Entering the CBD Market

Entering the CBD Market

Cannabidiol, commonly known as CBD, is an intriguing medicine derived from the hemp plant. The Farm Bill of 2018 declared hemp products legal, therefore, opening the floodgates for CBD sales without fear of legal ramifications. Here are some pointers for those who want to create a business selling hemp’s wonderful nectar.

Find a Wholesaler

The research will take time, but it is a top priority to find a reputable and reliable source for your product. Inquire as to whether the supplier provides a certificate of analysis for each product. These documents will come in handy when conversing with your clients about what ingredients are used in production. This documentation is also necessary to protect your interests as far as customer complaints are concerned. Some retailers have the option to purchase raw material. This will allow you to display a unique product. Bottle and labeling services are available to help with the design.

Contact a Payment Service

Unless you choose to be a cash-only store, a payment processor is necessary to act as a conduit between clientele and your bank. Be aware that due to dealing with a substance like CBD, businesses are considered high-risk by the majority of financial institutions. For this reason, the transactions you process will be charged a higher fee than regular merchandise. It is a normal practice for companies such as Square or Stripe. With the lack of FDA approval combined with a social stigma, payment companies are still leery of cannabidiol and the sale of it.

Invest in Social Media

Establishing a presence online is a must. Begin with Facebook and work your way around to YouTube. The goal is to remain relevant and show readers how you can help them. Educational posts and videos are great ways to draw people in. Simple posts of pictures can keep your logo circulating for weeks at a time with just a few shares. Most services offer paid advertising, so take advantage! Your client base can grow exponentially for just a few dollars a day, and online ads can save a lot of legwork.

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