The growing popularity of cannabidiol (CBD) for medical and other applications has attracted the interests of many entrepreneurs across the globe. While CBD is increasingly becoming a profitable business venture across the United States, there are certain essential things you need to consider when investing in the business to guarantee success. For instance, we have developed an easy-to-use dispensary software, C-Trax to help you automate your POS and Customer Management processes, among other benefits. Here are the top five things your CBD business needs to consider.
Find the Right CBD Source
It’s a legal requirement to prove that the CDB you sell in your licensed marijuana dispensary comes from a licensed CBD supplier. While some states may be a little lenient when it comes to this requirement, other states, such as Washington, are very strict. You also need to be cautious when sourcing for CBD additives from the various distributors and manufacturers.
Make sure your business is a licensed CBD dispensary with all the necessary certifications. Comply with all the rules and regulations that govern the distribution of CBD in your State. If you’re not compliant, you may end losing your license and facing charges for some serious drug crimes, incurring substantial losses in the process.
If you sell your CBD across state lines, you must ensure that your CBD is derived from a cannabis plant that is exempted from the definition of marijuana according to the Controlled Substances Act (CSA). In addition, make sure your CBD comes from industrial hemp, especially if you want to sell it in stores that are not licensed CBD dispensaries. In some states, you also need to ascertain that the cultivator of your industrial hemp is a licensed farmer in accordance with Section 7606 of the 2014 Farm Bill.
As a CBD dispensary owner, you need to invest in a credible MMJ dispensary software to help you automate your operations. C-Trax is a robust digital solution designed to help you manage the day-to-day operation of your CBD retail business.
With our MMJ dispensary solution, you get a top-notch customer management system, inventory management, POS, and data analytics features. In other words, we do the heavy lifting on your behalf, helping you free up enough time to focus on the core aspects of running your business. Our clients gain access to valuable customer data that helps them make informed decisions and launch customized marketing campaigns.
The Legal Landscape
It’s important to update yourself with the latest legal developments in regards to the selling and distribution of CBD. Even after Congress approval and acknowledgment of hemp in various applications, it’s still crucial that you know what the DEA thinks about CBD in your state. Whether it’s through an internal communication medium or a post on their official website, the DEA has a history of changing their policies.
Lab Test Results
Any product that has the potential of posing a risk to the general public should be tested before being sold. While some states may require you to have lab test results, the company that produces the product ultimately carries the most burden in case things go south. We always recommend that you try and validate any test results or claims made by the supplier; remember, any false claims or misrepresentation may include you in the liability as a distributor.
According to the Marijuana Business Factbook, the economic impact of the marijuana industry in the United States is estimated to reach around $77 billion by 2022. Statistics from the Bureau of Economic Analysis indicate that this is equivalent to the GDPs of states such as West Virginia and Idaho, which both registered a GDP of $77 billion in 2018. In addition, that exceeds the GDPs of several other states, including Delaware. This means that if you invest in C-Trax’s solution to automate operations and be strategic in your approach, a CBD business can be a highly lucrative venture.