Timing is one of the most important factors to keep in mind as it pertains to one’s standing in the CBD industry and, by extension, one’s existing customer base. Simply put, setting up a lab is an extremely risky move for newer companies with fewer customers who are looking to compete with established ones with a huge following. Matt agrees, dissuading smaller brands from putting up a facility with nothing more than an “if you build it, they will come” mentality.
“At the end of the day,” says Chris, “making oil in the hopes of selling it to other people in the fast lane.” Without a strong brand, a loyal customer base, and a proven supply chain in place, it is better to look to existing manufacturers and suppliers as you scale your operations.
Listen in as Chris shares over two decades worth of experience in the hemp industry with a particular focus on navigating your way through intense competition as a smaller brand.
WHAT TO LISTEN FOR
– Why it is important to have an existing customer base before establishing an extraction facility geared for vertical integration
– The importance of conducting in-house marketing and sales strategies for your brands
– A primer on brewing and marketing craft extractions on a lean budget
– How to turn high-grade hemp or CBD rosin into a tincture
– Effects of having CBD before or after THC
– The best opportunities to consider for those looking to launch a CBD brand