Cannabis is undoubtedly one of the most lucrative industries today. According to the Hemp Business Journal, the cannabidiol (CBD) market is expected to grow to $2.1 billion in consumer sales in 2020.
Now, CBD is just one of the many cannabis products available. So, if considered as a whole, cannabis consumer sales will definitely surpass the $2.1 billion predictions in 2020.
So, if you’re considering venturing into the lucrative cannabis industry, now is the time to take the plunge. As expected, you need to come up with a business idea that will enable you to choose a role to play as we cannot all be retailers or suppliers.
Fortunately for you, there are scores of cannabis business ideas to get you started. This post shall examine some of those ideas.
Top 6 Cannabis Business Ideas for 2020
- Cannabis Producer/Grower
Becoming a cannabis producer is one of the most effective cannabis business ideas to try in 2020. That’s because there’s an ever-increasing number of cannabis consumers and not enough people to grow it.
Cannabis is also considered among the most resilient plants out there, which makes its cultivation considerably easy. What’s more, you don’t need extensive training as there are tons of online guides and tutorials on how to grow marijuana that you can take advantage of.
However, before you get started, first familiarize yourself with the legal status of cannabis in your State or country. For instance, if cannabis is legal in your country only for medicinal use, you should consider hemp plants. On the other hand, if your country or State has legalized weed for both medicinal and recreational use, you can consider any of the cannabis plant variants.
2. Cannabis Supplier
After cultivating and harvesting cannabis, the farmers don’t necessarily distribute their products to retailers or manufacturers. The distribution channel is managed by suppliers.
Starting a cannabis delivery and distribution business is considerably easier than cultivating. That’s primarily because you’ll unlikely be dealing with bulk supplies, so you don’t need to worry about acquiring a delivery van. But still, there are measures that you must put in place to ensure the success and continuity of your business.
First, remember there are two types of cannabis suppliers. There those who bridge the gap between growers and manufacturers/processors and those who bridge the gap between processors and retailers. You can specialize in one line of supply or both.
Either way, you need to get in touch with your local cannabis farms or processors and sign a distribution contract. Next, you’ll need to market your cannabis supply business to local vendors.
3. Cannabis Marketer
Cannabis marketing is recommended for people who do not wish to come into direct contact with the products. Now, one thing worth remembering is that most cannabis ventures nowadays have some form of an online presence. So, logically, you should consider digital cannabis marketing methods.
Another thing worth remembering is that while there appears to be a growing tendency to legalize marijuana, there is still some stigma and skepticism associated with weed products. Therefore, ensure that all your marketing campaigns are driven by a desire to inform and not just to get potential clients to click on referral links.
Whether you are a Cannabis SEO expert, social media marketer, or blogger, focus on as much information on weed as possible. Your audience needs to understand how they will benefit from incorporating marijuana into their routines before they can be convinced to buy them.
4. Cannabis Processor
After harvesting cannabis, it’s naturally taken through processing before it can be ready and available for consumption. It’s through processing that you end up with products like cannabis vape juices and buy magic mushrooms Canada.
Right off the bat, let’s point out that cannabis processing is a capital-intensive venture. So, unless you have the financial muscle to set up and run a processing plant, then you should consider other cannabis business ideas. But you don’t need to fret, as there are numerous places you can source for startup funds and set up a vibrant cannabis processing firm.
Another thing worth noting is that marijuana is usually processed under a tightly-controlled environment. As such, you must go for the requisite training in drying, packaging, and preserving weed before setting up a processing plant. Better yet, you can bypass all that by hiring skilled personnel. Also, you may need special licensing that allows your company to handle cannabis.
5. Cannabis Vendor
This is what most people consider when they think of venturing into the lucrative marijuana industry. A cannabis vendor is essentially a cannabis retailer. The term may also be used interchangeably with “cannabis supplier”, especially if your business also takes care of shipping.
There are many cannabis products that you can specialize in vending, ranging from:
- Cannabis vape products and accessories, which include products like CBD e-juice, vaporizers, mod pens, bongs, etc
- Cannabis-enriched cosmetic products
- Cannabis oil tinctures
- High Supplies autoflowering seeds
- Cannabis-based pills and capsules
- Cannabis-infused edibles, such as baked goods, gummies, teas, etc
Besides needing a license to operate your cannabis vending business, you should also equip yourself with a rudimentary knowledge of cannabis. That knowledge will be invaluable when recommending cannabis products to your customers.
6. Cannabis Consultant
As a cannabis consultant, your role is to offer as much information on cannabis as possible. Becoming a consultant will first require doing in-depth research on cannabis. Armed with adequate research on marijuana, as well as the knowledge on how to become a consultant, you can set up a consultancy firm and begin earning from your knowledge.
The best thing about becoming a cannabis consultant is that there are numerous areas to cover. You can choose to focus on the medicinal properties of cannabis, the plant’s legalization status around the world, how to choose a cannabis retailer, determining the best cannabis strains, etc.
Your clients will be looking up to you as a treasure trove of information on everything pertaining to cannabis. So, ensure that the information or advice you offer is not only factual but also backed by research from recognized institutions.
There are scores of other cannabis business ideas you might want to consider. If you can’t be a retailer, you can always be a supplier, cultivator, blogger, or consultant. That’s just how accommodative the industry is.