CBD Hemp Business Start-up Checklist

Published July 6th, 2016 by Unknown

CBD Hemp Business

Recent changes in the law mean that starting a CBD hemp business is a viable option for people living in the USA today. Anyone who has any knowledge of hemp and other products derived from hemp and the cannabis plant, know that this is a lucrative and growing market, with the loosening of laws in some states meaning that it is growing fast and has a bright future.

CBD and hemp products range from clothes and other fabrics to paper and medicinal CBD oil or pills. Thanks to the increasing popularity of hemp and CBD products as people better understand its benefits, 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 selling hemp products, manufacturing or growing the hemp itself, 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.

According to Factbook, the top seven investment categories are:

  1. Cultivation
  2. Medical dispensation
  3. Legal recreational retailers
  4. Edibles or infused products retailers
  5. Services
  6. Auxiliary products
  7. Legal hemp products

First you should decide what your preferred area is, and do thorough research into what is required. If you are planning on cultivating hemp, you will need to learn, in detail, the ins and outs of what plants are best and the best conditions to grow them in.

Now that you are ready to start your CBD hemp Business, where do you go from here?

  • Check the current laws and regulations for the hemp industry in your state
  • Make sure that you check the financial rules and regulations connected to owning a CBD hemp business
  • Check sourcing of products or materials that you need to get started
  • Think about funding methods to get your business off to a good start
  • Check what back room equipment you will need – e.g. computers
  • Plan the financial side of your business and look into business accounts etc.
  • Think about how you plan to price, earn money and plan for the future
  • Plan how you intend to market your business – for example, online marketing, social media, pay per clip, and make a marketing plan

CBD Payment Processing

A big hurdle that a lot of hemp related businesses like CBD Oil manufacturers or resellers come up against is that financial institutions usually place them in the ‘high risk’ category. This means that they can be inhibited in various aspects of the financial management of their business. A ‘high risk’ business is usually one that is in an industry which financial institutions don’t know much about, and often ones in an industry which can be seen by some people as ‘risky’.

The problem is that ‘high risk’ merchants like CBD Hemp Business, are often negated merchant bank accounts – which means that they can’t accept card payments – a big problem, especially if you are expecting to conduct most of your business online.

Luckily there is a solution. CBD Merchant Account can act as your account, allowing you to process card payments transparently, legally and giving you the same chances as everyone else to grow your business.

Starting a CBD hemp business is a good move in an exciting and always evolving industry. By keeping well informed, you can ensure that you are within the law and can push your business from strength to strength.

For more information about CBD Merchant Account, call us today at (866) 464-6590, our merchant account specialist will assist you with all related to hemp or CBD oil payment processing options and merchant accounts for cannabis related businesses.