One of the biggest risks of the hemp marketplace is its newness. So how do you develop trusted partners? It’s a process, says Charles Wellso, the co-founder of Sanitas Peak Financial and an entrepreneur with investment experience in the hemp space.
With the farming community we tend to rely on our own, Wellso says.
“You want information, you go to your neighbor, you go to someone you trust and know that you've worked with for years,” he says. “There are long-established roots.”
Many farmers don’t have that opportunity in the hemp marketplace, because it’s so new.
“I’ve seen a lot of people coming into hemp come from the pot space. And there I saw kind of the dark market, something that we're not familiar with, something that that takes caution,” Wellso says. “I would suggest going to the Department of Ag to look for recommendations. I would suggest coming to conferences, going to states like Colorado, where hemp has been established for a number of years.”
The biggest warning sign, Wellso says, is for people in a new ag state just starting to grow hemp. “I would be cautious if you're starting a new ag state, and somebody comes trying to sell something to you,” he says.
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