A simple hemp plant can be turned into a valuable business. Hemp cultivation and sale can be a big business. Cannabis sales in the U.S. legal market exceeded $10 billion and the level of investment exceeded $13.8 billion. The possibilities are only limited by your creativity. The best ways are affiliate sales and marketing. Let’s review the business opportunities offered by this industry.
Finding ways to make money in the cannabis industry will not be difficult if you assess your needs, knowledge, and skills.
You can find more information about this industry and other important news in the cannabis sector in the Hemp.im app.
This app collects the latest cannabis investing news in bite-sized chunks that are easy to digest. You can easily find out how to make money in the burgeoning cannabis industry and other information about cannabis businesses.
How to make money in cannabis
First of all, you need to decide whether the new company will be in contact with cannabis (raw materials) or not.
The main enterprises or growers (firms and farms) are engaged in cultivation, distribution, processing or sale of plants. You need to go through a complex licensing procedure before you start work.
You can also make money in cannabis in such areas as auxiliary enterprises. These are all companies that provide financial, technical and other support for the Grover business. Licenses are not required to run it.
Auxiliary companies offer:
- Data platform
- Fertilizers and plant protection products
- Agrotechnical solutions
- POS-terminals, payment systems, vending machines, and other equipment
- Marketing strategies
- The services of lawyers, accountants, and business consultants
Cannabis is a business for realists
It is important to remember that this business is for realists and pedants. In most countries, the authorities control it very strictly.
Grovers and other industry players need good seeds and new varieties. Moreover, in the wild, cannabis is represented by only one species with two subspecies: sativa and indica. Therefore, it is necessary to turn to the breeders for the seed.
Over the past 50 years, they have been very successful in breeding varieties with specific properties (yield, level of active ingredients, stability).
Grover cultivators are enterprises that grow the plant itself. As a rule, officials demand that medical cannabis should be grown indoors, in special conditions. In other words, it is necessary to rent or buy warehouses and equip them with lighting, climate control, and security systems.
Farmers who will cultivate cannabis outdoors should buy agricultural machinery, rent a warehouse and follow the flow chart. A hectare of technical cannabis can generate $1,000 in profit.
How to make money in cannabis by marketing
To open a point of sale, you must apply to the local authorities, pay for the license and equipment, hire sellers and collectors.
Auxiliary companies offer services to other enterprises in this field. Grovers are increasingly turning to lawyers and economists for help. Digital marketers are also really in demand.
Therefore, it makes sense to set up a marketing firm in one of the cannabis associations and collect data for reports, recommendations, and business strategies. With a small investment, this way of earning money on cannabis can turn out to be good income.
Production will “ask” for investment
Producers buy flowers and cannabis concentrates to turn them into different products. For example, cookies, cakes or cosmetics filled with cannabinoids. Don’t forget about fabrics, paper, flour, briquettes, and shoes.
In order to be able to start the production process, you need to “invest” in raw materials and equipment.
In Canada, the Netherlands, Uruguay and a number of U.S. states, the most attractive way to make money in cannabis is to open a store and set up a vending machine.
Their profitability can be judged by the excitement of investors around the cannabis lottery in Ontario in January 2019.
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First published in 365 Invest, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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