The cannabis industry is one of the most stable and fast-growing industries in the world with nationwide sales in the US increasing by 67% in 2020 and 12% of American citizens actively consuming cannabis. Depending on how you want to enter the cannabis market, it will either cost you a large sum of money or not. Growing cannabis is free and very easy in places that have laws supporting the growing and consumption of cannabis and as an investor, there are plenty of opportunities to invest money into lucrative markets within the industry. If you are interested in more ways to enter the cannabis market, keep reading.
Come up with unique ideas
The cannabis industry has succeeded in offering something new to customers every day. Today, you will find a wide variety of cannabis products and accessories including edibles, drinks, bongs, all sorts of dab rigs which you can view right here, and topicals, to name a few. The cannabis industry is filled with products that are fresh and unique and if you are an outsider looking to be a part of this industry, you will need to channel your creativity and offer something unique to the market. This doesn’t have to necessarily be just cannabis products but also services and things more aligned with technology such as apps and blogs.
Industry sector
The cannabis industry is massive and there are many sectors and positions in this industry as well. Some of the most common sectors and positions include the following:
- Manufacturing: This is the process of extracting from the cannabis plant and infusing it into other products. Can also include processing, storing, and packaging.
- Dispensaries: This is where people go to buy cannabis flowers and other cannabis products in store.
- Tech: This involves anything involving the digital/ technical world. From blogs to websites, online stores, and apps.
- Marketing: All products and services for sale need to be advertised. Marketing deals with advertising cannabis products and services the right way.
- Sales: This involves the selling of cannabis and cannabis products. Can be done independently or through an established business such as a dispensary.
Before getting into the cannabis industry, it is advised that you know exactly which sector of the industry would be best suited for you.
Educate yourself about the industry
Before you get involved in any industry, you need to educate yourself about that industry. You need to do independent research to gain knowledge about things such as the market, revenue, profit, margins, and sales for example. Having the right knowledge base will help you determine what the most lucrative market is and will also help you formulate a strategy for success.
Laws
In addition to educating yourself on the cannabis market and margins, you also need to be well informed about cannabis laws before entering into the industry. Not all places have legalized cannabis and places that have eased cannabis restrictions all have different laws. For example, some regions might have laws stating that medical cannabis is legalized and recreational cannabis is prohibited while other places might have both recreational and medical cannabis legalized. You also have some places where medical cannabis is legal but only if you have a medical certificate supporting the use of cannabis as treatment. It’s best to do your research to avoid any unwanted problems with the law such as fines, arrests, or the complete shutdown of your business operations.
Networking
All business owners will understand the importance of networking and this is especially relevant when running a cannabis business. In the cannabis industry, networking can occur at festivals, events, and seminars to name a few. These days, you can also network on social media using relevant hashtags that will connect you directly to your niche. There are many restrictions placed on cannabis advertising which is why cannabis networking events and other events are the main methods of connecting with potential customers.
Funding
When it comes to starting a business funding is vital. All businesses start with capital which is important for the first major investment into your business. Before you even buy cannabis-related products to sell, you need to invest money in registering your business and applying for the necessary licenses. The best place to seek external funding is to source a keen investor.
