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The Farm Bill of 2018 made it federally legal to farm industrial hemp in the United States. Since then, the CBD Gummy business has been booming. The CBD industry has grown exponentially and new products are popping up everywhere. This lucrative market is expected to continue growing into the foreseeable future. So, if you want to take advantage, then now is the time to get started.
But getting started can get a little complicated. Laws regarding the sale and production of CBD vary by state. Banks may hesitate to provide financing for your startup costs. In addition, issues surrounding the quality of your CBD product must be solved and marketed with integrity.
Photo by Michael Fischer from Pexels
In order to build a reputable brand, you must ensure that you are selling only the best, highest quality products, such as Verma Farms CBD Gummies. Verma Farms is a stand-out company that uses certified organic, non-GMO, domestically grown hemp. A third-party lab certifies the purity and potency of their product. Like them, your new CBD gummy company’s reputation requires that you deal with suppliers that have the highest standards in the industry.
Learn The Legalities Of Your State
Even though CBD products are legal on a national level, states are still allowed to create their own laws and regulations concerning manufacture and sale. In order to get started, you need to understand the laws in your state and how to work with them. Many states welcome the new CBD market with open arms. However, in some states, hemp farming and hemp products are still highly restricted. In others, CBD is only legal with a prescription which means very strict standards about who can sell CBD and exactly what they sell. Do your research or hire an attorney to help you navigate the complicated system that will likely continue to evolve.
CBD Gummy Business Plan
Once you have a grasp on legal matters, a business plan is essential. You need to have a plan for how you will stand out in a sea of competitors, as well as how you will manage your business in a rapidly changing environment. This is especially true if you need financing to get up and running. Banks are reluctant to work with companies in this new market. Having a solid business plan will help you get your foot in the door.
Find a Bank
Some CBD businesses are bootstrapping their up-front capital. Still, this business does require a significant up-front investment. Insurance and permitting can be expensive. Consider hiring an attorney to help you approach a financial institution. Finding a lender can be challenging, but a search online can help you get an idea of which ones may be willing to work with you.
Payment processing is also an issue, as many banks will not work with companies generating their income from CBD. Also, credit card companies are constantly changing and shifting their policies regarding transactions related to hemp products. You must verify that the bank handling your money is open to working with your type of business.
Find CBD Suppliers
As mentioned earlier, you want to make sure you are only doing business with the most reputable companies in the field. Ideally, your CBD gummy suppliers will use extracts from hemp grown in the United States where regulations are strict and controlled. This ensures that you do not end up selling products that have additives, solvents, or other dangerous ingredients.
Because the regulation of CBD products varies, there is room for all kinds of inconsistencies to flood the market. Ensure that your suppliers are transparent with their practices. The best suppliers have their products tested by a third-party lab and share test results with consumers. It is essential to make sure that you are selling products free of harmful materials and consistent in potency and purity.
Establish Your CBD Gummy Brand
Whether you are selling your CBD gummy products in a store or online, brand recognition is how your customers will recognize you. Do some research on what is already out there and find a way to make your company stand out.
Decide on your target audience. Who you intend to market to will drastically affect every branding choice that comes after. Do you want to market to athletes? According to the website, Entrepreneur, they are leading the conversation about the use of CBD in order to treat injuries and pain. Or maybe you want to market to seniors. This is another rapidly-growing consumer market because of the potential health benefits CBD has to offer an aging population.
RELATED CONTENT: EVERYTHING YOU NEED TO KNOW ABOUT MARKETING A CBD BRAND
When you figure out who you would like to market to you can start thinking about how you will brand yourself. Your company name, appearance, and culture all depend on who you want your message to reach.
Get Yourself Out There
Most likely, your primary method of reaching customers will be through online shopping. This poses a bit of a challenge because there are thousands of CBD companies flooding the internet. In addition, social media outlets have very strict rules about paid advertising for hemp products. Therefore, a marketing plan that gets you to show up in organic searches is essential.
Get other websites to link to your site. Post regularly on your company’s blog. Get customers to review your products and write testimonials. Make your website appealing, inviting, and easy to use.
Final Thoughts
This is an exciting time to start a CBD gummy business. Doing it right is the key. You need to know the laws and make sure you are setting your standards high.
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