Reports from 2019 prove that the cannabis industry is high as ever — pun intended.
That year saw $52 billion in sales, a 76% increase in cannabis-related jobs, and a massive contribution to the US economy overall. It’s also showing no signs of slowing down anytime soon.
In fact, just the opposite is true.
That’s great news for current and new business people looking to carve out their niche within this thriving industry.
So, what cannabis business ideas should you consider? Here, we highlight some of the major players in the cannabis industry, from edibles to home health products, and much more.
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1. Make Edibles
With cannabis users becoming more skeptical of vaping (and rightfully so), edibles are surging in popularity.
Sales of edibles have gone up in at least four states. Marijuana retailers report that the sales of infused products have risen as well, in some states as much as 4%.
Whether you make and sell edibles, or you get into a niche industry like cannabis candy manufacturing equipment, it should be a safe business adventure.
2. Create Cannabis-Infused Skincare Products
You’ve likely heard of the growing popularity of CBD-infused beauty products. It’s all the rage right now, grabbing itself a big piece of the cannabis industry.
Of the $167 billion skincare market, cannabidiol-infused products are expected to take an astounding 15% of the profits. That’s an astonishing number!
Focusing on industries that highlight wellness, health, and natural ingredients will put your name on the map—and perhaps earn you a pretty penny.
3. Get Into Cannabis Marketing
Getting into the cannabis industry doesn’t mean you have to make or distribute cannabis yourself. In fact, you can be the liaison between the creators and the consumers in the form of a cannabis marketer.
Branding, advertising, and marketing are as important in this industry like all other sectors. If not as important, then even more so— there’s a need to overcome the hurdle of those who aren’t on the marijuana bandwagon yet.
Know your audience, collect data from businesses like dispensaries, and use it to your advantage.
4. Run a Delivery Service
Want to be the Uber of marijuana? Cannabis delivery is another popular cannabis business idea.
To start your own delivery service, consider the following steps:
- Create a financial model with measurable goals
- Draft a business plan to take to potential partners, investors, and staff
- Earn a license in your area
- Build up your stock based on consumers in your area
- Obtain (and maintain) a reliable vehicle
- Promote, promote, promote!
If you like the idea of delivering and marketing, the two work harmoniously together.
These Cannabis Business Ideas Get Down to Cannabusiness
No matter what type of product you choose to focus on, you’re sure to find something that works for you. This list is certainly not exhaustive — there’s 420-friendly cooking, marijuana parties, and more!
With cannabis business ideas as broad as they are, it’s easy to find a niche that you love doing.
For more great small business advice, keep scrolling our page. We can help you dominate in any industry of your choosing!