How To Earn Money In The Weed Industry
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.
The flourishing weed industry presents a lot of business and employment opportunities to anyone willing to earn money provided with proper skill set and budget.
The Ways You Can Make Money Off Legal Marijuana
Legal marijuana has meant a lot of different things for a lot of different people. For the flower celebrating pot heads amongst us, it means not having to walk into a dingy alleyway and potentially get arrested to acquire a joint. And for those not shy of an investment, it’s potentially the next Bitcoin.
For the last 100 years, there was nothing legal about making money from marijuana. Now, investors are taking the chance to make millions selling something that literally doesn’t require selling; it’s already sold, and people have loved this very prohibited substance for a very long time.
There are hundreds of ways to make money off legal marijuana; from isolating cannabinoids and selling them as raw materials, to growing hemp for the purpose of CBD product manufacture, all the way down to manufacturing grow equipment for cultivators. The avenues through which investors, and even regular people, can search for a profit is virtually infinite.
For the Green Thumb: Grow Cannabis
An obvious way to make money off legal marijuana is to grow cannabis. There is an overwhelming demand for cannabis at the moment, even if it isn’t going to be smoked. It is often used to manufacture other cannabis-derived products such as CBD oils, isolate or edibles. Plus, this is arguably the most laborious part of cannabis product manufacture: growing it.
With that said, a grow operation needs space, time and a lot of skill, not to mention customers. And there are a lot of those, like the mountains of cannabis growers in the Emerald Triangle. Aside from huge competition, there’s money to be made in being a cannabis or hemp farmer.
For the Chemist: Extract Cannabinoids
We might be well and truly past the days of money-making cannabis farms. The future of cannabis is looking more and more like a scientific experiment with cannabinoid extraction (but of course, we still need farms for that). Isolated cannabinoids are becoming increasingly popular in the USA, and are beginning to intersect with pharmaceuticals (take GW Pharmaceutica’s Sativex, for example).
Yes – there are pharmaceutical companies that want to buy pure, isolated cannabinoids for the purpose of manufacturing pharmaceutical-grade medicines. A lot of technology is required for cannabinoid extraction and a super nifty, chemical mind. Development in cannabinoid extraction is growing in popularity and demand.
For the People Person: Be a Budtender
Seeing a cannabis dispensary while walking through the streets of San Francisco is just as likely as seeing a Walmart. They are, well, everywhere. And they all need well-educated, friendly retail staff. Some of us could only have dreamed of having a part-time job in a cannabis dispensary as little as a decade ago. Now, it’s a real opportunity for those who want to work in the front-of-house aspect of the cannabis industry.
A love of cannabis and a friendly attitude is all that’s really required to be a budtender. However, given the increase in the number of people who want the job, it’s not always that easy to acquire one.
For the Artist: Design, Design, Design
The projected market value of CBD and other cannabis products is steadily climbing. Every year, there’s a new and bigger estimate on how much the cannabis industry will be worth. There are new companies and product manufacturers popping up everywhere. And yes – their websites, products, and labels need design elements too.
Website designers can make a ton of money from big investors starting cannabis businesses. This is good for writers, graphical artists and those who know something about website building.
For the Money Bags: Invest!
Then there are those who don’t necessarily want to do much at all but have some money to make someone else’s cannabis business come true. The thing with investing in the cannabis industry is there are almost endless avenues through which one can step in. Think about it. An investor can pump money into any of the following aspects of the cannabis industry:
- Cannabis retail businesses
- Cannabis wholesale businesses
- Cannabis farms
- Manufacture of cannabis-related grow equipment
- CBD or THC product manufacture
- Pharmaceutical-grade cannabinoid extraction
- Extraction equipment and technology
- Research and development
These are literally just a handful of the different places an investor can invest some money into the cannabis industry. While some of them are peripheral aspects of the cannabis industry, they are nonetheless in high demand.
There are numerous ways for just about anybody to make money off legal marijuana. There even exist professional, influential, Instagram-famous joint rollers who roll specialty joints for a large sum of money. The sky really is the limit in an industry as big and new as cannabis, and there’s even some room for creativity and innovation!
Legal marijuana has meant a lot of different things for a lot of different people. For those not shy of an investment, it’s potentially the next Bitcoin.