Are you considering a fresh, new business venture? If so, you might be thinking about entering the ever-growing hemp industry. The question is, where do you start? What are the legalities that you need to be aware of? And how do you ensure that your business stands out from the crowd? Here is a handy guide to turning your vision into reality.
It is important to understand the legalities before doing anything else. The great news is that it is now legal in all U.S states to cultivate industrial hemp. That said, it is essential that the biomass of the hemp cultivated does not exceed the 0.3% THC limit. Keep in mind, however, that some states make it a little bit more complicated to remain on the straight and narrow. Ensure that you cover all legal bases by double-checking that you will be starting your hemp business in a state or city that is openly pro-hemp, and be sure to get all of your licenses and permits before you proceed.
Decide how you want to be involved in the industry
The bottom line is that the hemp industry is massive, and there are several ways in which to break into it as a result. You could decide to cultivate and harvest, become a raw material supplier, manufacture products for consumers, distribute, or even provide consulting services to other businesses in the industry.
Create a business plan
You will need a solid, comprehensive business plan in place, especially if you plan to rope in a few investors to assist with start-up costs. Remember – you will be looking at around $5,000 for approximately 10lbs of seeds, along with the various admin and marketing costs associated with starting a business.
Your business plan should comprise the details in terms of how you plan to run and market your business. You should include a breakdown of your proposed business model, the specific hemp products that you intend to sell, how you intend to enter the market, what the market currently looks like, etc. It is also essential to include a lot of data outlining why the chances are good for your business to be successful, as well as metrics (how you plan to measure your success), goals, and when you want to have accomplished them.
Find a supplier
The next step will be to find a reliable supplier of CBD hemp seeds. Cope is an excellent example of a supplier that sells hemp seeds in bulk and at affordable prices.
When selecting an appropriate CBD hemp seed supplier, there are a few aspects to investigate. For instance, you will want to confirm resin content and purity. It is also vital to enquire regarding seed feminization and freedom from contamination to ensure the best possible result upon cultivation. Finally, and arguably most importantly, do not forget to confirm that the hemp seeds in question have THC levels lower than 0.3%.
You now know the basics and can get started on setting up your start-up. Best of luck in the future.