Have a sales plan. Consider hemp markets beyond the flower. And get ready for a bumpy ride.
Those were among the many business takeaways from the 2019 Hemp Industry Daily Forum on Tuesday at the Las Vegas Convention Center during MJBizCon Week.
The forum drew more than 500 entrepreneurs from all sectors of the hemp supply chain to learn strategies for success in the fast-moving hemp industry.
CBD is an ingredient, not an industry
U.S. hemp producers are the envy of the world for their CBD production.
But they could learn a lot from more mature hemp markets in other countries, where fiber and grain products have established markets and stable genetics, according to attorney Bob Hoban of the Denver-based Hoban Law Group.
“Don’t put all your eggs in one basket,” he said, advising growers to resist chasing CBD-rich varieties that could test hot or be difficult to export.
Hoban compared the hemp plant to mashed potatoes and cannabinoids to gravy.
“Build your business around mashed potatoes, not gravy,” he said.
“Cannabinoids are gravy. You don’t feed your family gravy. You feed your family mashed potatoes.”
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