5 Safe Ways to Make Money from the Legal Cannabis Business
Legal cannabis is a billion dollar industry and one of the fastest growing sectors in the US economy. It’s also making new millionaires every day. However, since the legal status of cannabis is still unclear at the federal level, many would be entrepreneurs might still be unsure about making the jump. However, there are plenty of safe ways that you can profit from this industry directly or indirectly. Here are a few of them.
Marijuana related tourism is booming at the moment, and many companies are trying to capitalize on this trend. One of them is Bud and Breakfast. Bud and Breakfast works pretty much like Airbnb, with the sole exception being that your property has to be marijuana friendly. This could a fast and easy way to cash in on this growing niche if you don’t mind accommodating marijuana consumers.
Subscription boxes are all the rage right now and are a great business model, making them a great way to bank on the cannabis dollar. You could start a subscription box service that provides various forms of paraphernalia like rolling papers, vaporizers, or pipes for instance. Or you could go for a service that provides unique snacks from around the world, or various pieces of marijuana related clothing and accessories.
Another thing you could do is start your own CBD oil distribution company. CBD oil is perfectly legal as long as it is sourced from industrial hemp and the THC concentration is less than 0.3%. If you choose to do this, though, it’s absolutely essential that you choose the right supplier, and know exactly what’s in the product. You could buy CBD distillate in bulk and repackage it, buy crude oil and extract it yourself, or start from whole hemp. Or you could use it to make CBD derived products as well.
Another thing you could do is invest in stocks and companies that could benefit indirectly from legal marijuana. If you don’t want to invest directly in marijuana, or think marijuana stocks are overvalued, then you could invest in one of the many other industries that cater to either cannabis suppliers or users. One example is organic fertilizer manufacturers, or the companies involved in hydroponic growing equipment. Trading platforms like Motif will allow you to zero in on specific sectors and find various stocks that could benefit from legalization.
Just like any sort of business, marijuana related businesses need help with everything from marketing, to SEO, and POS software solutions. If you have good knowledge of the business, you could provide anything from interior design services to marijuana market research, or special tax services catered to dispensaries.
There are tons of different ways anyone can make money from the legal cannabis industry without selling cannabis directly. All these options could help you make money safely and legally without having to deal with excessive regulation.
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