Beauty Independent reported this summer that vendors were having problems receiving payment on invoices from CBD retailer Standard Dose. Recently, the website was down, and founder Anthony Saniger's LinkedIn profile was updated, indicating the retailer is out of business.
WHO: Standard Dose was founded by Anthony Saniger in 2019, right after the Farm Bill federally legalized the trade of hemp. The retail concept launched with a highly curated offering of topical and ingestible CBD brands vetted using a three-pronged process. Every brand was required to provide lab tests for each product to ensure the actual CBD contents matched those indicated on the packaging, before submitting everything to a third-party lab for a second round of independent testing.
WHY: The state-by-state regulatory variations on CBD-centric e-commerce online advertising and the challenges and costs associated with payment processors added pressure to an already challenging economic environment for start-ups.
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