Important things to know when starting a CBD business
With new federal regulations deeming hemp no longer an illegal substance, the face of the CBD market has changed drastically in North Carolina. This has opened a whole new business prospect up for those who wish to get into the industry in its early days. Starting a CBD business does require you to understand the industry and existing regulations.
The News & Observer explains the CBD oil industry will likely grow substantially over the next year, making it a very lucrative option. Even big companies are getting into the action, so you can expect quite a bit of competition. This new industry also has law enforcement on edge.
Looks like marijuana
Hemp and marijuana are closely related. The plants look very much alike. However, hemp does not have the high concentrations of THC, which is what makes marijuana a drug. This is not something you can tell by just looking at the plant. You have to test it. This makes it difficult for law enforcement to know which plant you are growing.
Make sure, if you will grow your own hemp plants, that you let local law enforcement know about your business plans. This can help to avoid sticky situations in the future.
Choose your niche
There are many ways to sell CBD oil and to use it in a business. You need to figure out how you want to do it. You could choose something unique or try one of the following ideas:
- Body care
Just keep in mind that hemp does not have FDA approval, so you should avoid making health claims. That could land you in hot water legally.
There is still some stigma associated with hemp due to its close relationship with marijuana, but the legalization of it at the federal level has helped. As the CBD oil industry grows, you should find that stigma falls away, allowing you to find success.