The CBD market is booming, and more people want in. From snacks to CBD cream, from CBD oil for pain relief to teas and infusions, CBD usage and sales are climbing. Companies are trying all sorts of different tactics. Some set up pyramid schemes; others offer consumers opportunities to buy CBD oil online. Others stock CVS shelves, and some companies predominantly supply stock to alternative health shops.
For anyone interested in either becoming part of a CBD enterprise or wanting to check the reliability of CBD companies, here are some critical considerations.
1. Vet your suppliers
Companies should engage in transparency down the line of supply.
What does this mean?
This means that CBD companies should be check where they get their product. Hemp should meet strict health and safety standards. Quality is important and knowing where your hemp is coming from–as well as letting your consumers know where you’re getting it–is important in ensuring consumer safety and company success.
2. Be careful with marketing
The FDA has recently cracked down on Curaleaf, a major CBD product supplier, for ill-defined or misleading marketing tactics. This wasn’t a product recall, but rather a letter of warning, and this had a direct impact on company sales and stocks.
In short, not all of Curaleaf’s claims were scientifically backed, and some of their marketing statements made claims without offering much or any support. Be careful with marketing–make sure you or your company are not misleading anyone.
3. Back your claims
While the FDA is making strides to standardize the market and to regulate product labeling, here are some things to keep in mind:
- Don’t make blanket-statement claims, especially without defining terms.
- Saying CBD cures, for instance, “chronic pain” is so vague that it can’t be proven or disproven, and as such is misleading.
- When making health claims, cite a relevant study.
- Double-check the studies you cite:
- Do they come from a reputable medical journal?
- Are the sample study groups generalizable to the intended consumer population? For example, a study conducted 50 years ago in Israel amongst four middle-aged men is not generalizable to the broader U.S. population.
- Do they directly support your medical claims?
- Be careful in your wording
- Choose tactics like, “According to ______ study, CBD use has been linked to decreased symptoms in the following health conditions” rather than “CBD cures _____ disease!”
- Be transparent with consumers:
- Link to studies
- Offer information
- Encourage consumer education
4. Take a look at THC levels
The Agricultural Improvement Act of 2018 effectively legalized hemp production and transportation across the nation–though individual states still obviously have the right to restrict certain products for themselves.
However, that federal legalization and support only apply to hemp products with less than 0.3% THC content. In short, it can’t get consumers high.
To steer clear of any legal issues, make sure you as a company are regulating your THC levels.
5. Check your supply chain
In general, it’s a very good idea to make sure that your whole supply chain complies with federal and state legislation. What does that mean for CBD companies?
It means that wherever you grow or sell, you want to stay up to date on the latest legislation. All because one product is legal in one state doesn’t mean it’s legal in another, and you want every aspect of your production to be above-board.
This means doing your homework, but it will be worth it in the long run and can help the CBD company reach a broader audience with fewer legal fees.
6. Consider your target audience
Lastly, consider your target audience. What do people in your intended client area want from CBD? What demographics are drawn to, for example, CBD for pain relief, and why? Where are they getting their information? How can you effectively convince future customers that you are supplying above-board and top-quality products?
This is a lot to consider, and you want your consumer base to know that you’re to be trusted. If you want pain relief from a product that won’t slow you down or make you dependent, fill out the Relevium contact form or call today on (360)-200-7417.