Over the past ten years or so it seem that sleepy plant that knocks us out just refuses to be knocked out itself. That’s right, that chronic plant that Dr. Dre and Snoop Dogg rapped about so passionately back in the day is thriving. In fact, the entire cannabis industry is growing rapidly, and although we love the plant for the feeling and medicinal properties it provides, there are plenty of opportunities for entrepreneurs to make money a ton of money in the sector.
The Cannabis Industry and Money
If you’re wondering how much money the cannabis industry makes consider this: The cannabis industry in Colorado was worth $2.35 billion in 2015, up from $1.53 billion in 2014, when, according to The University of Colorado Business Economy Outlook, general agriculture in the state only accounts for 1.1 billion. Cannabis is one of the fastest growing industries in the U.S., and it has been for a while. New Frontier Data pegs the industry’s worth at $7.2 billion in 2016 and is expected to reach $50 billion by 2026. These numbers are staggering, especially compared to the nickels and dimes I used to make selling weed in school back in the early to mid nineties. Well, it just doesn’t seem fair that people with means are out there making billions in an industry that for far too long people without means have been shut out of. But don’t worry, BlazeBags is here to sprinkle you with some game on how you can enter into a booming industry on a shoestring budget and win! Here are 3 ways to make money in the cannabis industry:
Grow and sell cannabis products and earn a royalty on the products that are sold. From designer weed strains to shake used for rolling pre-rolls that dispensaries are selling and everything in between. You could make some real money legally growing cannabis in states that allow it. Now-a-days, the cost to enter the growing market is pretty cheap and is coming down year over year. According to Leafly one, “…can set up a grow for anywhere between a couple hundred dollars to 1000 or more.” Those numbers are small compared to the massive gains waiting for you after the work is done. With a little education, dedication and practicing of the art of cloning, you could have hundreds or even thousands of plants ready to harvest or clones to sell or trade with other growers to expand your strain and brand.
Can you imagine cultivating and developing your own strain? I’m sure you’ve heard of the famous strains like OG Kush or Sour Diesel. These are well-known strains that are being sold all over the world and making their growers millions. You can do the same thing with your strains after you’ve dialed it’s properties in and made it unique. If you’re not sure where to start, I highly recommend checking out Greg Green’s book, The Cannabis Growers Bible. After you begin to harvest your crops, don’t forget to get a heavy duty BlazeBag to store it in to keep the smell down!!
Cannabis Industry Consulting and Advising Services
if you have a great reputation for growing, there will be people who want your advice on how to grow and what products to use. From finding trusted brands in the space (that you believe in and use) to partner with or become an affiliate of, you can make money on both ends of the spectrum. You could position yourself as an expert in the grow space and find a few supplement companies, soil companies, light companies, grow tent companies…well you get the idea. After finding these companies, set up partnerships to advertise their products. Then, advertise the products to the following you’ve built, and get a cut off every item sold.
On the other end of the spectrum, the people you are consulting for are coming to you for a reason. Your expertise! Well, get paid for it! You can charge a consulting fee to help set up their grow, monitor its progress and be on retainer for any issues that may arise. Do a good job and collect referrals and your business could thrive forever. Although this tip deals solely with growing, the opportunities are truly endless in the consulting and advising space for cannabis. If reading isn’t your thing, check out this book on Audible, How to Start a Consulting Business from Scratch: Step by Step Guide by Jim Busby and Les Forman for direction on how to start!
Offer a Cannabis Adjacent Service
From helping cannabis businesses maneuver the ever changing laws and regulations surrounding the industry, you can offer a service that all cannabis entrepreneurs could use. For example, advertising in the cannabis space is hellish, especially if you are trying to advertise using traditional channels i.e. social media etc. From having accounts shut down and losing followers to having your ads rejected for no reason, it stands to reason a business owner would rather put the burden of crafting a message to distribute on someone else’s shoulders. Why not start a marketing company exclusively geared toward helping cannabis entrepreneurs get the word out about their businesses? If you have a knack for thinking outside the box, you could find creative ways around the issues that the business owners face because, well let’s face it, they have a million other things to do in order for their business to thrive and can’t necessarily devote the time needed to creating effective campaigns that fall within the lines of the many regulations that bog down their advertising efforts. This would take a bit of work on your end putting a team together to understand the unique challenges faced in the industry and creating a plan to circumvent those challenges, but the pot of gold (or crypto or whatever you guys value these days) waiting at the end for you will be worth it!
Sound off below. What possibilities haven’t I covered? What are some good ways to make money in cannabis? Or do you think the sector is oversaturated?