It isn’t uncommon in the hemp industry to hear about folks getting burned. When buying or selling wholesale CBD and hemp products, whether it is hemp biomass, hemp flower, or hemp extract, there is always someone out there waiting to take advantage of you.
While there are a few online marketplaces that attempt to centralize buying and selling, none make a commitment to their users the same way Hemp Exchange does. We were tired of watching good people get scammed, and we knew the industry deserved better.
It Starts with Real People
Making deals happen in a safe manner starts with real people. Our unique verification process ensures that the buyers and sellers on the Hemp Exchange are real, have the legal right to participate in a transaction, and can be held accountable for their actions.
We require a valid photo ID and either a proof of business or a hemp license in order for users to participate in the system. Once those documents are submitted, we actually follow up with the Secretary of State and/or the State Department of Agriculture to verify those documents are real. Only then can a verified user participate by listing or buying wholesale CBD or wholesale hemp.
Real Products and Real Money
Another way we ensure transactions go smooth is ensuring the product is real and authentic. We require pictures of the product, unredacted COAs, and a proof of life via our proprietary system. Each COA is sent to the issuing lab to ensure authenticity, and our unique system for vetting proof of life guarantees the user has physical access to the product being listed. By the time any product listing is approved and made public, you know the product exists and the COA is valid.
Handholding the Transaction
No other marketplaces guarantee that what you buy is what you get… except us. Hemp Exchange can guarantee buyers will receive the product they purchased and sellers will receive their funds for products sold. We do this by holding your hand through the transaction, all the way until the end.
For smaller orders, once an offer has been accepted, the buyer has 72 hours to wire funds into our FDIC account. If they pay, we can confidently schedule shipping. If they don’t, we either give them a warning, or we ban them off the system (depending on the circumstances).
For larger orders, after an offer is accepted, we coordinate the transaction, including anything unique required for the deal to finalize such as additional testing prior to shipment, etc. Once an agreement of terms has been reached, we send out a Purchase Agreement for both parties to sign. Then we move forward with funding.
Regardless of the transaction size, we schedule shipping. All products will be visually inspected and sampled in-transit to ensure we know exactly what was sent instead of a cherry-picked sample.
Room to BreathOnce a buyer receives their product, they will have a grace period in which they can perform their own testing and vetting. In most cases, this is a 7 business-day window, but on larger deals, this window can be negotiated and written into the Purchase Agreement.
If there aren’t any problems with the buyer’s vetting process, or the grace period has elapsed with no complaints, the funds are flushed out to the seller.
In the rare event there is a concern that arose during buyer vetting, we will attempt to arbitrate the dispute and come to a fair resolution that all parties agree on. This might include us sending out samples off to our own preferred labs for testing to have a definitive result, or could result in a refund and return of the product. However, in the few instances we have had to arbitrate, we’ve come to an agreement that all parties accepted as fair.
We Have Your Back!
If you haven’t been burned yet by sellers who didn’t deliver the promised product or buyers who didn’t have the funds to follow through, a single visit to the Hemp Biz Blacklist on Facebook will give you a peek into the wild west that is the hemp industry.
With the Hemp Exchange, you can rest assured that we’ve taken every precaution to ensure the smoothest transaction possible. In order for this industry to succeed, we need to be able to transact safely. Know that with the Hemp Exchange, we have your back!