The Farm Bill 2018 has legalized cannabidiol in all fifty states across the US under federal laws but only as long they are derived from industrial CBD hemp seeds and the final products maintain the strict THC content restrictions, before being sold to the public.
This has naturally presented a huge opportunity for both small and large businesses to invest in a sector that has only begun to grow but with tremendous promise.
The Booming CBD Business in America
According to stats published by Statista this year, the total consumer sales amount was 512.7 million dollars in 2018 for all cannabidiol products. This was before the Farm Bill 2018 was put into effect, and the aggregate from consumer sales in 2019 is therefore expected to grow by an impressive 58.57%, meaning that the total value of CBD consumer sales will reach $813.2 million. Even more impressively, Statista expects the same to reach about $1.81 billion in 2022! It seems like that there has truly never been a better time to be in the CBD business than right now.
Find the Right Wholesale Supplier
Irrespective of whether you decide to manufacture your own products, outsource the manufacturing or simply retail products manufactured by others, you need a reliable supply partner.
The most important requirement of being a reliable CBD hemp seeds supplier is that their products must be in compliance with all stipulations and standards set by the FDA. Unless the products are actually compliant, CBD becomes a narcotic substance, and selling it makes you an illegal drug dealer!
Preferably, your wholesale CBD hemp seeds supplier should be like Cope in Colorado, a company that grows industrial hemp, processes it and manufactures all their cannabidiol related products under the strict guidance of the FDA and within the state itself.
Never go with cheaper CBD from unknown, foreign sources, because it can not only ruin the business and tarnish the name of the budding industry as a whole, judging by what happened in Utah last May, but it can end all your personal business aspirations as well.
Be Aware of the State Regulations and Public Attitude
It’s true that Federal laws do not prohibit CBD product sales as long as they are in compliance of the set standards. However, not all state governments are there yet.
A good number of politicians do not understand or believe that there is a difference between marijuana seeds and CBD hemp seeds! Some of them are even trying to reverse the current legalization of CBD hemp seeds and oil. The general public and law enforcement officers may also, at times, be ignorant of the new rules or simply choose to be uncooperative.
Before you decide to enter the CBD business, make sure that you are doing it in a state where the customer base is solid and there is a decent enough understanding about what cannabidiol is and how it differs from THC.