The legal situation regarding cannabis and all products derived from the plant have changed greatly in the North American continent over the course of 2018, creating the perfect conditions for new businesses in the sector to make headway into the industry. Given the non-psychoactive nature of cannabidiol (CBD) and its multiple health benefits, CBD derived supplements were already legal in a lot of states, but post 2018, the scope of the CBD trade has expanded even further, alongside the rest of the cannabis industry. On that note, here are three tips that should help you get started on a successful CBD products business and take advantage of the booming sector.
Find a Legal, Domestic Source
Before anything else, you will need a supplier and it should always be a legal, domestic source. Cope CBD in Colorado has pure CBD oil for sale in bulk that meets all the set standards of the legal CBD industry. They deliver reliable products at reasonable rates to associated businesses across the country, enabling cannabidiol product manufacturers to make and sell the best CBD supplements, medications, etc. to their respective customers. There are multiple advantages to sourcing your hemp from a legal, domestic source and some of them can be summed up as follows:
- Being on American soil, the crops are grown in controlled and regulated environments to ensure quality, legality and potency
- You do not have to pay extra duty for importing from outside the US
- US-grown and manufactured CBD products from licensed wholesalers are always lab-tested and certified before being sold
Get to Know Your State and Federal Laws
In spite of CBD being less strictly regulated by both federal and state laws due to its nonaddictive composition, it is of the utmost importance to get to know the laws that govern the cannabidiol trade in your state of operation, as well as the implications of the federal laws on your business. The good news is that as long as the THC level in any CBD product is below 0.3%, it is legal to sell anywhere, according to federal laws. You can get to know more about the laws governing the industrial hemp trade and CBD businesses by checking out the federal government’s official page.
Play to Your Strength
Starting from supplements to beauty products, CBD oil and hemp in general has vast usage across many industries, which can get confusing while trying to decide which products to make or retail. The advice would be to play to your strength, which means that if you are manufacturing your products, then just stick with what you know for the time being, before expanding to other sections of the business. This is not to say that you should be selling only CBD health supplements forever, but if that’s what you are well acquainted with and have the necessary setup for, it is best to concentrate on that in the beginning, before branching out to other wings of the business.
Gone are the days when people had to hide the fact that they were a CBD manufacturer or seller to get loan approvals from banks and other investors. In fact, given that the cannabis industry is expected to receive over $16 billion dollars in investment this year, it is likely that investors would be more interested in putting their money into your business, if they knew that you have plans to get into the booming CBD trade.