Cannabis is one of the fastest-growing industries, which means more and more future business opportunities are sprouting up (Pun Intended). Whether you are interested in the creative, scientific or retail aspect of the industry, there is a place for you!
There is some stigma that surrounds the cannabis industry. There is still a long way to go but people are becoming more educated and accepting of marijuana. Certain parts of the country are also more open to cannabis than others. However, finally, the tide is turning. So if you are thinking of starting a new business in the cannabis industry, here is a list of the top 17 Ideas I could think of:
1. Opening a Cannabis Dispensary
Retail stores can still be insanely profitable and it is not too late to open a cannabis dispensary. This is actually the perfect time to look into opening a dispensary, even though you won’t be one of the first people to do so you still have time to capitalize before large corporations open “Walmart Style” dispensaries. As per a report shared by Gallup, around 12% of the United States citizens consume cannabis, this number is only going to go up. Some dispensaries in Colorado and California are making millions in profits every year. The first thing to do if you are serious about opening a dispensary is check the laws in your state. I would also advise booking a trip out to Colorado so you can visit a dispensary and see how it operates for yourself.
2. Cannabis Production
If you live in a state that has legalized recreational cannabis then you already have a big advantage over other people in non legal states. Starting small is sometimes the smartest thing you can do. You can start cultivating cannabis with a very small budget while also learning about the industry. This will give you a practical knowledge that will help you if you are serious about getting into this industry as well as minimizing the risks of starting a new business. Here are some small ventures that you can get into while learning about the industry on the side.
- Breeding cannabis seeds and selling them to other growers.
- Harvesting and selling cannabis flowers.
- Cloning cannabis and selling them to dispensaries.
- Making edibles.
You can even start growing different strains of the cannabis plant as well. Just remember that cannabis farming is not as easy as it seems, again I advise to spend as little money as possible while learning about the industry. Additionally, make sure you are aware of the local laws. Being persistent and getting the right guidance can help you to cultivate a career in this industry.
3. Cannabis Events
As the cannabis industry has experienced exponential growth, the demand for cannabis themed events has also grown. You may be asking yourself, what exactly is a cannabis themed event? Well some people are really, really into cannabis. People that are really, really into cannabis will combine their love of cannabis with everything they do. Weddings, Birthdays, Cannabis Christmas Lights, Edible Easter Eggs. The number of possibilities are endless. This is a great business opportunity to generate profits while also having fun. If you are a creative person and love organizing and planning events, you can consider being a cannabis event planner. Here are some of the events that you can organize:
- Social Gatherings
- Networking Events
- Trade Shows
- Music Festivals
4. Cannabis Painting Classes
We all know that painting helps to relieve stress, but who wants to just paint..? Why not get high and paint? Wine painting classes are popular and have low operating costs. The business model of this has already been proven through wine painting classes but you might not have to do either or, you could potentially have wine and cannabis. If you have an artistic background this could be a great way to combine your artistic passion with a profitable business. This concept is becoming increasingly popular, especially in the states where marijuana is legal. This business model doesn’t just apply to painting, any other similar businesses, including video gaming, pottery classes, cannabis meditation, and yoga would also potentially work.
5. Starting a Business of Edibles
Edibles have always been popular and I don’t think that popularity is going away anytime soon. Due to the nature of making edibles they have always been harder to acquire. Edibles have a reputation of always being super powerful, it’s because of this reputation that some people have a disdain for edibles. There is a market opportunity for “weaker” edibles that people may enjoy more. Edibles may also be a healthier way to consume cannabis due to the fact that you are avoiding combustion. Here are some foods that would be great if they were combined with cannabis.
- Chocolate bars
- Peanut butter
Generally, you can infuse most of the food products sold in stores with cannabis. Also, you can choose to sell healthier edibles, which may include vegan, gluten-free, and sugar-free products.
6. Security Services
Due to cannabis being illegal on a Federal level, many financial transaction processors and banks do not do business with any company related to cannabis. Cannabis retail stores are so profitable that in retail stores there are often armed guards. If you have a military or police background this could be your in for this industry. These services are highly essential to protect the cannabis business from thieves. Below are the types of security services needed in the cannabis industry:
- Video Surveillance
- On-Site Security
- Secured Storage of Products and Cash
- Armored Discreet Transport
7. Cannabis Consulting Services
There are a lot of people out there who wish to start their cannabis business, but some of them have no experience, and I mean no experience… Starting a new business is a giant task. Starting a cannabis business venture is an even bigger task. The laws and regulations surrounding the industry mean that you can get yourself into some big legal trouble very quickly. If you have a legal background, this could be a profitable strategy for you. You don’t need to be a lawyer to do this however if you have first hand knowledge and have worked in a cannabis retail store you would be a valuable asset for anyone looking to break into the industry. Keeping track of the changes in the landscape of the cannabis industry is surely not easy, and it can get exhausting and confusing for entrepreneurs who are trying to break into this field. So if you are experienced and know more about the cannabis industry, you can start your own marijuana consulting service.
8. Making Cannabis Accessories
Getting a license to sell cannabis may not be possible, but that doesn’t mean you can’t get into the cannabis industry. If you can’t get a license, you can always sell cannabis accessories. This is a great idea for cannabis enthusiasts who have a unique taste and excellent marketing skills. However this industry is a lot more crowded and much more competitive. This market may be much more crowded however I believe that the cannabis accessories market is going to grow as a whole. You may only be able to get a tiny slice of this market but if the market continues to grow you could make some real money. Here are some of the cannabis accessories that you can sell:
- Rolling papers
Choosing to sell cannabis accessories will help you to keep away from the potential legal risks of distributing and selling cannabis.
9. Become a Cannabis Florist
Today, people who love arranging beautiful bouquets, including traditional florists, have started creating bouquet arrangements using cannabis plants. Creativity like this is a great way to get into this new industry. Also, a cannabis floral display is a perfect way to add charm to weddings and other celebrations. These unique bouquets will have your guests talking for years. Another great thing about this business is the low cost of entry. Why compete against giant soulless companies when you can create your own unique boutique business. So if you are good with flowers, you can start your own business and become a cannabis florist.
10. Produce Cannabis Cosmetics
The cosmetics industry is ENORMOUS. Cannabis has also found a place in the massive industry of cosmetics, and it’s doing exceptionally well. This is because new research has revealed tons of health benefits of using cannabis-infused cosmetics such as balms and skin creams. Also, using cannabis oil helps to fight inflammation and is excellent for people who have arthritis, chronic pain, etc. So if you are thinking of a cannabis business, then you can start producing cannabis-infused cosmetic products while focusing on its curative and protective properties. The cosmetics industry is a brutal cut throat industry but there is a lot of money to be made. You may have success in this industry by using a heavy social media personality strategy. This strategy does not work for everyone and should not be attempted by someone who is camera shy / not willing to commit to producing consistent quality content.
11. Host Bed and Breakfast
Everyone likes traveling, but it’s hard to find a hotel where you can stay and smoke, especially if you want to smoke cannabis. Would you stay at an awesome Bed & Breakfast where you could smoke cannabis? I would! If you have a house in a desirable location for travelers you could be sitting on a goldmine. This would be a great business for people who want to exercise their creativity. You can decorate it the way you want with lighting and appropriate music to create a relaxed atmosphere. Unique businesses like this will flourish in the future of legalization, why compete against massive companies when you can manage a profitable business with very low entry costs.
12. Start a Cannabis Delivery Business
Firstly people are already doing this. If you don’t have the ability to build an app by yourself stay far away from this. If you do have an app development background then please continue reading. However just because you can build an app doesn’t mean that you will be able to make a delivery company profitable. After building the app you need to do is contact local dispensaries or farms and find out the best places to purchase strains of the plant. However this is all the easy part, getting customers to download and consistently use your app will be expensive and difficult. Remember, you need to get your business registered with the state before you go any further. I would not advise people to do this as a business venture however if you are able to do this successfully, you will become very very rich.
13. Become a Tour Guide
You may ask yourself who would want to go on a tour of cannabis facilities? Well lots of people are still paying big bucks to look at the “homes” of “celebrities”. With the rise of open use of cannabis and the increase in cannabis reform victories, people want to see what cannabis is all about. A great aspect of this potential business is that your costs are very low. So if you live in an area or city that is known for several cannabis destinations, you can provide a tour guide service to take tourists to these popular cannabis destinations in your state. Showing cannabis dispensaries and farms to consumers, and making them participate in different cannabis activities available in your city can be enjoyable and profitable at the same time.
14. Start Working as a Cannabis PR
When it comes to getting national press coverage, nearly every marijuana business faces this challenge. So, if you are skilled in Public Relations (PR) and have a reliable network of reporters and journalists, you can add value to many businesses across the cannabis industry. Today, many cannabis businesses are fighting hard to go mainstream and get coverage beyond insider publications. By handling PR for such companies, you can help to dismantle misinformation and harmful stigma that has been around for way too long, thus, educating journalists and writers at the same time. You might even be able to find a job working for a political organization. Many pro-cannabis organizations need talented employees to create content and do generalist PR activities.
5. Provide Safe Packaging for Cannabis Products
Every gram of cannabis sold will need to be packaged properly. While packaging is not as fun as other industries in can still be insanely profitable. It’s important that marijuana products are stored properly as to increase the life of freshness. By extending the shelf life of cannabis through your unique packaging you could save store owners a lot of money. If you are familiar with the process of packaging, you can start providing packaging services for cannabis products. Keep in mind that most retailers need childproof and protective packaging solutions.
16. Social Media Marketing
Today, every business needs social media marketing professionals to promote their products and services online. Therefore, if you are good at handling social media accounts, provide your services to help cannabis businesses. Proper social media etiquette is constantly changing. If you have the abilities to make a viral video you could be worth your weight in gold. Contact the business owner you are interested in working for over social media to demonstrate your skills. Like it or not social media is here to stay.
17. Launch Unique Cannabis Clothing Line
If you are a fashion enthusiast, there would be nothing better than coming up with your own clothing line. Most stoners out there love to wear cannabis clothing. So if you can provide them with high-quality cannabis-based clothing, they will turn into regular customers and will even spread the word amongst their friends. Remember, stoners tend to demonstrate their love for marijuana through their clothes. When it comes to marijuana-themed clothing, you can create everything, including t-shirts, pins, jackets, socks, leggings, ties, and more. This business idea will enable you to accommodate all the requirements of your customers and make a huge profit in the process.
The Cannabis Industry Has an Opportunity for Everyone
The cannabis industry is booming at present, and this is the right time to start your own cannabis business. The 17 cannabis-friendly business ideas mentioned-above are the best ideas I could think of but that doesn’t mean there aren’t other gems waiting to be thought of. Before starting your cannabis business, you need to consider several factors, such as your interest in the opportunity, the amount of investment to be made, the ease of starting a marijuana business, and more. Also, you need to find the licensing requirements in your state. Once you have done that, you are ready to build a new career and a profitable future in the cannabis industry.