How to Get Started With a CBD Based Business

OlufisayoMay 18, 20200742 views

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Every entrepreneur dreams of being early in a field that has massive potential. In 2018, the US government dropped a gift into the lap of every entrepreneur that was paying attention with the Hemp Farm Act. Aspiring businessmen like Deep Patel, founder of Penguin, took this opportunity and seized it.

It legalized hemp cultivation and processing to make CBD oil legal in all 50 states. That means tons of products made from CBD that can help people with many different conditions. When you can solve a problem people have, then you are almost guaranteed to have success.

If you are thinking of a business to jump into, then CBD should be high on the list. In this article, I will go over several types of businesses that you can start that is based on CBD. Which oils are best? Check out Rave Reviews when you are done reading to find out.

Pick a product

There are a lot of ways to get into the market since there are so many products to choose from. Each different one will come with its own set of challenges, however.

For instance, you can start a bakery that offers muffins, cakes, and cookies made with CBD oil. If there are none in your city or town then that is an ideal way to enter the market, but you will be dealing with a different kind of licensing depending on where you live.

If your area decides that a bakery is too much of a risk, they might be fine with a store that sells supplements. Or, maybe you can start a store that focuses on mental well-being and market products to treat anxiety with oils for people to add to food themselves.

The biggest issue is navigating local laws around CBD. Though the compound is legal in all 50 states, there are going to be different regulations on its sale in different jurisdictions. It is up to you to find out before you settle on a product.

Understand the legal obligations

As I just mentioned, there are likely going to be some regulations and possibly even restrictions when it comes to starting a CBD-based business in your area.

You will definitely need to hire a lawyer if you decide to continue to the beginning phases of your business after you’ve decided on a product. First and foremost, you won’t be able to make any claim about health benefits as right now it is considered a supplement by the FDA.

There is going to be a lot of regulatory scrutinies when you open your business, so make sure you are on the right side of your local laws.

Find a payment processor

Unfortunately, there is still a stigma surrounding CBD which equates it with marijuana. Though nothing could be further from the truth, some payment processors don’t wish to do business with anybody in the CBD field.

You will need to shop around and not only find one willing to work with you, but also that doesn’t charge exorbitant fees.

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