research and see what they are currently using to solve problems that CBD is known to help with. What can/can’t horses ingest? Find out what it would take to network with horse owners, vets, and trainers either in person or online and get some accurate first hand data. Use this information to create an “Equine CBD” brand with products that are designed specifically for horses in both size and strength.
This section/information is meant for those of you looking to sell B2B (business to business). Skip this if you are planning on only selling direct to consumers.
In the execution section you should describe the opportunity in front of you and explain how you are going to launch your company into the CBD space.
The following is an article on how to write a business plan for a CBD company, not a business plan template. After reading this document, the next step is for you to use our free business plan template with the knowledge you gain from this article to create the perfect CBD business plan.
Metrics To Track:
What Problem Are You Solving?
It is a very exciting time in the CBD industry with the recent passing of the Farm Bill which legalized hemp and hemp-based products in the US. Gone are the days of operating in an uncomfortable grey area. Now CBD companies can safely operate in the open like any other normal business. That being said, we are about to see a flood of new CBD companies with a ton of similar products enter the space. Whether or not there is enough demand to support the oncoming overwhelming supply has yet to be seen. One thing is for sure, there are going to be billions of dollars spent on CBD in the coming years and if you have the right idea and a solid plan, some of that money can be yours.
Maybe your company will expand into a brick-n-mortar retail location with opportunities for customers to buy your products and interact with your brand in person.
According to a new report Grand View Research, the global hemp market size was estimated at about $5.33 billion in 2020 up from $4.71 billion in 2019 and is projected to grow at a compound annual growth rate of 16% to $15.26 billion by 2027.
These days, at least 47 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently USA, China, Canada, France and Colombia. Hemp acreage in North America and the European Union countries reached record levels in 2020, over 360,000 acres and about 135,000 acres respectively, which put global acreage at about 675,000 acres. China – the world’s largest hemp fiber and seed producer – planted more than 160,000 acres of hemp.
FAS data also report hemp production in Columbia, Ecuador, Chile, Iran, Japan, South and North Korea, Pakistan, Russia, Syria, and Turkey. Other countries with active hemp grower and/or consumer markets are New Zealand, India, Egypt, South Africa, Thailand, Malawi, and Uruguay.
We offer “70% ready to go” professional business plan templates, including pro forma financials and projections to help you know how much money it will cost to start your business and how much money you can make by starting and operating your 100% legally compliant hemp/CBD business.