While the cannabis industry was estimated to be worth roughly 28 billion in 2021, that number is projected to jump to over 197 billion by 2028. With so many more people investing in marijuana, cannabis companies are likely to continue popping up all over the country.
If starting a cannabis business sounds right for you but you’re not sure which path to follow, check out these five cannabis business ideas and see which one interests you.
1. Cultivate Your Own Marijuana
If you’re someone who loves getting their hands dirty and has a green thumb, growing your own marijuana might be the right business idea for you.
You’ll need to know all the tips and tricks to cultivate marijuana successfully, including how to best take care of the plants and what elements they require to grow. If you want your business to expand, you’ll need extra time and space as well.
If you choose to grow marijuana, you’ll need a license, as well as a deep understanding of the rules and regulations regarding cultivation.
2. Run a Dispensary
Are you more of a salesperson and less of a gardener? Creating your own dispensary may be your best option. You can choose which strains of marijuana to sell as well as any specialty products you think will stand out to customers.
Team up with a marijuana farm and a weed delivery service to ensure you have the best products, and make sure you’re on top of any licensing and rules you need to follow to stay in business.
3. Make Marijuana Edibles
Maybe you’re a baker at heart who loves creating new tasty treats. Turn your foodie talent into a profit by selling cannabis in the form of edibles.
There are lots of people who don’t like smoking weed but who would enjoy the effects of marijuana as an edible, whether it’s a brownie, cookie, gummy bear, or chip. Create a few options to start and see which ones customers like best!
Opt for professional MMJ packaging to make your edibles stand out as top-notch.
4. Create Non-Edibles
Some people use cannabis in the form of a beauty product or to help ease aches and pains through an ointment or cream. If you enjoy making your own soaps, lotions, or oils, designing marijuana-infused wellness products could be your best business idea.
Selling CBD products alongside items containing THC is a great way to target those who are looking for anxiety relief too.
5. Offer Cannabis Accessories
Selling cannabis often comes with lots of rules and regulations you have to follow to stay in the law’s good graces. If that all sounds a little stressful to you, offering cannabis accessories is a good alternative.
Set up a cannabis accessories store where you sell things like bongs, pipes, rolling papers, or grinders. You can even offer marijuana-themed items such as t-shirts, cups, keychains, stickers…the list goes on!
Which of These Cannabis Business Ideas Will You Choose?
Each of these cannabis business ideas offers a unique look into the marijuana industry. When looking at the different types of businesses and trying to figure out which one is right for you, play to your strengths and choose a path that you have knowledge and experience in.
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