Marijuana is one of the most trafficked, cultivated, and used drugs. Its push for legalisation both abroad and at home continues to grow and garner significant business ideas and attention from its manufacturers, investors, and researchers.
The legal marijuana industry in the US is estimated at $13.6 billion as of 2019, including 340,000 jobs. By 2025, the US cannabis industry’s market value is projected to hit $30 billion annually. Not all countries and states have legalised marijuana, but the few states and countries that have done so have set the pace for those yet to do so.
For instance, the total number of states that have legalised it is 35. Columbia has made marijuana legal for medical use. Out of the 35 states, 16 allow adults to use the substance for recreational purposes as of April 2021.
This massive boom of marijuana strains and infused products gives businesses an enormous opportunity to thrive with new business ideas and promising profit-making. Here are some fantastic business ideas you can capitalise on.
Small business ideas for cannabis
Most people with a passion for the industry will likely think about a cannabis farm. If you don’t care about getting your hands dirty and following many rules and regulations that concern the purchase of cannabis seeds, you could opt for marijuana cultivation.
On the other hand, your taste could be far from the cultivation of marijuana and closer to the dispensary’s business plans. Either way, both business ventures are regulated highly at the state level and need special licenses.
Thus, it would be prudent to consult a local cannabis attorney to ensure you better understand the regulatory environment you want to venture into. For instance, some states would demand proof of at least a million dollars of available cash before handing you a dispensary license.
If you see that the stakes are too high in getting involved directly with the plant, you could try plenty of ancillary marijuana businesses that are available. These business ideas include the following.
Cannabis labelling and packaging
Did you know that packaging can be as profitable and essential as its product? That is especially when the market of the industry grows every day. Many companies producing different strains of cannabis continue to come up.
Thus, there is a huge market for packaging out there. With the thousands of other products of cannabis available, you will always have a lot of room for innovation and creativity.
There are just too many opportunities with cannabis and technology. There are many opportunities ranging from research and development to marketing automation platforms.
You could also venture into the area of application-based weed delivery services and the area of inventory compliance software. When it comes to marijuana and technology, the sky is the limit, and you can never run short of ideas or markets.
What about the equipment, technologies, and supplies which assist in cultivating and producing cannabis. It represents another massive sector of opportunities in the cannabis industry. With the growing industry of cannabis, there is a huge need for technology and equipment which could make production more efficient, cheaper, and faster.
You could also venture into the tools for marijuana like vapes, where you could develop the best vaping equipment in the market. As cultivators intend to ramp up and streamline their operations with high demand, Agtech will always grow.
Professional sector in canna-business services
There is a big market in professional canna-business services. If you are a professional already, you have a lot of chances and opportunities whether you are a PR professional, marketer, attorney, or accountant. You could develop your services niche by making your focus the cannabis industry.
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Cannabis accessories, staffing services, event planning, and consulting services
How about the accessories of marijuana like the dab rigs, vaporisers, and bongs. Since marijuana has many applications, the selling of accessories could be an entire market or business. You can also be a great resource in the area of the laws of your state concerning cannabis-related accessories.
Away from marijuana accessories, event planning is also another massive area of opportunity. If your specialty is event planning, you could develop business planning festivals, parties, and tradeshows, among other events in the marijuana industry.
Even private events like weddings and birthday parties could be conducted with a marijuana flare. How about being a consultation specialist? You could offer consulting services to startups and other businesses since many entrepreneurs are willing to pay handsomely for expert advice.
At the moment, there is an excellent need for industry-specific staffing. Therefore, you can establish a recruiting company to help match canna-businesses with highly qualified employees.
It is more advantageous to choose an ancillary canna-business venture because, generally, you will not face similar strict regulatory as hurdles those planting the product. If you have your facts right concerning the regulations of cannabis; you are good to go.
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