The legalization of cannabis has led to the boom of a new crop of business for entrepreneurs and the most common of all has been the establishment of a cannabis dispensary. There is however so much more that can be done within this lucrative industry. The cannabis industry has been in existence for a really short while and with its inevitable growth as more states legalize it, comes numerous opportunities for profit-making. As an entrepreneur, you’re wondering how you can cash in on this and make a killing. Just like in every other business, you have to map out the demand in the area that you seek to set up your business as well as your unique selling proposition that will set you apart from the rest.
Right here we have gone through the lengths to find out the most viable cannabis-related business ideas that you could choose to delve into as you take a leap of faith into this young budding industry. All you have to do on your part is ensuring that you’ve adequately dealt with all the legal requirements needed to allow you to create and operate the business of your choosing.
Top 11 Cannabis-related business ideas to start with
There are various opportunities to be exploited within the cannabis industry. Some of them involve dealing directly with the cannabis plant itself while others focus on support services to aid growth within the industry.
Modeling Cannabis Dispensaries.
This idea comes to mind as more and more people are seeking ways to distribute these products. I strongly believe that architecture had not factored in the construction of cannabis dispensaries as one of the niche markets that they would be serving and with this comes a huge gap that needs to be filled. If you’re in the designing field, this might be a worthwhile endeavor to undertake. Entrepreneurs will be looking to you to help them create safe spaces that are aesthetically pleasing and convincing to the customer and that will help them drive sales within their dispensaries. It will be your responsibility to help create that customer experience that is so necessary within this business. If you’re looking to become one of the sought-after designers taking the cannabis industry by storm, this idea right here is a worthy contender.
Establish a Cannabis Farm
The legalization of recreational and medical cannabis has created an unprecedented demand for high-quality cannabis. All the dispensaries that are sprouting up in the major cities have to have their shelves stocked up with the promise of premium and approved cannabis provision to their customers.
Become a grower. There are strict rules and regulations to be followed to reap benefits from this particular endeavor and just like in life we know nothing good comes easy. Firstly, the acquisition cost for the cultivation licensing is extremely costly and, in some cases, it may be necessary to apply for a lease on a property before you can apply for the cultivation licensing. These are just a few examples of the hurdles that you may have to jump before you can truly reap big on farming cannabis and this idea right here is a winner once you learn all the moves and play the game right.
Start a Cannabis Consulting Service
The regulations surrounding cannabis are very dynamic and vary from state to state. It is therefore improbable that people have all the necessary information that is needed to make an informed decision without the need of speaking to a specialist. That in itself creates a gap that needs to be filled while making crazy amounts of money.
For anyone seeking to establish a cannabis farm, what are the bare minimums that they need to have covered? Having this service instantly makes you the most important person to them at that particular instance in time and in essence a huge enabler of the development of the industry because you’re ensuring that things are being done right and inevitably growth will occur as a result of the activities being undertaken.
Launch a Head Shop
Cannabis enthusiasts are excited to finally have the ability to express themselves with the newly gained freedom of legalization of recreational use and in order to do this, they need to have accessories that allow them to do so. The choices can range from a grinder, a joint rolling and filling machine, a bong, a dab rig, a vaporizer, a hand pipe or even a bubbler, among many other things.
This selection just goes to show you how diverse the market is and the possibility of the offerings. The best approach to launching a successful head shop would be to open it right next to a cannabis dispensary so that the customers leave the dispensary as they enter your shop.
The beauty about this particular type of business is that you can choose to focus on a specific type of accessories and build up your brand on that and cement yourself in the industry as an industry leader in that regard.
Provision of Delivery Services
A lucrative business idea with more and more people seeking convenience and wanting to avoid the hustle and bustle of leaving their houses is the provision of delivery services of either cannabis or accessories to one’s home.
There are many customers that have already settled on the kind of products that they want to use and just need it to be delivered to them at the comfort of their homes. This business allows you invaluable insights as you get to discover the most popular brands and products that real people prefer and with this information, you’re able to make smart business decisions and partner up with organizations to offer your clients great deals.
The most amazing thing about this business is that the products that you’re dealing with are not bulky and thus you’re able to start with any mode of transport and eventually scale up as you grow.
Software Development for Bud Businesses
Technology has transformed industries the world over and the same concept goes for this young industry. Cannabis-related businesses that have already been set up have real technological gaps that need to be fulfilled so that they can run their businesses efficiently.
The onset of a global pandemic made it very clear that any serious business entity without a functional website is bound to experience natural attrition and end up being phased out by those that have moved with the changes within the marketing landscape.
There is a need for the creation of websites that allow customers to easily check and compare the prices and range of products that are on offer by different suppliers. Mobile applications that may serve to solve informational needs for those using cannabis for medical purposes or for those searching for a cannabis dispensary near me or even those that may just seek to connect with other cannabis users and share experiences are an emerging need that needs fresh thinkers to innovate and create. The possibilities within the technological field are endless.
Food Service Industry
With more states looking into legalizing cannabis use, there is increased acceptance amongst people on the use of cannabis and it has begun to shed the stigma that was attached to it being recognized as a drug. This shift has created a niche market that is bound to grow in leaps and bounds.
Enthusiasts are excited and willing to spend money on new food-based experiences related to cannabis. Are you able to kick things up a notch through the creation of cannabis-inspired menus that can feature desserts, drinks, as well as a variety of main courses? There is a whole new world of individuals that are banking on your creativity for their wishes to come true.
Extensive research on what is on offer and market research on the unique value that you will be bringing to the market is sure to help you start things off as you establish yourself as a catering force to reckon with before the market gets saturated.
Beauty and Cosmetics
Research has shown that we can derive a myriad of health benefits from the incorporation of cannabis products into our regime. The skin is the largest organ in our body gets to have the most immediate impact from this discovery.
The infusion of hemp into a variety of products such as balms or creams has been received with a lot of positive reviews from customers hence creating the need to have more of these types of products in the market. The qualities that are currently being lauded with the use of these products is that they have inflammatory properties, they help soothe muscles, and have unrivaled pain-reducing properties, all these while helping you achieve relaxed and radiant skin.
When you really think about it, who doesn’t want to look nice using natural plant-derived products that function to help you achieve more than one positive result? This idea right here is a potential goldmine that has numerous possibilities to be exploited.
Establish a Bud Airbnb
Vacation times are the most ideal, most preferred times for cannabis enthusiasts to consume it. At this time, they are relaxed and have adequate time to experiment with various things and test out new waters. The biggest impediment for them is that most hotels disallow the use of cannabis within their premises and being tourists, nobody wants to take a risk and get caught on the wrong side of the law.
With this current situation, an opportunity for out-of-the-box thinkers presents itself. With the current innovative trends and enabling technology, you could become one of the pioneers who set up accommodation that is conducive for cannabis enthusiasts. Being a liberal community of individuals, it is inevitable that word will spread quickly about your venture, and within a short while, you will have a robust Airbnb business that will continuously provide a good amount of revenue.
Cannabis Product Packaging Specialist
This industry is riddled with rules and regulations especially with regards to the packaging of cannabis-related products. The packaging must be opaque, resealable, and child-resistant, minimally appealing to children, have the correct size of labeling amongst a myriad of other regulations that vary from state to state.
Position yourself as the go-to person whenever a new entrant gets into the market and is looking for someone to help them get the packaging correctly. In this role, you are assured that you will never miss business because the market has changed and customers are always looking to get the best value for their money, and suppliers to need to sell. You will always have someone knocking on your door for your services.
Host Cannabis Enabled Social Events
Are you a super planner that enjoys bringing people together to take part in certain activities? This business idea would be a perfect match for you. Cannabis enthusiasts like socializing and having a sense of camaraderie. Most times individuals within this sphere desire and yearn for the need to have connections with people that understand them and that they can relate with but have no clue on where to look for them.
You could come in as the connecting factor and organize as well as host a myriad of events with participation in them coming at a fee. It could be painting, yoga, massage sessions, the possibilities are endless. The one thing that you need to ensure is that you make it clear that there will be cannabis involved and a definite good time.
When you really sit down and think about it, this industry has brought about options for individuals that are interested in seeking alternative forms of healing and wellness other than the traditional forms that are already established. Becoming a forerunner in an industry that has been estimated to grow in revenue in quantum leaps will probably be the best business decision you might ever make. As your buddy, I encourage you to evaluate your options, determine your best fit and dive right into the most lucrative industry yet.