In recent years, cannabidiol (CBD) and hemp ingestible products have entered the market at a rapidly growing rate. CBD and hemp products have become a part of everyday use for many people. Many food businesses are implementing this popular ingredient in the food line. There are a lot of options, such as infusing CBD in drinks, desserts, and more.
You may have decided that you would like to join the movement and that you can bring your own product to the marketplace. But is it worth it and how do you protect your new endeavor?
We’ll guide you through this industry and introduce our CBD and Cannabis Insurance partner, Insurance Canopy.
BENEFITS OF SELLING CBD INGESTIBLE PRODUCTS
CBD ingestible products is a growing market and there is still room in the industry for more sellers. This gives you the opportunity to keep your business small or to dream big and grow to a national brand. With a growing demand and fascination of CBD ingestible products, now is the time to look at the benefits of selling these products.
Business Expansion
Working on your own and creating hemp ingestible products to sell yourself, grants you some freedom you may not have with your current career. You can create your products on your time and sell them when you have a stockpile or the opportunity. Beyond that, you can decide where you want to sell your products. Some potential places include:
- Farmers’ markets
- Online
- In a storefront (your own shop or through a reseller)
With numerous options on where to sell, you can control the size of your business, who you sell to, and when you sell. By offering a new product line, you may be able to increase your customer base and gain new sales.
CBD: A Growing Market
Selling CBD ingestible products has become more popular lately, but there is still more room for the market to grow and expand. With a growing market, you have the freedom to explore where you want to focus and define your space.
CONCERNS OF SELLING CBD/HEMP INGESTIBLE PRODUCTS
While entering a new market can be fun and exciting, there are some areas of CBD ingestible products that could cause roadblocks. Understanding these roadblocks will help you overcome them and may help create a successful CBD ingestible product business.
Changing State Guidelines in the CBD Industry
One concern of selling CBD ingestible products is the potential of changing guidelines. Lawmakers are working through what can and can’t be done when selling cannabis-related products, and that can affect your business. Keep in mind that each state will vary and have different regulations. Cannabis Business Times is a great resource to help you stay compliant and up to date with recent news.
Keep an eye out for changing guidelines and make any adjustments to your business when necessary and your business should be able to survive for years to come.
CBD Food Liability Insurance Needs
Getting a product approved through the US Drug and Food Administration (FDA) can be difficult, especially while the FDA is still working on CBD related requirements. If you have questions regarding the FDA requirements for CBD or how they monitor it, check out this CBD products informational page.
CBD Ingestible Liability Insurance Needs
Navigating your CBD ingestible business can be difficult but well worth it. And after all the time and effort you put into it, it is important to protect that business. FLIP does not cover CBD products, but we recommend visiting our partner, Insurance Canopy for your CBD ingestible insurance needs.
CONCLUSION
Currently, selling CBD ingestible products is a new and growing market. Having the opportunity to start a business while there is still market space and growing demand is something a lot of people do not have the chance to do. This market provides you the opportunity to control when, where, and how much product you can sell. However, the CBD ingestible market can be heavily regulated with lawmakers and the FDA still building regulations for these emerging products. With all of this, it is important to protect your business and products with CBD ingestible insurance.
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