The passing into law of Farm Bill 2018 opened lots of business opportunity in the hemp industry. Hemp farming is one of them. It gave many misplaced farmers to variegate. Farmers don’t have to deal with unprofitable farm harvests. Hemp cultivation was given life by this farm law. The law came with lots of incentives that made many farmers shifted to hemp farming. One product that opened the eyes of many farmers is CBD oil, a by-product of hemp extraction. Although there are other products derived from hemp, CBD oil is the most popular. The $22 billion sales forecast by 2022 opened a lot of good investment speculations as far as CBD business opportunity is concerned. This is a big industry in the making.
The hemp industry will be huge but I will narrow down my subject on CBD as a business opportunity. I will also focus on MLM (multi-level marketing) as this is the easiest model to deal with. MLM is the least investment-intensive among the many business models around.
What is MLM?
According to Wikipedia, “Multi-level marketing (MLM), also called pyramid selling, network marketing, and referral marketing, is a marketing strategy for the sale of products or services where the revenue of the MLM company is derived from a non-salaried workforce selling the company’s products/services, while the earnings of the participants are derived from a pyramid-shaped or binary compensation commission system.”
Due to pyramid selling system, MLM had been imputed to be a Ponzi scheme which is “a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors”. But MLM is not even similar to Ponzi scheme. MLM have products that associates promote and/or sell whereas in Ponzi the item involved is just the cash that revolves around the first and succeeding investors. When there are no more investors at the end, the returns collapse and everything before that event do the same too.
MLM is legitimate and a sound way of making money. MLM worked in many industries. It can in the hemp cbd business. Hemp CBD oil is the main product operating within the MLM business. This product is what makes MLM a genuine business and not some illegal Ponzi scheme where cash is the only offering. For as long as an MLM has a product or service to offer, chances are such MLM is operating within the legal limits of law.
Right now there are many MLMs dealing with hemp CBD. I will discuss just three of them which I considered the most popular ones. Given their pros and cons, you decide which you think is best for you.
The Three Better MLM CBD Business Models
Kannaway has been in business since 2009 and claims to be the first publicly traded cannabis company in the United States. In their website Kannaway states: “We believe that health and prosperity should be a top priority and our products are a testament to that. Kannaway’s hemp-based, and proprietary herbal blends, are all natural and rigorously tested, ensuring that the products you are choosing are of the highest caliber and effectiveness.”
Kannaway claims that their products are triple tested which is excellent. It guarantees their products to be top quality. Their products come in single and in packs.
Hempworx was launched in 2017. It had a great success even now. This company came in just in time when hemp CBD was getting popular. Their price is pretty much in line with the current market price. They have a one-time activation fee of $25.00. It appears that their compensation plan is on commission basis. Please check their current compensation plan.
CTFO is very popular among MLMers. Besides having no associate fees to start your business, they claim that their Compensation Plan is copyrighted and therefore unique. It is free to join even with provided replicated website. Normally you would have to pay for features such as this but not with CTFO.
CBD oil has been around for a few years now. But I would not know if it really works for me or not. I have to try it and see if it does what others claim to have done for them. I would look closely into a company’s product Return Policy. That makes me feel a little bit secure with my investment no matter how small it is.
Return/Refund Policy Is Crucial
For Kannaway, here is a brief summary of their return policy: “If eligible for a refund, Kannaway will credit the original form of payment within 30 days of the product being logged as returned by our distribution center. Your account will be closed once the refund is issued. If you wish to return product under the Buy Back Policy and cancel your position with Kannaway, please email Returns@Kannaway.com”.
As for Hempworx: “We have a 60 day refund policy. If you are dissatisfied with the HempWorx products or you have changed your mind – we will refund order as its within 60 days of placing your order. To be eligible for a refund, you must return the entire order. We do not issue partial refunds/returns”
CTFO’s refund policy is as follows: “Changing The Future Outcome, Inc/CTFO Ltd (hereafter “The Company”)has asixty (60) day money back guarantee is offered on each of The Company’s products and product packages on the purchase price paid, less any shipping and handling fees. Refunds are not available on marketing material, sale items, discontinued products, closeout items or outdated products. Shipping and handling charges are onlysubject to be refunded if the order has not been shipped”.
These three popular companies have almost the same product return policies. All conform to the standard laws on return/refund policies. I think they are fair enough. Each party shares their own kind of risk.
Try Products If It Works
I tried some of CTFO’s products such as their Full Spectrum CBD Oil Drops – 300 mg. I tried this simply because the price is affordable for me. $49.00 allowed me to use 5 drops each night for almost a month. It helped eased my chronic shoulder pain. I am still taking it for some five months already.
I was planning to use some of Kannaway and Hempworx’ products for pain but since CTFO’s CBD oil did the job for me, I think I’ll stick with this CTFO product.
I got to try Hempworx hemp-infused coffee one of these days and see what ump it does to my energy. I read about Kannaway’s Defined Ageless Beauty Bundle. I have to try this and see if it works. I tried CTFO’s Anti-aging Cream With Apple Stem Cells. I did not see any significant change to my facial skin tone. Maybe I am too old for that. At 72, my face skin is not getting any younger but I just love trying things out for the heck of it. If it works, fine. If not, at least I can say, I gave it a shot.
If any of these things work for you, feel free to express your thoughts. Thanks for reading.