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CBD products are everywhere. These dogs are often purchased to ease the pain of arthritis (or for the elderly Basset Hound). There is a good chance that either you or someone you know uses CBD products for any number of reasons without any ill effects. Still, the business is considered high-risk.
In The Context Of CBD, What Does High-Risk Mean
There is a challenge in finding merchant services / accounts and other business basics for the CBD industry because it is considered high-risk and can be difficult. It is a high-risk business because there are so many things that can go wrong besides your operations. So many people associate CBD with marijuana (although CBD products often do not contain THC). The business is therefore considered high-risk since even a vague threat of legislation could have detrimental effects.
The legalization of medical marijuana and other products has become more widespread than ever. Legislation is not guaranteed to continue moving forward forever. A backlash is always possible. There will never be a law banning vegetables, pillows, carpet cleaners, or the like.
Because of the association so many people have with CBD, companies that sell CBD wholesale products (or are even affiliated with them) still face a risk to their reputation, even in 2021. Many merchant accounts (and other potential vendors / partners) are chased off by that alone.
CBD may also face risk from potential chargebacks, an element often overlooked. As of this writing, there is no over-the-counter drug containing CBD that has been approved by the FDA, and none of these products meets the requirements to be legally marketed without an approved new drug application.
Chargebacks are a risk associated with taking on CBD companies. CBD could easily be refunded if it does not do what the customer expects it to do.
Online CBD Marketing and Selling
As I write this, I have used the phrase many times. This is because they change frequently. It is clear from FDA's page FDA Regulation of Cannabis and Cannabis-Derived Products, including Cannabidiol (CBD), that there have been enough developments and evolution that someday CBD may be a federally legal substance.
As a result, small-to-medium CBD distributors will need to find a merchant account that doesn't have monthly fees or fluctuating pricing, and doesn't require a foreign account. We recommend Square at the moment due to this reason. Again, bulk cbd changes often.
You cannot advertise CBD products using Google Ads today if they contain cannabis-derived CBD oil. Can you eat hemp-derived products? Yes, you can. It's important to note that CBD's health benefits must be very carefully emphasized (to the point that it's rarely worth mentioning).
According to onerous rules, starting in 2021, CBD will be able to be advertised on Facebook and Instagram. However, they can only be hemp-based topicals. It means oils, ointments, or stuff you can apply to your body. This does not include food or drink that you consume.
In most cases, that means you can't mention CBD in your landing page, ads, copywriting, or even on your e-commerce page. This doesn't mean that you're out of luck. Build your campaign around that (for instance, have landing pages only for your CBD topical products, link your ads and the rest of your campaign back to them exclusively, etc).
Alternatively, your brand becomes everything. Although CBD is a part of your business, you don't mention it. Having a good time, feeling good, and enjoying life are the things you show people. Use social media to provide value and not sell on this occasion. There are, in fact, very few other options.
When you do these things incorrectly, you can lose access to Instagram, Facebook, Twitter, and the like. Even though it is highly unlikely that the FDA itself will pursue your company (in fact, they seem to only pursue those who vastly overestimate CBD's benefits), those platforms allow very limited marketing of CBD products (if any at all).
It should get easier as the rules change. It's possible this article will be obsolete someday soon. As of today, however, here are some ways to grow and sustain your CBD business.
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