The insurgence of the Hemp industry, and the increased demand for CBD products in the United States, has brought business opportunity and job creation. Although hemp has been around for centuries, the Farm Bill officially removed hemp from the DEA’s list of Schedule I controlled substances. This brought excitement from entrepreneurs, investors and politicians alike. The signing of the 2018 Farm Bill opens up an array of possibilities including:
- interstate commerce,
- research & development
- ancillary services
- opportunities for companies to “pivot”, and
- many opportunities yet to be seen!
Traditionally people think of Hemp as a fiber. However, hemp is so much more than that. It can be used within industries ranging from construction and automotive, to foods and medicines.
Its important to remember that the hemp industry is in its infancy. Many new entrants don’t know where to begin and there is not yet historical data to research from. This is where DKB’s team can help! We have many hemp businesses in our client portfolio, as well as a large professional services referral network. We understand the varying risks and opportunities the industry faces. From business plan development, banking and insurance provider recommendations, to assisting with your financial, accounting and internal control operations, DKB can assist your hemp company in a variety of aspects and business lifecycle stages.
Some of the services we offer to the Hemp Industry include:
- Business Consultation
- Start Up and Early Phase Business Support
- Business Valuation
- Tax Planning & Compliance
- Outsourced Accounting
- Financial Assurance – audit, review, compilation
- Deal Structuring