How to Make Money in the Cannabis Industry
Cannabis sales can reach about $17 billion in the US alone this year, according to BDS Analytics and ArcView Market Research, and that’s thanks to its legalization in more states. Business models are expanding as new opportunities are legalized. For instance, in many places in Europe it is now legal to purchase marijuana seeds on the internet. So if you’re looking to profit from pot, check out the following ways to get started.
Investing
The marijuana business is one of the emerging industries in the world.
In the US and Canada, you can now find different cannabis-related companies are already listed on stock exchanges.
Several companies in the US are attracting venture capital money along with exchange-traded fund. There are now over four dozens of weed-related stocks.
To make money, you can buy stocks or use an ETF.
You can expect stocks to become a long-term investment in the cannabis industry. However, it will be wise to diversify to reduce the risk by not risking everything on one endeavor.
On the other hand, you can use an ETF, which is designed to secure the large stockholders and give them a stable and steady return.
You might also want to buy a commercial cannabis operation, such as in the medical cannabis markets. Choose a company with expansion plans and can handle future weed alternatives. But just like in stocks, you should diversify your portfolio.
Offering business services to dispensaries or cultivators
If you don’t want to be a part of the supply chain, like for CBD products, you can still make money in the industry and contribute to the canna culture.
You can still profit from marijuana even without having contact to the plant.
One of the ways to do that is to offer services to those involved in the grower and dispensary sectors.
Did you know that these businesses also need support to keep their business running just as any other business does? They also need POS software and cannabis SEO help that can accommodate marijuana-based businesses.
For example, digitalizing a business requires a dedicated SEO agency that can tailor a specific plan and execute to promote and market it online.
But even if you don’t exclusively focus on growers, dispensaries or delivery services, you can still come up with unique offers like….
- Trademark and patent law services for cannabis businesses
- Real estate for dispensaries
- Financial and banking services for dispensaries
- Social media management and blogging
- Video production and photography for dispensaries
- Interior design and custom furniture
- Insurance services
- Market research
Entrepreneurship
Another way to make money in the cannabis industry for those who have the drive and motivation to innovate is to open a paraphernalia shop or a dispensary if pot is legal in your state. The Ann Arbor Dispensary in Michigan is an excellent example of this method. They have become very successful and are known for their high quality products and service.
You might also want to open a retail shop with focus on selling edibles and cannabis oils or try a paraphernalia shop for cannabis devices like vaporizers and vape pens.
However, consider the licensing fees and state applications as well as working capital. Some states may also require $100,000+ on hand.
Find Profitable Jobs in the industry
While weed is a new sector, it is a promising one that offers many jobs.
According to Whitney Economics and Leafly, the US alone now has 211,000 jobs for fulltime cannabis workers.
While the positions vary, you can still find one that can pay well depending on your skills and the ways you’re marketing yourself.
One job available is for a budtender and trimmer, who cleans and beautifies the buds before selling them.
While it might sound like a boring job, it pays well. You’ll also give advice to customers about the different strains and ring up customers.
Or if you have a specific knowledge base about the cannabis plant and special certifications you can be a marijuana doctor.
If you want to make money in the cannabis industry, try investing, offering services to dispensaries and growers, working in the sector or becoming an entrepreneur. The choice is yours.
