Here are 10 Profitable Cannabis Business Ideas:
Edible products are gaining popularity, particularly among medical users who prefer not to smoke or vaporize cannabis flowers. From a branding perspective, edibles can be more appealing than smoking as they have a longer life-cycle and don’t require purchasing new equipment for consumption.
Making edibles is also a great way to showcase your culinary skills rather than just your budtender ones. Many people lament the fact that they can’t cook and, as such, feel limited in their ability to take full advantage of the cannabis economy. But if you know how to cook, getting into edibles gives you a whole other business avenue.
That said, we should note here that most states have laws prohibiting the sale of food that contains cannabis. So, you’ll need to make sure your products are compliant with any state laws where you do business.
2) Hash oil extraction
Hash oil has become particularly popular in recent years because of its potency and ability to create unique effects for consumers after vaping or dabbing. If you’re a hash oil fan, this may be the business for you.
In general, extraction is a very complex and scientific process that requires a lot of expensive equipment. However, it also is one where the margins are very high because of how much product can be created from a single ounce of trimmings.
3) Cultivation services
If you’re a skilled grower, there are some interesting opportunities in the cannabis space that you might be interested in. Just like with edibles, growing your product allows you to take more creative liberties with how you package and market it.
That said, this is one of those businesses where experience really matters. If you’re brand new to the industry, it’s probably best to let those who have been doing this successfully for a few years get established. You can then break into the market as you learn from their experience and put your own stamp on things over time.
4) Cannabis consulting
Naturally, there will be many opportunities for cannabis related business ideas. Some will only last a few years before they fade away. But there will be others that have the potential to stand the test of time.
With so much opportunity, entrepreneurs are going to need help sorting through all of it and identifying what makes sense for their business strategy. Consulting services can range from very simple matters such as product formulation, packaging design, and advertising plans to more complex issues like mergers and acquisitions, financing options, or applying for business permits.
5) Genetics testing
If you’re a breeder, now is the time to shine. The cannabis industry desperately needs new genetic material as most cultivars are now several years old with little room for improvement due to inbreeding.
Unfortunately, the industry is still so young that there’s little data on what cultivars are actually effective. As such, breeders who can provide reliable tests for the various compounds found in cannabis will be extremely valuable.
6) Cannabis-infused topicals
Cannabis-infused topicals are also becoming very popular as more states legalize medical and recreational use. As such, there’s something of a shortage for this kind of product, and it presents a great opportunity to get into the cannabis space and start producing your own line of skin products.
7) Start a cannabis farm
One of the beautiful things about cannabis is that it can be farmed just about anywhere in the world where the climate is suitable. As such, you’ll find opportunities to get into local markets even if your state hasn’t legalized recreational marijuana use.
8) Delivery business
Deliveries are currently the only way to sell cannabis products in some states. Whether you’re transporting edibles, flowers, or another product, these delivery services allow for greater opportunities to reach customers throughout their region. This is one of those businesses that have staying power even if laws change and storefronts become more prevalent.
9) Weed podcast
If you’re a cannabis lover, there’s no better job than hosting your podcast about the industry. The best part is that it doesn’t have to be anything fancy. You can record a simple audio file from your home or use Skype and other free services to connect with guests.
10) Plan cannabis parties
What better way to bring people together than with cannabis? Whether you’re hosting social events or educational seminars, there are plenty of opportunities to get into the weed game by holding cannabis-centered events.