CBD is a growing industry in the UK and abroad, so it’s no surprise that more entrepreneurs are looking to capitalize on this trend. But starting a CBD business is not as simple as ordering products from a wholesalers and selling them online. There are barriers to entry including strict regulations, advertising bans and payment processors. In this blog post we outline 6 key things to consider when starting a CBD business in the UK.
Understand the regulations
Before launching your business, it’s crucial to familiarize yourself with the CBD laws and regulations that apply in the UK. Keep in mind that regulations can vary across different markets and are constantly evolving. It’s important to not only understand the emerging regulations but also the test requirements.
Are you Importing CBD?
If you’re importing CBD, you could risk having your products seized at the UK border if they contain THC above the legal limit. So, make sure you get your products tested to the correct requirements and know what the legal limit is.
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Choose a reputable supplier
Choosing a reliable and trustworthy supplier is vital to ensure that your business offers high-quality, lab-tested CBD products. Only source suppliers that offer information about their sourcing and third-party lab test results. Don’t rely solely on the manufacturer’s own lab tests because they tend not to offer the highest quality lab testing.
Develop a marketing strategy
Advertising for CBD products is restricted, so you can’t simply run social media and search engine ads. You need to explore other avenues to promote your business. Attending CBD and food trade shows and conferences at home and abroad is a great way to raise awareness of your brand. Another way is Search Engine Optimisation where you target internet search terms.
Payment Processor
Popular payment processors such as Stripe tend not to accept CBD businesses. Therefore, you will need to source a high-risk merchant to handle your transactions. High-risk payment merchants are usually the only ones that accept CBD businesses.
Ensure product safety
Finally, ensuring your products are safe for human consumption is key! CBD is not entirely benign, and you must keep up-to-date with the latest toxicology and safety information surrounding this remarkable substance. For example, did you know that CBD is not recommended for pregnant women or if you take certain medication? Ensuring product safety also involves considering the ingredients, packaging and labeling of your CBD products.
In conclusion
Starting a CBD business in the UK can be a lucrative venture, but it’s essential that you undertake your due diligence. By understanding UK CBD regulations, selecting a reputable supplier, developing an effective marketing strategy, finding the right payment processor, and ensuring product safety, you can set your CBD business up for long-term success.
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