Do you want to start a Marijuana related business but lack ideas? If YES, here are 30 best Marijuana or Cannabis related business ideas & opportunities for 2020.
The cannabis industry can be said to be an emerging industry, though there has been a recent explosion with the legalization of medicinal and recreational cannabis in some states in the United States. Medicinal marijuana is now legal in 28 states plus D.C., while recreational marijuana is legal in eight states plus D.C., which opens the doors for a lot of new business opportunities.
In 2016 alone, the industry brought in $6.9 billion, which represented a 30 percent increase over the previous year, according to Arcview Market Research. That number is projected to increase to $21.6 billion by 2021.
The cannabis market has come to be known as a very lucrative market to get into and many people are looking for ways that they can cater to the consumers in this market so that they can make a profit for themselves.
It should be noted that there is not real difference between cannabis and marijuana; it is just a matter of semantics. But research has shown that cannabis is the real name of the plant, the scientific name. Cannabis comes in many different forms and the main strains of the plant are Cannabis Indica, Cannabis Sativa, and Cannabis Ruderalis. The plant can be used for many different things such as a recreational or medical drug, as hemp, oil, and so much more.
Cannabis legalization is fueling immense growth in the global marijuana industry, with more entrepreneurs delving into the market than ever before. As the world’s most diverse medicinal plant, it’s not really surprising that entrepreneurs are capitalizing on it. You too can join this trade. If you reside in the United States, here are a few business ideas that can allow you to profit from the cannabis industry.
30 Best Marijuana and Cannabis Related Business ideas for 2020
- Start a cannabis farm
With cannabis increasingly getting approval in some states in the United States, now may be the time to start a cannabis farm so as to be able to supply users. Called the green rush, if you can start now, you would probably stay ahead of the herd.
Growing marijuana or cannabis may be more tasking than just growing an ordinary plant, so it’s important to get yourself updated in the knowledge. You will need to understand the conditions necessary for plants to thrive and how to care for your plants as they grow. Producing marijuana does require a license, so you will need to know the application process in your state.
2. Process cannabis
Much marijuana production is done by large companies, but there are plenty of consumers who prefer a product that has been personally processes in a distinct and controlled environment.
Marijuana processing is a good choice for anyone who may not be interested in growing or cultivating the plants, but knows how to dry, preserve and package the product for various uses. In most states, you will need to be licensed to handle marijuana, so find out what the requirements are where you live.
3. Start a marijuana delivery business
Marijuana or cannabis is a medicinal plant that always needs to be in a controlled environment if you want to keep all its components intact. If you live in a state that has legalized the use of both recreational and medical marijuana, you can start a marijuana transportation and delivery business.
First, you will need to contact local farms or dispensaries and become an expert on the best places to buy particular strains of the plant. You should also know people or businesses that need the supplies as they would be the ones to make the payments.
Since marijuana or cannabis is not a bulky product to transport, you may not need to bother yourself with acquiring a van for the business; a motorbike or even a bicycle would help you start off, depending on how you want to start. Note that you have to get the business registered before you can do anything further.
Once you are fully registered, you can now start promoting your services and start seeking businesses and individuals to make deliveries for.
4. Sell edible marijuana snacks
Not everyone has a flair for smoking, and with the stop smoking promotions in the United States, a lot of people are cutting out smoking out of their lifestyle. But this does not mean that people who do not smoke do not use marijuana. They only eat it instead of burning it.
If you have great culinary skills, you can start baking and selling snacks that are laced with cannabis. Start with just a few items and then grow your business as your popularity grows. You can start with cannabis teas, harsh browns, pies, cakes, etc. and sell to your specialty clients.
5. Produce marijuana infused body products
Marijuana as a plant has a whole lot of properties that are beneficial to almost every aspect of human existence. As marijuana has some skin healing and repair properties, you can start up a company where you produce creams, lotions, soaps, massage oils, etc that were made with marijuana.
This business would be easier for you to start if you are already into similar business, as you only need to add the plant to your list of ingredients, or set up an entirely new sector for it. This does not mean that you cannot start this from the scratch if you want to, it would only take you more processes.
The industry has caught on with its line of hemp-infused creams and balms, and even renowned actress Whoopi Goldberg has started her own line of medical marijuana topicals, including bath soaks, body balms, and more.
6. Open a Cannabis Accessories Store
Are you still skeptical about handling or dealing directly with the marijuana leaf, you can save yourself the stress by selling accessories for marijuana use. This means things that can be used for the consumption of marijuana like pipes, bongs etc, or things that carry marijuana messages like t-shirts, dog collars and anything else you can make or buy.
You would do well in this business if you are handy with the crafts. You can equally start the resale of marijuana accessories that you pick up from store or flea markets. Buy these cheap, clean them up and then advertise them. You can equally look through online stores like eBay for these items, and you may also have to open your own store online to maximize sales.
7. Plan marijuana parties
Yes, there is such a thing as marijuana parties. This is indeed not a party where the attendants would be drowned with marijuana, but a party that has a marijuana theme, where everything in it reminds you of the weed.
Marijuana parties are a growing trend throughout the country, and many people are including cannabis in celebrations like weddings, reunions and birthday parties. You can get involved in this part of the industry by selling your expertise as a party planner or event coordinator. On the alternative, you can plan these parties and invite people of like mind to attend for a fee.
8. Become a canni-florist
Traditional florists and people with an eye for arranging beautiful bouquets have begun adding cannabis to their creations. A cannabis floral display is a perfect gift for someone special and can be a wonderful addition to weddings and other celebrations. If you know how to handle flowers, you should look into this growing trend.
You can use the weed to grow your florist business as a lot of floral entrepreneurs have done because people are still curious about the plant, and also the stereotype around it has started to diminish, thus making the industry more accessible to a lot of people.
9. Become a marketer of marijuana based products
As have been said before, the cannabis plant has a lot of medical properties, and products made with them are quite effective. Because of the dim popularity the industry currently has, companies are looking for people to help create awareness about their products, and help them burst the myth about the weed.
If you are a proficient marketer that knows your way around the social media as well as other media, you can start marketing marijuana related products. You have to contact the companies to let them know that you are available to promote their products, and you can discuss remuneration with them. If you are quite proficient in the business, you would make it big in a short time.
10. Become a cannabis consultant
Are you an expert in the cannabis plant, have you done a lot of research regarding this plant, have you worked with this plants for a lot of years? If you answered yes to these questions, then know that you can become a consultant for the cannabis plant.
You can set up your business and use your knowledge advantage to help small business owners understand their products, clients and processes. Many people want to get into the industry, but they often don’t know much about the business or the plant itself. They will pay you for your knowledge of various strains, processing techniques or gardening procedures.
There are obviously a ton of legal regulations governing the way cannabis is produced, handled, and sold. There are also regulations on how cannabis is marketed, where it’s consumed, and much more. And, if you happen to live in the US, these regulations can change dramatically from one state to another. This is what you would have to help your clients out with. People would be willing to pay top dollar for these kinds of services.
11. Become a cannabis retailer
Retail is one line of business that every product goes through before it gets to consumers. Depending on which state you reside, you can become a cannabis retailer by retailing cannabis products. You can do this in a storefront setting with basic products.
If you want to become a successful cannabis retailer, you would have to make your store to look like something almost everyone can come into and feel comfortable. This is because the stereotype following cannabis is that it is only used by addicts. Your lively, neat, warm, well-lighted store should be able to dispel such thoughts, and help you welcome a lot of new customers.
12. Produce cannabis cosmetics
Cannabis has equally found a spot in the cosmetics industry, and it is indeed doing really well. Tons of research have been going on and a lot of cosmetics are being produced courtesy of this plant. In fact, there is a research finding that shows that compounds like THC and CBD (pain relief, anti-inflammation, etc) can be delivered topically via balms, sprays, lotions, and more. You can equally further this research and start producing your own range of cannabis infused cosmetics while highlighting its protective and curative properties.
13. Open a marijuana/cannabis seed bank
Since the use of marijuana has gotten legalized in some states in the United States, a lot of people look forward to owning their own plants. To be able to own a plant, they have to have a seed to germinate it with; you can start a cannabis seed bank to help provide this need.
To open a marijuana/cannabis seed bank, you have to first ensure that the business is Okayed in your locality. Once you have ascertained this, you need to be on the lookout for where to acquire viable seeds, and also how to market your business. You should ensure that you know so much about the plant so that you can educate your buyers.
14. Open a cannabis restaurant
Like drugs and cosmetics, there are myriads of ways one can integrate cannabis into food and get the best out of it. If you know all the ways to use cannabis to enhance the taste of a meal, you can open your cannabis themed restaurant.
To run this business, you may regularly have to come in contact with the marijuana plant, but if you have any personal or legal issues with this, you can use concentrates as they can as well give you what you need.
15. Start a cannabis concentrate extraction business
Another huge part of the legal cannabis business revolves around the extraction and selling of cannabis concentrates. These concentrates are used in various industries from cosmetics to medical, even to the restaurant industry. If you are able to start this business, you would not want for where you can distribute your concentrates as the industry is still quite young.
You can decide to carve a niche for your business and extract concentrates that can only be used in a particular industry. Know that to maximize profit in the is industry, your business would have to be located in an area with lots of cannabis farms so you can have easy access to raw materials.
16. Develop machinery for concentrate extraction
Instead of producing the concentrates yourself, you can decide to manufacture the machinery that can be used for the extraction. This is one on those businesses in the cannabis line that does not require touching the leaf. You can equally source for these equipment, stock up on them, and sell them at a slightly higher price than you paid for them as a way of reaping profits. Although the initial investment will be fairly large, the returns will more than make up for it.
17. Delve into cannabis art
The cannabis industry has supported the rise of a bunch of amazing artists that have created everything from glass wares to paintings of all kinds. If you are artsy, you can start making cannabis inspired art. Cannabis has even made its way into high fashion and mainstream fast fashion, with individual pieces costing into the thousands. Currently, the art world is experiencing a major resurgence of weed-inspired projects across all disciplines. Know where your skills fit in, and take it from there.
18. Start a cannabis inspired bed and breakfast
With regulations having being relaxed on the use of cannabis, a lot of cannabis users are looking for places where they can find like minds especially when they travel. If you happen to live in one of these cannabis relaxed territories, you could think about hosting the perfect smokers friendly bed and breakfast.
If you have a spare space, you can decorate the place according to what you think fellow cannabis-lovers might find suitable, and offer something special. You might even be able to sell some homemade cannabis infused edibles on the side to excite your guests and to make more money.
19. Become a cannabis event planner
From weddings and birthday bashes to educational seminars and product launches, a cannabis event planner can help a broad scope of clients with tailored services. You should be ambitious, charismatic and possess an eye for detail to execute a pot party effectively, and to attract the right kind of clients.
20. Run a cannabis catering company
If you have been in the system and you have the tips on how to infuse cannabis into any and everything edible, you can start a cannabis catering company. Take catering to a whole new level by preparing cannabis-inspired menus featuring cannabis-infused beverages, appetizers and gourmet entrees, such as cannabutter-marinated steak. If you have the skills, why not make money out of it.
21. Host cannabis painting classes
A painting class is a social gathering where people of like minds gather to paint and discuss or enjoy things that are common to them. Same principle can be applied here. If you live in a society that have people of like interests, you can bring them together by hosting a painting class where they can paint and enjoy some snacks, drinks and fun time.
22. Become a licensed cannabis distributor
There are also some states where retail businesses and other businesses that want to sell any cannabis based products need to go through distributors. So that’s another potential business opportunity for those who want to manage the sale of product to businesses in certain states. You can become a licensed distributor.
23. Produce safe packaging for marijuana products
The marijuana plant needs careful and controlled storage for it to remain fresh and effective all year round. This means that the products need specialized packing. If you are in the packaging industry, you can start producing packing for marijuana products produced by companies. Retailers and other businesses also need packaging solutions that are protective, childproof and will keep products fresh.
24. Become a cannabis related app developer
There are many mobile app possibilities related to the cannabis industry as well, from those that locate dispensaries to those that provide information or even social features to users. You can locate one niche and develop apps that can be of great help in the industry.
25. Social Network Founder
You can also potentially start your own social network aimed specifically at cannabis consumers. This could also present some unique advertising opportunities for other cannabis businesses as it can be a way to bring manufacturer and consumer together. if you delve into this industry early, your social network can grow in popularity in a short time.
26. Become a related software developer
Because the cannabis industry is relatively new, the businesses involved still have a long way to go when it comes to finding the exact tools that really suit their needs. Restaurants, retail stores and other types of businesses all have software programs made specifically to help them perform essential business functions. So if you’re a software developer, you can potentially do the same for the cannabis industry.
25. Become a cannabis product reviewer
Currently, a lot of cannabis related products are hitting the market and consumers are now getting swamped for choice. So you could potentially build a business around providing reviews and other pertinent information to help consumers make informed decisions on the products they want to use. Because not much people are in this service, you can get easily noticed for brand endorsements.
26. Become a tour guide
And if you live in a place that’s become a destination for cannabis consumers, you can potentially also offer a tour guide service where you take people to relevant destinations around your city or state.
27. Start a Cannabis Subscription Box Service
This is a great business idea that can help provide consumers with a continually new variety of cannabis products once they hit the market. Offering these boxes is also a great service that can be provided to not only individual subscribers but possibly large scale cannabis events, for festivals, even given as a welcome gift at a hotel or cannabis-themed bed and breakfast.
You can put together your box service to deliver things like cannabis-related snacks, rolling papers, cannabis stickers and magazines, pipes, and more. You can even use this as a cannabis gift service where you deliver cannabis related gifts to people at the request of your clients.
28. Become a cannabis business funder
Because of the somewhat unpopular nature of the cannabis industry, a lot of cannabis related businesses are finding it difficult to access funds for their businesses. If you have some cash to spare and you are seeking a lucrative investment opportunity, you can start a giving out loans to cannabis related businesses, in return for an interest. If you do not want to want to work within the industry but would just like to see a nice return, this could be a possibility for you.
29. Start a cannabis employment service
Since the cannabis industry relatively new and it requires some kind specialization and experience to work in the industry, it may be difficult for related companies to find staff. You can launch a cannabis employment service where you would have to pair job seekers that are experienced in the industry with companies that need their services. This industry may be slow for the moment but it is billed to pick up momentum in coming years.
30. Run a cannabis blog
With the cannabis industry emerging with great momentum, people are seeking as much information they can about this plant and its products. If you are knowledgeable in this area, you can start a blog that is dedicated to the cannabis industry. Here, you would have to tell your readers about new legal developments, new products and services etc. You can even run product reviews, job adverts and even company reviews.