The weed business is moving fast. Over twenty-six countries have legalized marijuana. What this means is that people can have a bit of fun with some pot without having to face jail time. Individuals can even consider a recreational weed dispensary as a source of revenue.
The industry looks good from the outside, but the journey hasn’t been a smooth one. There has always been some form of resistance for countries who wish to legalize cannabis. But the small steps that are being made in legalizing cannabis either medically or recreationally are worthwhile.
For instance, in North America, the cannabis industry is making at least $10 billion each year, and the market is expected to grow every year.
The future of cannabis looks very bright. However, it still has not yet reached its peak. There is a lot that needs to be done.
The cannabis industry is growing. There are a lot of ways you can make a profit from it. And the best part is that you don’t have to be in the supply chain. With that in mind, keep reading ahead.
How Can You Make Money Through Legal Cannabis?
Here is a look at how to make some money legally.
1. Investing
The cannabis industry is new and booming. A lot of investors are looking to make some fast money out of this industry. The jurisdiction for cannabis has been growing in the past couple of years. In many countries, for instance in Canada, the legalization of cannabis began with the introduction of medicinal marijuana. Then after some time, it was legalized for recreational purposes.
There are a lot of businesses which have launched from the expansion of the cannabis business. Companies are now developing products and new technologies not only in the cultivation and supply industry. Some of the businesses which have come up include:
- Biotechnology
- Agricultural technology
- Consulting services
- Consumption services
- Holding companies
- Organic farms
- Industrial hemp
An investment in any of the businesses listed above can go a long way. However, it is good to note a number of risks which can affect your investment negatively. These risks can mainly be attributed to the ever-evolving laws and business models.
Some common risks include:
- No guarantee of success
- Government regulations and laws
- Taxation
- Pricing
- Inflation of stock shares
- High operating costs
Tip: Before investing, be sure to garner the right information about the cannabis business, so that you can attain your desired financial goals.
2. Crypto and Blockchain
How are blockchain and cannabis related? As more and more countries regulate marijuana, there is the problem of the black market.
In Canada, there are various companies which are using the blockchain supply system. This has, in turn, helped prevent the black market marijuana from making its way to the legal market.
The blockchain is therefore important to both customers and retailers. Some of the advantages of using crypto and blockchain include:
- Retailers will know what they are selling
- Customer confidence
- Business advantages to both the retailer and customer
3. Entrepreneurship
If weed is legal where you are, you can take advantage of this opportunity. A successful entrepreneur will have an eye for recognizing business opportunities. And this is one you might not want to miss out on.
However, you should be ready to dish out some money. In most countries, before you become a dispensary operator you will need to pay a licensing fee, which can cost a fair bit.
Tip: Consider launching your own brand of cannabis extracts. You can get an industrial-grade rosin press for just a couple thousand dollars and enter a lucrative niche market in any state where recreational cannabis is legalized.
4. Employment
The marijuana industry has opened up over 200,000 job opportunities. This has helped curb the rate of unemployment in most countries.
When you take a look at any weed website, there are a lot of jobs which you could take on. But this will depend on how much drive you have. Here is a look at some of the jobs available. There might be one job which matches your skills.
- Budtender. This is the customers’ “go to” source at the dispensary. They answer all questions related to weed.
- Edible maker. They are directly responsible for making food and beverages out of cannabis.
- Harvester. The process of harvesting marijuana requires some tasks such as growing, trimming and packaging.
- Vaporizer retailer
- Delivery person
- Store manager
- Security guard
- Cashier
- Website manager
If you log in to any website, you can find job openings in the industry.
5. Open a Food Truck
This is one of the easiest ways to make money off legal cannabis. You might think food trucks are overrated. But just think about serving up some junk food with your favorite strain. You can pack your food outside a dispensary, and it will be flowing with customers.
