Getting straight into the point about the basic boxes to check about hemp cultivation, it should be kept in mind that no matter what it may come, having a CBD hemp farm business plan is a must at some point or the other.
Of course, among the other things to consider straight from the beginning is to decide which part of the industry you want to explore and try your hands in. For each of the categories and steps taken, you must know the law. You must also create a stellar business plan and work on financial projections before applying for the government issues license followed by building rapport with the suppliers.
Is hemp and marijuana the same?
Well, they are similar, but certainly not the same. While both hemp and marijuana descend from the same species of plant called “Cannabis Sativa L”, it must be noted that there is a big difference in the resin content. Hemp runs very low in resin content, while the resin content in marijuana is relatively pretty high.
Industrial hemp means the plant Cannabis Sativa L (or any part of such plants) with a delta-9 tetrahydrocannabinol (THC) concentration of not more than 0.3 percent on a dry weight basis. Hemp falls under this category while the marijuana plant is also a variety of the same plant with a high production of THC levels and low CBD levels. In short, cannabis with a THC of 0.3% or less is federally regulated and marijuana surely doesn’t follow this benchmark.
Why is a business plan must?
Before you start projecting for your hemp business, you must begin with a professionally done effective CBD Hemp Farm business plan. This business plan must be efficient enough to present your opportunity to partners, investors, lenders, stakeholders, vendors, service providers, major customers, and regulatory agencies as well as licensing agencies.
To make the plan really be the most effective, it must include all the information on the subjects included. You may start with your business model, market-entry plan, services, products, a thorough market analysis, regulatory environment, your team and management, milestones and metrics, finances, and your projected marketing plan.
Is the market promising?
The market indeed looks big and welcoming for the startups. Hemp industry is here to stay and currently doing quite good in terms of growth and finance. As per the reports and statistics, the hemp CBD US retail consumer market was estimated to be around $591 million in 2018. And the same is projected to touch $22 billion (or more) by 2022.
About the law and regulations
Before we specifically zero-in to the specific laws of hemp cultivation, remember that the situation of US in terms of hemp business has not been stagnant. There are more than 30 states where the distribution of medical cannabis with THC is allowed, and there are 11 states (plus D.C.) that allow recreational cannabis with THC.
The cultivation of industrial hemp is federally legal in all states, and that doesn’t include marijuana. The regulatory stew also adds that the federal legality of industrial hemp cultivation must not supersede state, county, or local regulations. In other words, a state, county, or city can legally impose greater restrictions than what has been imposed by the federal government.
Why do laws with hemp conflict?
If hemp is legal federally, then why do the laws clash? It is because there is an immense lack of regulations. Generally speaking, you can’t cultivate hemp in any specific U.S. county without a permit and you have to have strict legal permissions for the same.
Which way is the safest?
To begin with, do initiate the business in a state, county, and city that support of hemp cultivation. Go ahead by applying for all the necessary licenses and permits and make sure you have gone through the laws well. Also, it is the best to know about the banking issues in details.
And needless to say, creating a CBD hemp farm business plan is the most important for the long run. So, do invest in an effective one done by professionals with years of experience and expert skill. The Plan Writers can be a great option. Contact them on https://www.planwriters.net/ or at +18006916202 to know more.
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