Are you ready to get in on the booming hemp industry? The hemp business is skyrocketing. In fact, over hundreds of millions of dollars in sales of hemp products are made in the United States each year.
In this post, we'll show you why you want to get in on the hemp business and we've got five hemp business ideas to help you take advantage.
Why Start Your Own Hemp Business?
Sales of hemp products have skyrocketed in recent years. In 2014 an estimated $620 million was spent annually on hemp products. Why is this crop booming?
Since the 1950s, it has been illegal to grow hemp in the United States. But the new cannabis laws have provided American farmers with a new cash crop. That's why it's a great time to get in on the hemp business.
Hemp has been used in various ways for thousands of years. More and more consumers are becoming conscious of their health and the environment. The hemp plant has proven to deliver several health benefits. In fact, the United States has a patent that speaks to the health benefits of cannabinoids which can be derived from hemp titled Cannabinoids as antioxidants and neuroprotectants.
Because this industry will only continue to grow, it's a promising field for starting your own business.
Following your own hemp business ideas allows you to potentially achieve financial freedom. Starting your own business allows you to create abundance in your life and enjoy working on your own time. Keep reading to learn what industries are popular for hemp business ideas.
5 Lucrative Hemp Business Ideas
Although hemp was banned for several years, a large hemp industry has existed here in the United States. As hemp becomes more common, you'll wish you had gotten in on the business early. Here are five hemp business ideas to cash in on now.
1. Hemp Food Industry
Hemp food is quickly becoming one of the fastest growing industries in the United States. The seeds and oil are being used as ingredients in baked goods, smoothies, salad, granola, protein powder, and many more food products.
Because of its nutritional benefits, consumers are liking the idea of consuming more hemp. Hemp food's rising popularity makes this one of the best hemp business ideas to get behind.
Hemp oil is considered a superfood. It can lower cholesterol, moderate blood sugar level, fight inflammation in the body, and help maintain your hormonal balance. It's also a natural appetite suppressant, making hemp oil a great supplement for weight loss.
2. Hemp Supplements and Medication
Hemp vitamins, beauty, and body care products are increasingly becoming more popular. The oil is known to reduce aches and pains. It aids in recovery after a workout or even illness.
Our body can easily absorb the omega-3 fatty acids in hemp. It also offers a complete set of amino acids, making it a great protein supplement. Packed with antioxidants, hemp is a powerful immune system booster.
What's more? Hemp oil proves to be a more holistic treatment for life-threatening diseases like cancer.
People are looking for more natural supplements and medicines. From skin care products to protein powders, there are many hemp business ideas to pursue down this path.
3. Hemp Plastic Material
Strong and sustainable, hemp is a better choice than steel and plastic. Plastic is used in everything, and it's bad for the planet and our bodies.
Hemp plastic is known to be a better alternative. In fact, Henry Ford used hemp plastic to make the body and interiors in his first automobile. It can be a solution for the future as well.
Plastic materials from hemp are biodegradable, which is why they're a better solution for the environment. German and Japanese automobile industries are using hemp plastics and the United States will be using them more as well.
4. Hemp Clothing
Hemp fiber is an excellent alternative to cotton for clothes and furniture and can also be called an eco-fabric. A high amount of pesticides are used when growing cotton and hemp plants do not need pesticides at all and is a carbon negative plant. In addition, it needs no chemicals to be spun into cloth. The unique nature of the hemp plan in this industry can produce clothing that will last longer as it is more durrable, but it can also help the planet too.
5. Hemp Paper
Hemp fiber can also produce paper more easily. This solution is friendly to the environment because it saves trees.
Cellulose is the ingredient needed to make paper, and trees only produce 30 percent of it. Converting trees into cellulose wastes tons of energy and resources. Hemp fiber, however, produces 83 percent cellulose. In addition, hemp breathes in 4x the carbon dioxide (CO2) of trees during its extremely short 12-14 week growing cycle.
How to Profit from Your Hemp Business Ideas
You can pursue these hemp business ideas in a number of ways. The most common types of business opportunities include:
Distributorship or Dealership
An independent agent enters into an agreement to sell someone's product but cannot use the manufacturer's trade name as part of its trade name. A distributor may sell to a number of dealers. A dealer then typically sells only to a consumer or retailer.
Rack Jobber or Rack Merchandiser
This involves selling another company's products through a distribution system of racks in stores that the rack jobber services. The buyer typically enters into an agreement with the parent company to market their products to stores through store racks.
Trademark and Product Licenses
The licensee has the right to use the seller's trade name and the methods, equipment, technology, and product. Using the trade name is optional to the licensee.
Network marketing covers both direct sales and multilevel marketing. This means you sell products through your own network, such as friends, co-workers, neighbors, and so on. In most cases, you earn more commissions when you recruit more network marketing agents to do the same.
Similar to a licensee arrangement, this is when an existing business does an affiliate with a large network of similar businesses. They all advertise and promote through a common identity.
What are You Waiting For?
While it's no secret that the hemp business has serious potential, breaking into the industry can be daunting. Especially because of CBD hemp oils association with cannabis, many assume that selling it is going to be a tough process with tons of rules to follow.
But really, there are enough resources available to get a good handle on the laws, especially in our internet-based world. Over time, it is believed that hemp and marijuana laws will be relaxed and eventually full legalization of both plants (hemp and marijuana). Investing yourself into a hemp business will allow you to take advantage of this growing industry all while backing a sustainable, carbon negative plant that will be doing an amazing amount of good for people and the planet.
So, what are you waiting for? Join our team and start building your hempire today!