Cannabis is going through a much-deserved reputation makeover. Although still frowned upon in many places, its use is becoming less of a taboo as days go by. An increasing number of researches are proclaiming its benefits. At the same time, its growing following is becoming more vocal in their support.
Needless to say, the cannabis industry is expanding. Along with this growth comes the creation of new sectors and additional jobs. Not only tempting to users, marijuana is a promising trade that’s been attracting the workforce and entrepreneurs.
5 Ways To Make Money Off Cannabis
The flourishing weed industry presents a lot of business and employment opportunities. To jump on the bandwagon, people must consider skill set and, to some, budget.
Those who are looking to profit from this trade must decide which path to take. Not to worry, though, as the common routes available are vast and varied.
The skyrocketing demand for cannabis requires constant and reliable sources of supply. As the market will only expand, going into the commercial grow operation is certainly an option.
There are plenty of hoops to go through before one could start a canna-business, though. Not to mention, growing cannabis plants or setting up a farm requires a lot of skills and money.
Build A Start-up
Cannabis-based businesses are opening left and right following the legalization of weed in various states. As the industry is still growing, many roles are yet to be filled, which can be lucrative opportunities for those with an entrepreneurial mindset.
A cannabis dispensary is a shop that sells cannabis products that are either for medical or recreational use. A medical dispensary is government-regulated, and it only exists because marijuana in whatever form cannot be purchased in pharmacies. On the other hand, an adult-use dispensary sells products for recreational purposes. As the leisure use of weed is only legal in a few places, entrepreneurs should check with the state first before setting up a dispensary.
A dispensary is just like any other retail business. Its success depends on the location, products, prices, and target consumers. There are the usual factors to consider as well, such as the inventory, staff, and the likes.
It is important to note that any interested party would have to shell out a large amount of money for this venture. Licensing fees and such are hefty, usually going beyond $10,000. The state might also require a working capital of hundreds of thousands of dollars.
The cannabis industry is about more than just growing and selling weed. Other fields with an entirely different specialization can also profit from it. Entrepreneurs can build a firm that will cater to cannabis businesses.
Cannabis-based companies require the same services other business need. This can span from financial services to digital solutions, from payments processing to logistics planning, and such. While there are already big-name companies that can provide these services, many are often hesitant to get involved with such a controversial commodity. For this reason, there’s plenty of opportunities for start-ups.
As entrepreneurship is not for everyone, those who would like to be in this industry must seek employment. Most positions are unique to this line of business and, thus, require cannabis-related skills.
Rolling a joint is an art, which is why there is a demand for professional joint rollers. With pre-rolled joints being a staple in any shop, dispensaries are always on the look-out for those who know the proper techniques of rolling. Although machine-rolled joints are available, most still appreciate the kind of care that goes into hand-rolled ones.
If bars have bartenders and cafes have baristas, cannabis shops have budtenders. This occupation makes recommendations based on the customer’s preferences, allergies, and issues. As such, the position calls for advanced knowledge of the different cannabis strains and weed-based products.
Clinical Test Subject
This job entails getting paid to sample weed, which some may consider a dream job. Due to the legalization of medical marijuana in many different places, the number of paid clinical trials is drastically increasing. There are more opportunities now to participate in a study, but the competition is tight and prerequisites are strict. These studies have specific requirements, such as age or illness.
Pot photographers are mostly self-employed individuals who earn money by booking gigs or selling photos. Photography is an ever-important medium in almost every business, so people with the right skills and the drive to succeed will still be able to find money-making opportunities in the cannabis industry.
This role is only getting more critical each day what with the ever-growing presence of marijuana in all sorts of media. The boost in demand for high-quality shots is something that many talented photographers can take advantage of by selling and licensing photos of cannabis.
Pot photographers can also start by building a portfolio and a name for themselves. Posting on online platforms like Instagram is a great way to gain a following, which will further attract clients and freelance jobs.
Writer Or Reviewer
A considerable number of people turns to reviews or recommendations before buying a product, and this remains true for marijuana. If one has a way with words, this talent can be monetized by writing informative articles and reviews about the different strains, products, effects, and other weed-related things.
Those who want to get paid to use marijuana can also look into this opportunity. Different variants produce varying effects, and covering these topics are helpful to people using or interested in trying cannabis. Reviewers or critics can also earn money by booking gigs or by running a blog. Some can even get a regular job doing this.
Invest In The Stock Market
Some marijuana companies are now listed on major stock exchanges in the U.S. and other countries. This gives people a chance to put money in this industry without having to be directly involved with it. While the cannabis industry does not have the equivalent of Google, Apple, or McDonald’s yet, this only means that its growth over the next decade is going to be explosive.
The logical thing to do is to invest right now to reap huge benefits in the future. Of course, investors should not forget that investing has risks as stocks could also dip.
Another way to let the money do the work in this industry is by being an angel investor. This would require more participation on the investor’s part, but it can be less risky and more advantageous at times.
Producing and supplying products to dispensaries is a lucrative business. As the industry is still growing, there is a lot of opportunities to enter the market by concocting edibles, concentrates, and other items.
It should be noted that making these merchandises require extensive knowledge about the plant along with the state laws regarding manufacturing and selling. Moreover, creating oils and other concentrates can be dangerous due to the chemicals involved.
Consumables are not the only products that a cannabis shop need. Making and selling accessories are also a great way to capitalize on the booming industry. Glass peripherals, for example, are expected to further increase in demand as marijuana becomes legal in more and more places.
Fortune Favors The Bold
The cannabis industry is a goldmine of opportunities that demands time, hard work, and dedication. As with other trades, being careless and lacking the proper knowledge may lead to failure. Hence, doing thorough research is of utmost importance. Speaking with a lawyer to better understand the federal and state laws governing the use, sale, and production of cannabis and marijuana-based products is also a must. Although seemingly daunting, remember that fortune favors the bold, especially in this kind of trade.