Planning to Enter CBD Business – Essential Guidelines on CBD Oil Wholesale Purchase
The CBD industry is growing in leaps and bounds with passing times. It is being estimated that the industry will hit almost $22 billion by the end of 2020. With increasing demands of various kinds of CBD products, more and more numbers of wholesalers are coming up who are looking to purchase CBD oil wholesale for their business. The problem for wholesalers is that there is not much genuine and authentic information in the market regarding this specific industry. Therefore navigating the market is not very easy. There are lots of areas and questions for which wholesalers are seeking answers. It is obvious that if the wholesalers are looking to cash on the growth of the CBD industry, they have to understand how this market works and make decisions as per that. Just purchasing bulk CBD oil is not what CBD wholesaling is all about.
CBD wholesale checklist for beginning the business
When industrial hemp became legalized in the US, more and more people started seeking ways for entering into the hemp-derived CBD business. In the 2018 Farm Bill, it was clearly mentioned that this hemp should not contain more than 0.3% of THC, which is a psychoactive cannabinoid. Along with this, there are some very important things which one has to keep in mind in case one is thinking of starting a business in this industry:
- It is important to ensure that you have a quality supplier in place – This is a very important point to consider. Until and unless you trust that your supplier manufactures uncontaminated, high-quality hemp-derived CBD, you will not be able to sell it to people confidently. Suppliers who make quality products have their hemp sourced from farmers who grow these keeping in accordance with best cultivation standards. Refrain from suppliers who use hemp where chemical fertilizers and pesticides have been used in farms. Look for a quality breeder who cultivates CBD-rich hemp strains.
- Your supplier should be legally licensed for manufacturing and selling CBD – Now that you have made your mind for CBD oil wholesale business, make sure that your supplier is authentic and is legally licensed for manufacturing and selling CBD. If you are looking to buy CBD wholesale for selling wholesale, you simply cannot bypass this point in any way. The CBD needs to be legally sourced from a duly licensed manufacturer from quality hemp. In case there are legal and regulatory violations, there might be serious problems.
- Third-party testing by the supplier is always good – It is recommended to pay attention to third-party testing when it comes to looking for CBD distribution scopes. You must ensure checking lab test results for every production batch of CBD and see the levels of terpenes and cannabinoids present in the CBD product. Selling without third-party testing might be risky for your business as you don’t know what you are offering to the customers actually. There might be hosts of issues if the product goes without testing and you will be hassled by law. Batch specific testing information should be sought as without that market opportunities for the product might become limited and restricted.
- Establishment of the supplier in market – When entering into the CBD market see that you start business with CBD suppliers who have good reputation in the market and have been in this industry for some time. If you are endowing your trust on a new supplier, do thorough research on him and only then proceed for business dealings. Gather customer reviews and understand their establishment in the market before making a final decision.
- Penetrating the CBD wholesale market – You have to prove your business if you want to tower high in the CBD oil wholesale market. For that you have to smartly demonstrate as how customers can obtain lawfully sourced high quality CBD from your company in the simplest manner. This will give an opportunity to your business for standing apart from others. You have to show as how you can have access to markets. You also have to track the distribution areas of your hemp-derived CBD products. Monitoring the distribution helps in penetrating into this market greatly.
- Having hemp-specific qualifications or licenses – When you are looking to deal in bulk CBD oil on wholesale basis, it is important that you have hemp-specific licenses or qualifications. This license is kind of mandatory in many states in the USA. In many states, CBD is regulated under existing food safety laws.
Now that you have a fair idea, you can think of starting your own business in CBD products wholesale.