The cannabis industry is growing in its size and scope as several states legalized the recreational and medicinal use of cannabis last year. The cannabis industry brought in a revenue of $6.9 billion in 2016 and the number is expected to reach $21.6 billion in 2021. The big revenues and profits in the cannabis industry are making many people get involved in this business as well. If you are also planning to get involved in the cannabis business but do not want to involve yourself in the risk of handling the drug itself?
Good news: There are a lot, in fact some of the biggest, of opportunities in recreational and medicinal cannabis that involve the ancillary side of this industry. There are ample opportunities or not only entrepreneurs and investors, but also for the professionals who are currently running cultivation operations or dispensaries. There are opportunities in everything from the human resources to education, equipment, advertising, and anything and everything that a growing industry needs.
The Cannabis Industry
The cannabis industry is in a growth spurt right now. With medical cannabis legal in 30 states and recreational cannabis legal in nine states, it opens unlimited avenues for a number of new business opportunities.
The potential for rapidly growing in the industry is huge. There are several new medical cannabis products coming to market each day. In addition, with the legalization of cannabis for recreational use, the opportunities now seem limitless.
Here are some of the business opportunities that promise a profitable outcome in the cannabis industry right now.
The cannabis boom has provided the people associated with this industry with a great profit. Among the top beneficiaries of these are the companies that provide cannabis growing supplies and equipment. With each new state being added to the list of the ones where cannabis is legalized, there will be a new window of opportunity for the local businesses there to benefit from it.
It will also be a great opportunity for the businesses in the states that do not allow commercial or dispensaries cultivation of cannabis as yet. Home-growers and individual care-givers need the right hydroponic supplies and cannabis growing equipment the be able to grow cannabis efficiently. Thus, there are ample opportunities at a big level for the cultivation, supplies and equipment companies to emerge.
2. Cannabis Processing and Retailing
If you feel the cannabis growing business is too overwhelming for your right now, you can provide the services in the middle of the process. You will not have to grow the plants yourself but will be getting them from the cultivating companies and making them ready to be turned into products for medicinal or recreational use.
There are also a number of business opportunities in the retailing side of the business as well. The finished cannabis products need a retailer to be sold off to the people who need it. this can be done in a storefront with the basic cannabis products with you. However, this needs a lot of work as you will be building up the customer standards and will have to meet them when it comes to things like packaging and preservation among others.
Professionals who have years of experience working in the cannabis industry or who are experts in the field are also in a high demand with this growth spurt in the cannabis industry. It is not easy to open a cannabis cultivation or retailing business without any help from an expert. Entrepreneurs are actively seeking the help of experts who understand the industry inside out, given the changing rules and regulations and the many pitfalls to look out for when getting involved in the cannabis business. Thus, if someone has an experience in the cannabis industry, they can start their own consulting business to help the people who are new to the industry.
4. Legal Services
One of the biggest challenges any cannabis cultivation, processing and retailing companies face is the navigation of local and state laws and regulations related to cannabis. If you are thinking of wading through these laws on your own, think again. Legal guidance is mandatory in running any business related to cannabis in any state. The risks involved are really big if you fail to abide by the laws. Thus, law firms are one of the leading businesses to have enjoyed the growth of the cannabis industry. Even the attorneys who previously handled criminal cannabis cases are now expanding to the business side of the same cannabis. Since they are well-versed with the laws and regulations specific to each state, they can guide a business best about how they can cultivate, sell and use cannabis in any particular state.
5. Security Services
Any business that is dealing with cannabis, from the cultivators to processors and retailers, need some kind of security to prevent any theft or robbery at their business locations. It is important to have a security company by one’s side when they are trying their luck in the cannabis industry. Security companies and personnel come at the top when cannabis businesses are looking for someone to look over them from a security point of view. Thus, there is a window of opportunity for security professionals to make the most of this need.
Cannabis industry has come a long way from where it started, but it is still in its initial phase. Just like all other industries in their initial phases, the cannabis industry also needs a lot of ancillary industries and services to work along with them and make the industry prosper. There are plenty of business opportunities in the cannabis industry as it is still in its growing phase.
The above-mentioned business opportunities in the cannabis industry are just some of the many that are present out there. With more states legalizing the medicinal and recreational use of cannabis, more business opportunities are going to emerge in different areas of the industry that can be grabbed by entrepreneurs and investors.