As marijuana becomes legalized in increasingly more states, it’s poised to create a business boom. Marijuana businesses are gaining a foothold in sectors ranging from health and hospitality to everything in between. Entrepreneurs can take advantage of the marijuana industry’s growth by starting their own companies around the green rush. If you, too, want to ride the marijuana wave, learn more about four legal business ideas for doing so.
As more marijuana exchanges hands, security is increasingly needed to ensure this cash crop gets from point A to B successfully. Think armored cars, vehicle patrols, surveillance systems, and security guards.
Tap into the marijuana transport and distribution network through growers and dispensaries. Be sure the business does not touch the product directly, a condition which requires a special handling license. Companies that directly handle the plant can also encounter problems with their financial services because banks cannot handle money connected with marijuana.
Medical marijuana delivery services can range from simply providing door-to-door transportation to running app-based, on-demand services. If you have advanced technology and software knowledge, you may be able to design and implement a delivery app. One San Francisco–based company, for example, has launched a burgeoning on-demand delivery service from medical marijuana dispensaries to customers’ front doors. With this business model, you don’t need any special licenses other than a standard business license.
To stay legal, make sure you research cannabis laws and regulations but don’t physically handle the plant yourself.
Trading Marijuana Stocks
The cannabis industry has the massive moneymaking potential for traders, particularly as the recreational marijuana market expands. Capitalize on this growth by researching, identifying, and investing in the best marijuana stocks.
Successful cannabis companies include not only those that produce the plant but also those that offer their services to the marijuana industry. Look for businesses that support or serve the industry through their technology, products, or professional services. Investing in these companies is generally safest since they aren’t faced with the same regulatory issues as companies that handle marijuana directly. Also, practice the same smart trading strategies you would with any other stock. Look for well-established companies that are profitable and on the upswing.
Cannabis businesses’ needs are similar to those of any other business. They’re going to have logistical questions and will need guidance running their companies. Here’s where consulting comes in. If you’re experienced in branding, marketing, design, operational management, licensing, or another business sector, you can offer your skills and knowledge with a marijuana slant. Ideally, you’ll also want to understand the marijuana industry or have someone on your team who does.
A consulting firm is a simple and low-cost startup. It can be a home-based operation in the beginning. You can sustain it as long as you have a website to market your services and the appropriate licenses and equipment to run a business.
With the expansion of legalized medical and recreational marijuana comes a host of business opportunities for the savvy entrepreneur. Whether you support marijuana use or not, you can’t deny the potential of its financial future.