Amidst the long-standing debates on the legalization of Cannabis cultivation and usage, its business potential is on a huge rise. In 2018, Deloitte had stated that the cannabis sector is a “sophisticated industry that will create new jobs, new opportunities for business, and new revenues for the government.”
Before investing in this interesting filed, one should decide whether to deal with the “plant-touching” part or the “ancillary” part. As the name suggests, plant-touching involves the cultivation, processing, distributing, and selling of the plants, which includes the complicated processes of obtaining a license. The ancillary business consists of all the supporting sectors required to sustain the plant-growing spaces. Some of the important ancillary business sectors are agriculture technology companies, data platforms, point-of-sale systems, digital marketers, payment processors, attorneys, accountants, and so on.
If you do not want to involve in the cannabis-selling act directly, you can think of startup firms that can act as public relations. This will prove effective if you are already an expert in online marketing and social media strategies. Another large area of business you can invest in the retailing of cannabis-related products and accessories such as vapes, rigs, and dab pens. Web platforms like 420 Science offer a wide range of products, targeting all levels of consumers.
Another complementary business endeavor that goes hand-in-hand with weeds is to offer art classes. Though you won’t be selling the marijuana, these spaces will act as cannabis-friendly and attract customers who enjoy a sense of art-loving community.
Marijuana tourism is an idea that can open up entirely different and innovative ideas for your new business investment! Cannabis can take the form of many consumer goods, such as edibles and cosmetics. With these items, there also arises a need for safe-packaging and controlled use. So if you have an eye for designing that could be a cannabis-related business idea as well!