It’s no secret that so far, the American markets didn’t exactly offer favorable conditions for industrial hemp farming and distribution of hemp products. However, things have started to turn around. It is now officially legal to grow hemp and manufacture/distribute hemp-derived CBD products.
But, that’s not the only thing that has changed lately. People are starting to understand the difference between CBD and THC and how it’s the latter that causes the ‘high’ while the former cannabinoid provides therapeutic goodness this plant has to offer.
Today, the doors of opportunities are open for farmers who contemplate growing and starting a CBD business without fearing financial hurdles and legal ramifications.
With that said, let’s take a quick look at how you can start your own hemp farms and get your CBD business off the ground –
Know the Law
The most important thing when it comes to understanding hemp and hemp cultivation is to understand the law. To that end, remember that CBD products and hemp production is legal so long those products come from hemp and not any other cannabis strains like marijuana. Also, the level of THC should be less than 0.3%. CBD that comes from marijuana may exceed this limit, so be sure to check for seed type and quality to make sure you’re not unknowingly engaging in any illegal activities
Know Your Options
Remember that growing hemp is not the way to go about starting a CBD business. In fact, you have endless options. The first one is obvious where you have your own farms where you can grow hemp. If that doesn’t work for you, you can go into wholesale buying and selling of industrial hemp. Hemp biomass has a huge potential since it’s used for the production of fuel and many other industrial applications. You can also consider distributing and reselling CBD products. For instance, you can invest in CBD hemp flowers, isolates, hemp biomass, distillates and then further sell them for industrial purposes.
You can also open up your CBD processing and extraction facility, but, that obviously is going to require a lot of scientific research and lab work. You can also draw a contract with large-scale industrial hemp farms where you can offer your land up for farming. Basically, it’s like leasing out a piece of land and at the end of the season, you get a check from the farm.
Find a good supplier
It doesn’t matter whether you plan on distributing or reselling CBD products or grow hemp on your own farms; you are going to need to find a good supplier. After all, you would need a place to procure high-quality seeds and CBD products from.
Until now majority wholesalers would procure their CBD from Europe since cultivation wasn’t favored in America. However, not that hemp farming is legalized, you can expect a rapid increased in American-derived CBD. To vet for the quality of the supply – just look for these 2 documents from the supplier –
- cGMP (Current Good Manufacturing Practice). This document tells that the business processes conform to the state and FDA guidelines. This one document should help you find a promising supplier all the while narrowing your options.
- COA or Certificate of Analysis is a report that tells you the CBD and THC levels in the plant species. It also provides a detailed report of other components present like terpenes profile, heavy metals, pesticides, etc.
Once you are able to figure these things out, everything else should be a cake walk. For example, creating a business plan, building a website to take your business digital, and coming up with a marketing plan; all these things will come to you naturally once you’ve established a strong base, which starts with the aforementioned details.