Could Traditional Vaping Shops Expand Their Business by Carrying CBD Vaping Products?
Are you a vape shop owner? Have you been hearing the buzz related to CBD vaping? Well, because e-liquids on the traditional vaping side are beginning to feel the heat (no pun intended) from the FDA, it might be time to take into consideration the potential of stocking your store’s shelves with CBD products specifically designed for vaping.
Our industry continues to see rapid-pace growth. This means that it is an ideal time to really boost your revenue by carrying CBD vape products alongside your current vaping gear (e-liquids and hardware).
Need Some Convincing Still?
We have outlined several key reasons and tips for why vape shops owners who operate online and/or at a brick-n-mortar shop should start looking into adding CBD to their inventory.
Reason #1: Your Customers Clearly Want to Vape It
It cannot be denied that an influx of vapers are mostly interested in CBD. There is, on some levels, an overlap between vapers and CBD users, and as CBD usage continues to grow, it’s only going to get stronger. This partly has to do with vapers already owning different types of hardware. So, changing it up to CBD vaping is really not that big of a switch in the thick of things.
Already, both industries have some similarities with an array of manufacturers/companies crafting flavorful e-juices that operate with standard kits and vaporizers, while containing only the best in terms of quality hemp extract to meet consumer needs.
Reason #2: CBD Enthusiasts Will Be Searching for These Types of Vapes
Those who are interested in getting into CBD initially are likely to scope out nearby vape shops before considering other types of businesses. This all has to do with what the business owner is looking for to add to their shop and what their overall consumer demand is. So, it’s basically trying to find a balance between the two in order to make a profit on selling CBD vape products.
Reason #3: The Market is Only Going to Grow in this Decade
More financial experts (both industry and outside experts) are in agreement that the CBD market will be worth $22 billion by next year. Therefore, it is clear that this cannabinoid has only just begun to show its full growth. Plus, more research is being done to attempt to confirm that this plant-based compound is potentially as beneficial as users and industry experts believe.
Reason #4: Better Legislation Allowed the CBD Industry to Grow
You may have noticed that our industry has become increasingly mainstream due to regulations regarding CBD loosened up after the passing of the 2018 Farm Bill. This bill, on a federal level, makes it legal to sell CBD products that contain less than 0.3 percent THC. Before that, laws regarding CBD were not a clear-cut due to hemp at that time being classified as a controlled substance along with marijuana. Keep in mind though, that states have the power to regulate CBD as they see fit. So, it is best to check what your state allows in terms of not just CBD vaping, but other products in general.
Reason #5: The Preference on In-Person Buying
There are first-time CBD users that, if they live close enough to a shop, would preferably want to purchase it there. It basically comes down to seeing the products live and being able speak to a knowledgeable person in order to get a better gage of that said CBD-infused product.
Some Final Words of Advice
Now that you understand the many reasons why you should consider selling CBD products in your vape shop, let’s talk about the best ways to go about it so that you can make the most sales.
Educate Your Employees
Because CBD is a relatively new industry, and due to the fact that many people are using it for different purposes, it’s incredibly important that you educate your employees on hemp so that they can communicate their knowledge to your customers. Make sure that your employees know how to refer customers to studies demonstrating its benefits. Also, make sure that your customers know the differences between different strains, extraction methods, dosing methods, etc. If your employees are uneducated on CBD, your customers will have a hard time trusting your business.
Provide Samples if Possible
If you can, consider giving samples to customers. CBD can be a bit pricey, which means that some customers may be reluctant to shell out the money for a CBD-infused vape juice until they know that it really works. Free samples can help your customers trust that the product is worth the money, thus leading to sales. Make sure that your state permits this though, as if they do not, your business could get fined.
Do Your Homework on Different Brands
Remember that there are a lot of low-quality CBD products on the market that are produced by questionable brands. So, before you start stocking your store with CBD products, do some homework. Research and communicate with different manufacturers that are producing hemp products. Even better, consider going to CBD shows and conventions in order to meet manufacturers in-person and learn about why their products are the absolute best.
Always Read Up on Changing Laws Regarding CBD
Because CBD is considered by many as a “new industry”, the laws regarding it are still changing. As we mentioned earlier, while federal law now states that cannabidiol is legal, state laws continue to change their minds about what’s allowed and what isn’t. To make matters more confusing, town laws can dictate whether or not you are allowed to sell CBD in your retail store.
We cannot stress this point enough that it is crucial to stay on top of the rules and regulations. This way, you will not have to worry about getting into trouble while trying to sell CBD to your customers.