The impressive market growth of cannabis during the last few years makes it a lucrative business for anyone who is looking for a new business venture. The legalization of marijuana for medicinal and recreational use in many states of the US and other parts of the world has brought billions of dollars to the cannabis industry. In 2016, there was a 30% or $6.9 billion increase over the previous year and is expected to rise to $21.6 billion by 2021 according to Arcview Market Research.
If you’re thinking of joining the bandwagon of entrepreneurs who want to explore this fast-growing industry, here are the top business ideas to consider:
Plant-Touching Cannabis Ventures
- Cannabis breeding. It involves developing new cannabis strains and the proliferation of existing ones. You can sell the seeds to cultivators.
- Cannabis farm. Join the “green rush” and grow high-quality cannabis plants and sell your produce to processors and dispensaries.
- Manufacturing of cannabis products. Turn the harvested cannabis flowers into useful products like concentrated extracts, topical creams, and edibles. You can use Mr. Hemp Flower as an inspiration.
- Setting up a dispensary. Become a distributor of the finished products. Bridge the gap by becoming a cannabis supplier to local vendors.
- Logistics and transportation provider. Start a delivery service to transport cannabis flowers, products, or equipment from farms and distributors to buyers.
Ancillary Cannabis Businesses
These types of ventures support the plant-touching ventures but are not directly involved. Ancillary businesses are less regulated and much more diverse.
- Capitalist or angel investor. Use your extra cash to invest or give out loans to business owners who need funds to expand their operations.
- Packaging and design business. Every cannabis product needs an eye-catching label. Offer your services to manufacturers and distributors who like unique branding that enhance the product’s shelf appeal. Create safe and specialized packaging solutions that keep cannabis products fresh.
- Security. Consider setting up a security service that offers on-site security guards or security tech systems such as surveillance cameras and tools, armored transport, and secured storage.
- Equipment. Cultivators and manufacturers need machines for the extraction, processing, and preservation of their products. There is also a big demand for innovative machines that will make cannabis processing more efficient and easier.
- Construction. Be a contractor and offer your expertise in the construction of cannabis dispensaries and facilities that adhere to the strict laws and regulations of the state.
Creative Cannabis Business Ideas
- Business consulting and other professional services. If you are an accountant, lawyer, researcher, or retired businessman, use your expertise and experience to help business owners comply with licensing, marketing, building a customer base, brand development, and advertising.
- Digital marketer. Advertising and marketing are vital to the success of the cannabis business. Use your copywriting and marketing skills to help their brand get the attention of the buying public and change their perception of the target audience about cannabis.
- Cannabis cosmetics and body products’ producer. Produce your own brand of cannabis-infused products like make-up, lipstick, lotions, creams, massage oils, essential oils, sprays, and balms. It is one of the most trusted and successful producers of high-quality products that harness the potency of full-spectrum cannabinoids.
- Products and accessories retailer. Sell different cannabis products like pet products and cannabis-based supplements. You can also sell pipes, bongs, rolling papers, grinders, travel containers, and other accessories for the recreational or medicinal use of marijuana. Another great idea is to offer cannabis-themed lifestyle items like bumper stickers, mugs, keychains, plates, and a lot more.
- Cannabis-laced edible seller. Use your culinary skills to make cannabis cakes, pies, hash browns, and pastries or concoct cannabis teas and beverages. You can also begin your cannabis-inspired catering business or offer cannabis cooking courses.
- Restaurant or bed & breakfast business. Offer a unique and authentic experience to cannabis enthusiasts and travelers by opening a cannabis-themed restaurant or bed & breakfast.
- Product reviewer or blogger. Use your writing talent and platform to create cannabis-related blogs and news. Monetize your website through member subscriptions, paid advertisements, and promotional deals with business owners. Provide unbiased and informative reviews about cannabis products to help potential users.
- Cannabis florist and event planner. Brand yourself as a cannabis-friendly niche event planner and canna-florist for weddings, trade shows, product launching, educational seminars, networking, or social pot events by incorporating cannabis into floral arrangements, decors, and party essentials.
- Website and app developer. Offer your web development skills for start-up cannabis businesses to help them promote their products. You can also develop software programs or mobile apps that facilitate business solutions.
- Cannabis-inspired creator. Explore your creativity by creating weed-inspired art designs, paintings, fashion apparel and accessories, videos, and photos. You can sell your artwork and create a social media club that offers art classes.
The cannabis business environment is bustling with limitless opportunities for entrepreneurs. There is a great number of B2B and B2C consumers who are looking for unique and safe cannabis-inspired products as well as service providers. So, pick any of the solid ideas above and carve your own name in this emerging industry.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius