Updated: Jan 7
For those who are seriously looking to make money with your own cannabis business, I have some good news for you. Legal cannabis is big business...I mean really big business. Cannabis sales are on track to nearly reach $17 billion in the U.S alone. So if you're looking to cash in on this cash bonanza, then there are plenty of ways to do it. I would like to give you a few ideas to get you started. This is by no means all inclusive. As the industry continues to grow, so will the opportunities to profit.
The cannabis business is growing at an alarming rate around the world. There are now marijuana-related companies that are now listed on stock exchanges. That means the stock is publicly-traded and anyone can purchase shares of the company. That means you can buy equity shares and be part-owner of the company, ie (shareholder).
As with any investment, do not put all your eggs in one basket. Be wise with your investment strategy and properly diversify your portfolio to mitigate risk. To give you a heads up, there are nearly fifty different marijuana-related companies on the exchange.
Offer Business Services to Dispensaries or Cultivators
There are plenty of ways to profit without having to actually come in contact with or grow the plant. One way to accomplish that is to offer business services to those in the grower or dispensary sectors.
Even though they are in the cannabis industry, they are still legitimate businesses with the same needs as any other business. That's where you come in. Think about it. You can help these companies with (Search Engine Optimization). They need to be found online, just like any other business. You can assist them with marketing, promotion, bookkeeping, and other business-related services.
You can be the one to offer unique services such as:
* Trademark and patent law services for cannabis businesses
* Real estate for dispensaries
* Financial and banking services for dispensaries
* Social media management and blogging
* Video production and photography for dispensaries
* Interior design and custom furniture
* Insurance services
* Market research
You are only limited by your own creativity.
If cannabis is legal in your state, you can open a dispensary or a paraphernalia shop. Now let me tell you up front that being an entrepreneur is not for everybody. You have to be innovative, work tireless hours, be driven, and be highly motivated. Also, you can't be using up all your product. The product is for you to sell to the customer, not for you to be in the back room getting your buzz on.
You can also make money with a retail shop. You can sell cannabis oils, vaporizers, vape pens, and any other item you feel may sell well.
As with any business, make sure you check state and local laws and have sufficient capital on hand for ongoing operations. Also, check on licensing fees and state applications.
Carlos C. Johnson III
The UnderCover Millionaire