In the last few years, CBD oil has grown from a niche alternative treatment to a multimillion-dollar market. The growth rate suggests that by 2022 the CBD market will expand to over $2.5 billion. As more people discover the benefits of CBD, the medical community and legislators alike are taking notice. CBD is used on a daily basis by millions of people, and because of the credibility given to it by doctors, researchers, and lawmakers who support it, more people are trying CBD for the first time every day.
CBD and hemp products range from clothes and other fabrics to paper and medicinal CBD oil and pills. Thanks to the increasing popularity of hemp and CBD products as people better understand its benefits, now there is also a bigger demand for hemp plants. Most people have an idea of what area they want to go into in the industry, and it is important that you first do your research so that you know your product inside out. Whether you are interested in manufacturing hemp products, selling or growing the hemp, this is a new and exciting market with the USA, and a cake that a lot of people are keen to get a slice of.
Here is the checklist:
1. Understand your legal obligations:
The regulatory environment in our industry is inconsistent and ever-changing. You’ll find that one week hemp products are legal in a particular state, and the next week all food items containing hemp in that state have been banned. You’ll also find that regardless of the legal status at the federal level, each state holds the right to impose their own regulations and laws surrounding CBD and other cannabis products which means that you’ll have quite a lot of reading to do in order to be kept up to date with where you can and cannot sell your goods. We recommend consulting with and continuing to work with an attorney who specializes in Cannabis Law – For our team this has made a huge difference.
2. Obtain necessary permits and licenses:
Failure to acquire necessary permits and licenses can result in bigger fines, or even cause your business to be shut down. So to be on safer side , it’s better to have all necessary documents.
3. Open a Bank Account:
When you go to your bank and explain that you’re in the health and wellness industry before setting up a business bank account since it’s a high risk industry. Also note that it’s important not to mention that it’s a CBD or hemp-related business as that sets off many red flags for banks.
4. Build and optimize your website:
A business website allows customers to learn more about your company and the products or services you offer basically it’s an entire view of your business through your webpage . You can also use social media to attract new clients or customers also do SEO.
5. Name Your Business:
The first step you need to do in starting your own CBD business is to determine what name you’re going use. It’s always good to pick a name is that it be an easy name to remember and an easy name to spell. Imagine one of your customers telling their friend about your brand and if it’s a complicated name I’m sure you tend to forget.
6. Find a CBD Payment Processing company:
A big problem that a lot of hemp related businesses like CBD Oil or cannabis manufacturers or resellers come up against is that financial institutions usually place them in the ‘high risk’ category. Luckily there is a solution. It’s difficult to get an approval for high risk merchants however, CBD Merchant Account can act as your account, which allows you to process card payments transparently, legally and allows you the same chances as everyone else to grow your business.
For more information about CBD Merchant Account, call us today at +44 800 776 5988 +1 845 215 4017, iPayTotal merchant account specialist will assist you with all related to hemp or CBD oil (cannabis) payment processing options and merchant accounts for cannabis related businesses..