Thc Hemp Spot’s story is one that is filled with lessons in economics.
This new market, born out of state prohibition is certainly one worth studying. After the Farm Bill of 2018 cracked open the door to industrial hemp prohibition, it took just a few short years for innovators to develop cannabis products focusing on alternative variants of the THC compound that hadn’t been explicitly regulated.
Shortly after that, it became standard practice for anyone operating in the consumable cannabis industry to include a third-party laboratory analysis of each & every product they have for sale.
At the same time, a wide variety of products became available that are tailored to all kinds of tastes & preferences. From gummies to chocolate bars to peanut brittle to honey sticks to soft gel capsules to pre-rolled flower & a variety of flower options to an assortment of vape products, the market has provided.
However, because this is a market that has grown out of prohibition via entrepreneurship instead of via the blessing of politicians, there are significant challenges that cannabis businesses face.
For example, virtually all of the biggest financial services companies (banks & payment processors) are unwilling to do business with anyone involved with cannabis products. We found this out the hard way when PayPal “permanently & immediately” suspended our account shortly after Thc Hemp Spot launched last year.
Fortunately, the market provides, and we discovered FinCann, a consulting company that has been developed to solve these problems – linking “high-risk” businesses with financial services companies that are willing to work with them. They were a huge help to us after PayPal cut us off.
Another telling economic anecdote comes out of Colorado. One of the first states to fully legalize cannabis for recreational use, it was also one of the first states to outlaw Delta-8 THC cannabis products. For anyone who understands the distinction between entrepreneurial economics and political economics, this was a blatant example of an established industry lobbying their legislature for protection from competition and was demonstrative of why political control over the economy should be opposed. Full stop.
We had a great time joining Hunter Hastings of the Mises Institute on his “Economics for Business” podcast to talk all about the legal cannabis industry. You can check it out here.
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From your friends at Thc Hemp Spot
This has been another edition of “420 Words”
P.s. You also still get FREE SHIPPING on any order over $100!!!