Want to start a weed business? You're already past step one determination. Now you need a solid business plan. But before the business plan comes to the business idea. And deciding on one is trickier than it seems. There's just so much to consider – cost, legality, and even funding.
There truly is a lot of potential in the cannabis industry. But how do you start? In this article, we'll go over 20 of the best cannabis business ideas and opportunities. While we don't guarantee they will be profitable, they will certainly give you a head start.
If you're interested in starting your cannabis business, read on to get unique business ideas.
Table of Contents
- Cannabis Business Opportunities Overview
- 20 Best Cannabis Industry Business Ideas
- Before You Work on Your Cannabis Business Ideas
- Final Thoughts
Cannabis Business Opportunities Overview
The rapid legalization of marijuana across states has led many to start their own cannabis business. But should you jump onto that bandwagon too?
Firstly, know that certain cannabis businesses are illegal in certain states. Know your state laws. FindLaw has a great state-by-state legal guide on cannabis use and business. Generally speaking, there are two major sub-industries dispensaries and cultivation.
Dispensaries are the businesses that sell and distribute marijuana, either medical or recreational. These businesses build upon the local community and can deal in wholesale marijuana sales too.
Cultivation farms, on the other hand, are where the actual production takes place. They're a bit too expensive to invest in. But if you already have cultivation knowledge, it wouldn't be hard.
But that's not all you need to know. The biggest question in everyone's minds is regarding how much cannabis businesses make. It is expected that the total sales of legal marijuana will reach $22 billion by the end of 2022. And they're predicted to top even medical sales by just 2023.
Cannabis workers report a median salary of 10.7% higher than the national salary. And that's just the workers. Imagine what a CEO of such a company will be making.
That isn't to say that CBD business ideas are always going to be profitable. As marijuana becomes legal and thus more readily available, marijuana prices may drop. It can be a major slap on the face for any cannabis business owner.
Still, the cannabis business holds a lot of great potentials that you can exploit.
20 Best Cannabis Industry Business Ideas
Although most of your weed is grown in large, controlled greenhouses, a lot of marijuana is grown privately. If you're already growing your marijuana, this is one of the best cannabis industry business ideas. Be warned though marijuana horticulture isn't easy and requires a lot of knowledge and intensive care. Riaz Bandali Riaz talks about this aspect of the industry in great detail.
Cannabis Processing and Preparing
For those of you who do not want to go into the growing industry, try the processing industry. Processing is a lot easier and can be done by individual persons too. This involves extracting the trichomes, prepping the plant, and rolling a joint. But you must require a license in most states.
Marijuana Storage and Delivery
Another aspect of marijuana production is safe storage. Knowing where to keep the weed and at what temperature and humidity are important. If you already know about this, then you can start a storage and delivery business. It's one of the best cannabis business opportunities, as highlighted by Matt Hawkins.
Not interested in directly handling marijuana? Then you could perhaps create and sell smoking accessories. These are the things that get a lot of attention from smokers. Smoking pipes and bongs are extremely popular. But they're not easy to make unless you've already handled glasswork before.
An easier choice for those who don't want to handle marijuana is to start a marijuana clothing business. People love to wear clothes promoting legal marijuana, even non-smokers. You can come up with some fancy psychedelic designs using tie-dyes and printing. And it's one of the best CBD business opportunities, as it doesn't require much initial investment either.
420-friendly lodging is scarce, even in places that have legalized marijuana. Many hotels, motels, and Airbnbs do not like smokers. If you have a room or two to rent, you can market it as 420-friendly. It will immediately bring in herb-loving tenants who could not find the right to smoke anywhere else.
Making and Selling Edibles
Edibles are the norm among many people who don't like to smoke the herb directly. An edible is marijuana that has been baked into a biscuit, cake, brownie, or made into tea. Peter Aceto highlights this part of the industry in his talk about edibles.
Lots of people find that smoking cannabis gets their creative juices running. If you're the type of person who's an artist by nature, then this is one of the best legal marijuana business ideas for you. Give painting instructions to students while they smoke marijuana to engage their creative side.
Cannabis Security Services
In today's day and age, cannabis companies are becoming victims of robbing efforts. You can start a security company that provides security services to cannabis companies.
Open A Head Shop
Head shops provide smokers with weed essentials, such as bongs, pipes, accessories, and vaporizers. Such shops are good choices for people living in a 420-oriented community. They thrive on local customers and make rapid income.
Selling Medical Marijuana
Marijuana doesn't only need to be recreational. You can also indulge in medical marijuana business opportunities. And in some states, this may be the only option. You can start your own dispensary of medical marijuana products. And if you have a knack for interior design, you can even design the dispensary to look more upscale.
Social Media Advertising for Cannabis Companies
Instead of starting your own cannabis company, you can offer digital marketing services for existing firms. This is a great cannabis business idea as it doesn't even require much knowledge of marijuana. Even a non-smoker can advertise for companies.
Become A Cannabis Florist
Cannabis isn't just for consumption. Sometimes, the sheer beauty of cannabis inflorescence can captivate customers. Cannabis florist companies are seeing a massive rise in sales, and for a good reason. Cannabis florists incorporate the beauty of marijuana buds and whorls with other flowers and herbs.
A marijuana-themed restaurant works like a charm. There aren't that many. Starting a restaurant means customers can bring their friends along. And you can sell your marijuana edibles here too. But this will require lots of cannabis investments, so be prepared for the worst.
CBD Beauty Products
Cannabidiol, or CBD, is slowly penetrating our beauty products. Hence, a marijuana-driven beauty brand wouldn't be a bad idea. Beauty products are all the hype nowadays. Trying your hand at mixing CBD with regular cosmetics is a highly profitable business idea. Even Javier Cano approves in his talk about e-commerce and CBD.
Cooking With Marijuana
Another great cannabis business idea is to start marijuana cooking classes. Teach your students how to incorporate marijuana into edibles and regular food. There's more to it than it seems.
An Informative 420 Website
Your service doesn't need to be physical in the CBD industry. You can start a website or a blog that provides information on marijuana. The website can be set up to regularly post content related to the production, storage, and usage of marijuana.
Start A 420 Community
With the ongoing pandemic and the lack of social interaction, a 420 community will make its way to the top. Starting a 420 community requires lots of contacts in the local smoking community. But that doesn't mean you can't start from scratch and make new friends.
There aren't many podcasts related to weed usage. You could start your podcast right from your home. It's not that difficult to turn your podcast into a full-fledged business with lots of predict.
Marijuana Books and Journals
Got a passion for creative writing? Now's your chance to showcase your skills by writing a book on marijuana. The topic could be anything – growing, using, selling, cooking. If your topic is unique enough, your book could be a bestseller in no time.
Before You Work on Your Cannabis Business Ideas
Want to work on your cannabis entrepreneur ideas? There are a few things you might want to reconsider.
The first is the legality and the requirements you need to start a cannabis business. You'll need a business plan which will change depending on the law.
Next, you'll need to register your business and obtain the required permits. This varies with the nature of your business. And some states have dedicated portals made for licensing marijuana businesses.
Lastly, you'll need to indulge yourself in your industry. A great way to become a part of the cannabis industry is to attend cannabis industry video talks on our platform. Here you can watch pre-recorded conferences on the cannabis industry. All our conferences, such as this one by Kyle Detwiler, are available on our website. They will brief you about the industry before you get into it.
Deciding on a core idea for your cannabis business can be frightening for beginners. But rest assured, you can find the right business for you with ease.
To summarize, there are many business ideas you can go for. Dispensaries, cultivation farms, edibles – the list goes on. What's more important than a solid idea is an inspiration to kickstart your business.
And what better way to get inspired than to watch the best cannabis conferences? Without adequate knowledge of the industry, you'll end up making the wrong decision. That's why you should head on over to Conference cast, where we offer access to cannabis business conferences.