It’s not too late to get in on the ground floor of the marijuana industry
Marijuana continues to be accepted by more states in the U.S., as well as other jurisdictions across the globe. The U.S. is on the verge of seeing legalized marijuana at the federal level, which will more than likely happen at some point in 2019, and now is as good a time as any to be a marijuana entrepreneur. These five suggestions could help the budding business owner jumpstart his or her career.
Cannabidiol (CBD) oil and CBD-infused products are an industry with an incredibly bright future. Estimates say that CBD consumer sales could reach $2.1 billion within three years, with some more optimistic estimates of as much as $3 billion. CBD oil provides a myriad of benefits to the body and mind, without the side effects associated with tetrahydrocannabinol (THC).
If retail is a passion, the manufacturing or selling of cannabis accessories can also be a lucrative business. Vaporizers, bongs, grinders, pouches – the list goes on of what can be sold. As an added benefit – in some jurisdictions – cannabis retail establishments can be operated as an eCommerce store, significantly reducing overhead.
For culinary artists, marijuana edibles are definitely a positive market. In Washington State, for example, the pot-infused edibles market grew by 121% last year. In Colorado, edible sales tripled in two years to become a $53-million industry. Keep in mind, however, that there may be local restrictions on edibles. As with any business, due diligence and feasibility studies are important.
If you enjoy marketing and public relations, the marijuana industry really needs some support. Not only is it trying to fight the mantra of marijuana being nothing more than an option for “stoners,” there is a veritable cornucopia of products and services being introduced that can use the services of talented marketing professionals.
Lastly, there also exists the possibility to help other marijuana entrepreneurs. If getting directly involved in cannabis doesn’t seem to be too appealing, perhaps a career as a business consultant or adviser for someone starting their own business or looking to expand will be the ticket to success.