Best CBD Franchise Opportunities
The cannabis industry has come a long way since marijuana was first legalized in Colorado and Washington in 2012. Today, 38 states have legalized marjiuana in some regard or another. With such expansion, the CBD market has grown as a branch of this industry and has been extremely profitable and successful. Everyday more CBD businesses are created, even from the comfort of people’s homes. It has never been easier to get involved in the CBD market, but what about the best CBD franchise opportunities? We’re glad you asked, let's get into it.
What is a franchise?
A franchise, in simple terms, is the right or license granted to an individual or group to manage another company’s goods or services. Essentially, you are granted permission to open and operate your own store that is under another company’s name. An example would be opening your own McDonalds. This allows individuals to jump start their own business under the success of an already established company and brand.
CBD franchises, however, face some difficulties. Since cannabis is still not federal legal, most banks in the U.S will not extend loans to recreational cannabis businesses. These businesses are also not able to apply for SBA loans or extend over state lines, as each state has different regulations. All of this makes it difficult for a cannabis or CBD franchise to exist, so there is only a handful that do.
CBD franchises do exist though and you can get involved with them. Each franchise will offer different benefits, cost different amounts to get started, and hold different values and beliefs. Do your research, explore your options and find the franchise that best suits you and your needs.
Recognize that it will not be cheap to start your CBD franchise, but if you choose your franchise wisely and put in the work, it can be extremely profitable in the long run. The CBD business is currently booming, set to reach $20 billion in sales by 2024. If you have the means, take the opportunity to get into the market and make a splash.