It’s not much of a tedious task to start a hemp business. You don’t need huge finance to kick start the business. However, you would definitely need to know the industry in details, the law involved and the basic strategies required to get into the flow of the business. For starters, there are more.
Hemp business is slowly and gradually gaining popularity in the industry. Many people are opting for hemp cultivation, CBD oil extraction and CBD products manufacturing operations, hemp cultivation extraction and more to crawl into competition and make their way through success. For any of these, a CBD Hemp farm business plan is extremely important to keep you focussed throughout the process keeping your finances in place and your target audience in mind.
Are hemp and marijuana the same?
Well, they are similar, but certainly not the same. Hemp and marijuana come from the same species of plant called “Cannabis Sativa L”, but the basic difference lies in the resin content. While hemp is low resin, the quantity of resin in marijuana is high.
The hemp you would need for business is the plant Cannabis Sativa L. Any part of such plant has delta-9 tetrahydrocannabinol (THC) concentration of not more than 0.3 percent on a dry weight basis.
On the other hand, the marijuana plant also comes from Cannabis Sativa L, but the only difference is that it produces high THC levels and low CBD levels. Cannabis under 0.3% or less of THC is not considered as marijuana and is not federally regulated unlike marijuana.
Business plan – Why do you need one?
For every new business you start up, or even with established businesses, you need a professional business plan to keep on track. Hemp business is no exception. You do need an effective business plan to present your opportunity to partners, investors, stakeholders, vendors, lenders, service providers, customers, and regulatory and licensing agencies.
Your CBD Hemp farm business plan must include information on plenty of subjects, but to focus on the business model, market entry plan, products and services, market research and analysis, team, metrics, milestones, finance, marketing strategies and regulatory environment are important to be included in the business plan.
About the industry
The hemp market is huge, and it’s been growing with every passing day. As per reports, the US retail consumer market for hemp CBD was estimated by some analysts to have been $591 million in 2018 and expected to reach $22 billion by 2022 – a CAGR of 147%.
To date, the major part of the hemp industry relates to CBD which is an useful medicinal component believed to alleviate swelling, provide relaxation, and is being used in a number of consumer products like topical, ointments, pet foods, beverages and more.
Which industry to pick?
There are a number of types of the hemp industry offering numerous business choices to pick from. One can pick business from cultivation, harvesting, processing, extraction, distribution of raw material, manufacturing consumer products, distribution, delivering, promoting events, providing information and services, offering scientific services to genetics or testing, business consultation and several other professional services. The choice remains to be picked by you.
Whichever industry and business choice you opt for, be sure to come up with the best CBD Hemp farm business plan written by a professional and experienced plan writer. If you are on a hunt for a reliable source to connect to for the same, you may give The Plan Writer a try. They are a bunch of highly qualified MBA’s who have a keen insight into tomorrow’s evolving business trends.
Get in touch with them on https://www.planwriters.net/ or call at 1-800-691-6202 to know more about the hemp business and the business plan you need.