Are you a cannabis enthusiast interested in investing in this growing marijuana industry? Well, I won’t blame you if you are as this industry is continuing to grow exponentially as more states legalize the use of this “royal herb”. In fact, if you’re an investor or simply an avid cannabis smoker, I think this is the best time to be alive as this industry is growing like wildfire.
If you can consider the U.S. alone, the majority of the states have already legalized cannabis for medicinal use with a few of them allowing it to be used for recreational purposes.
In 2016 alone, the cannabis industry grew by a massive 30% and is projected to grow even further in coming years. Although the industry is still in its infantile stages with so many gaps waiting to be filled, the industry is expected to create numerous business opportunities to most people especially those planning to kick-start their lives as cannabis entrepreneurs.
The path to success in the cannabis business is not as smooth as you may think as there are steep tax rates, confusing laws and unforeseeable roadblocks you need to adjust to. With that said, here are 9 cannabis business ideas you can think about if you’re really looking for a smart way of making money in the cannabis bracket.
1. Interior design
If you’re eyeing to start a business around the cannabis world, then one business idea you need to think of is investing in the cannabis interior design. Due to a rise in demand for cannabis in recent years, a few talented professionals in the retail design arena have studied how to revamp this industry with modern layouts and decor that will attract cannabis customers to dispensaries.
2. Cosmetic business
Having been legalized for medicinal use, cannabis in the cosmetic industry is growing at a fast pace. This huge development has been marked by numerous researches that have revealed the anti-inflammatory benefits of THC and CBD.
Therefore, if you’re planning to invest in the cannabis world, the cosmetic business is surely one surefire area you can put your money. Whether it’s medicinal topical, regular beauty products or body shop products (balms and hemp-infused creams), the cosmetic industry is one area you can surely invest on.
3. Advertising and PR
The cannabis industry is becoming more competitive as more states legalize its usage. To win a large market share, most cannabis companies are marketing themselves to gain the upper hand.
Just like how emerging businesses look out for professional designers, marketers and branding experts, most companies in the cannabis industry are searching for marketers to advertise their businesses to push their products and services to the masses. If you’re an advertising business, this is one area you can really grow your business around the cannabis world.
On the other hand, if you’re a PR expert, you can decide to enter into the cannabis sector by educating the masses about the positive side of cannabis to eliminate the harmful stigma and misinformation that has long been circulating around the cannabis world.
If you’re an entrepreneur planning to break into the cannabis world, there are tons of regulations you need to adhere to. You need to understand how cannabis is produced, handled, packaged, and sold. You also need to learn about market trends, branding and regulatory compliance.
In case you’re a cannabis expert with extensive knowledge about the entire industry, you can opt to position yourself as a cannabis consultant to help new businesses establish themselves around this industry’s hurdles.
5. Edibles and cannabis cooking
You all know that cannabis and food go hand in hand. If you’re a passionate cannabis investor, you can try integrating cannabis with food to give avid marijuana users something unique to smile about. Here, you can think of baking cannabis edibles such as candies, brownies, cakes, chocolates, peas and peanut butter.
On the other hand, if you’re not interested in touching anything related to cannabis directly, you can think of starting cannabis cooking lessons and seminars to teach people how to cook cannabis edibles.
6. Cannabis art
The cannabis industry has supported the rise of talented cannabis connoisseurs who’ve managed to connect with the cannabis social community through creative art. By giving the youth a chance to paint high fashion and mainstream paintings revolving around the cannabis world, most of them have managed to make a living out of it by selling their paintings up to thousands of dollars.
Instead of sticking with the traditional posters, why not aid cannabis entrepreneurs in creating architecturally unique marijuana posters to set them on dispensaries, coffee shops and cannabis retail outlets?
Most businesses today rely on technology to boost sales and reach out to more consumers. In the cannabis world, the same principle applies to most businesses as they rely on technology such as apps and software to aid in online delivery. You can decide to develop various apps or on-demand online tools which can help cannabis businesses reach out to their customers.
8. Cannabis event planning
If you’re a professional event planner, one way of merging cannabis lovers with tons of exciting activities is by planning for a friendly cannabis event. Among the most exciting activities you can think of include: friendly-bike tours, stone paintings, weddings and cultural festivals.
9. Selling cannabis accessories
In case you’re unable to sell the cannabis plant itself due to fear of high tax rates, then you can decide to sell cannabis accessories to enthusiast pot smokers instead. On the other hand, following the legalization of cannabis for medicinal use, most businesses have emerged from this sector.
To take advantage of the growing market, you can decide to sell extraction and lab equipment which are greatly in demand by most upcoming labs and extraction companies.
So, if you’re an enthusiast cannabis investor searching for a creative way of tasting a piece of this cake, then there are virtually endless opportunities you can think of. The cannabis bubble is inflating by the day and the industry is expected to boom as time goes on.
Although most investors have been shying away from this industry due to uncertainties caused by the unwillingness of financial institutions in dealing with cannabis traders, new cryptocurrencies have emerged in the cannabis world that will aid in boosting the marijuana industry. With that said, what are you still waiting for?