Why We Built the Hemp Exchange

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Nearly everyone who has been involved in the hemp industry prior to the Farm Bill has been affected in one way or another by fraud. Those who are new to the industry in 2019 are just starting to get a taste of it.

At a minimum, farmers, processors, and product manufacturers are wasting time on those who can’t deliver the money or the products they claim to have. At worst, they’re being flat-out robbed as they send out money for products that will never be delivered, or they ship an order after receiving a down payment but never receive the rest of their funds.

Browse through the posts on the HEMP BIZ BLACKLIST Facebook group and other groups to see the frustration and anger being experienced in this industry. Following are several quotes from posts in that group with names redacted for examples, typos included.

  • “[redacted] and [redacted] stole 160,000 in my county alone. They took deposits on clones and delivered absolutely nothing.”
  • “[redacted] informs me that the 90k$ in seeds they purchased, only 10% sprouted. I sent them final invoice and was blocked.”
  • “[redacted] LAB. Misappropriated funds from our client: $900,000 and never produced goods!!!!!!!!”
  • “Beware of [redacted] Hemp Farms! Everything was good until he got his $ … and now I’m blocked and no package.”
  • “[redacted] LLC run by [redacted] of [redacted] Colorado took $70k for 12 kilos of isolate we ordered on 11/16 with a delivery date of 12/3. We ended up getting only 5 kg delivered to us by the end of December with repeated promises of 7 more kilos to come. Well, ten weeks later we have no more isolate to show, and have now just been paid $15k of the $40250 owed . As recently as last Friday I was told we would get paid at least $27k. The guy just does not care and should be avoided at all costs.”
  • “Beware of [redacted]. Located in Chicago. He stole $18,500 from me months ago. Sold me hemp and isolate and NEVER produced the product. And never refunded my money.”

Everyone Deserves Better

When we first learned about the rampant fraud and scamming in the hemp industry we knew we had to act. With our backgrounds in farming, logistics, health care, finance, tech, and marketing, we knew we could build a business that would protect legitimate buyers and sellers.

Just to name a few of the ways we protect the industry that is unique to our platform, we:

  1. Verify every single user on our platform by requiring IDs, business licenses, and state agricultural licenses (depending on the state);
  2. Verify every product listed by requiring COAs and product photos including a photo of the listed product with a printout of the QR code that we provide for that listing;
  3. Verify the accuracy of every COA with the lab that created it;
  4. Require payment in full to our FDIC bank account within 72 hours of an agreement being reached;
  5. Collect a sample of every shipped product in case there is a dispute; and
  6. Allow the buyer seven days to verify the product they received before closing the transaction and delivering funds to the seller.

It is our mission and our highest priority to provide the safest place to buy and sell hemp products. We want our clients to be able to focus on their businesses and perfect their products; not playing detective and wasting time looking out for scammers.

White Glove Service That You Deserve

Another way we combat the disfunction is dedicating an Account Executive to each client. When you signup, you will get the name, email, and phone number of your very own rep. Have a general question about the industry? Need help submitting your product? Have a question about a shipment? Your Account Executive is there for anything you need.

Existing Marketplaces Missed the Mark

When we began R&D, other marketplaces existed. What we found, however, is that none of the existing marketplaces were doing much more than a glorified craigslist. They were not doing any vetting and they didn’t handle any of the transactions. They basically let you list your product (including fake products), and then let you figure it out from there.

While this was a step in the right direction – consolidating products in one location was needed – it was leaving the existing problems in the marketplace unsolved. You have no proof that the product exists or that the COAs are authentic. Even if they were real and authentic, there was no help with protecting the buyer or seller during the transaction. Even if the money was transferred fairly, shipping was still a nightmare.

For these reasons, we decided early on in our development that we would handle the complete transaction, from start to finish. We ensure that the product you buy is the product you receive. If it isn’t, you can return it. And if you are the seller, we collect payment before you ship your product, so there is no opportunity for a failed capture of funds.

From start to finish, we are here for you. With built in protections, extensive vetting, relationships with every State Agriculture Department in the country, and the highest level of expectation for service, our only priority is making things easy and safe for the good actors of this industry.

We've got your back.

Join the only marketplace who's sole intention is to protect you and create a safe environment to transact products. Rest easy. We got you.

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