9 Marijuana Business Ideas for Founders
Starting a cannabis farm is the first thing that comes to mind for most people passionate about the cannabis industry. If you don't mind following regulations for buying cannabis seeds, marijuana cultivation might be your calling. Note that you'll need to hire a cannabis processor to help get your product line ready for the shelves. Cannabis processors turn cannabis into a product like oils, edibles, extracts, and concentrates.
Are you thinking about getting into the legal marijuana business? It's not too late. With the growing legalization of marijuana at the state level, the marijuana industry is booming. Many cannabis entrepreneurs believe now is a prime time to start a cannabis company.
There are plenty of cannabis business opportunities out there that extend far beyond the obvious. The key to starting a new business is to use the skills and interests that you already have.
Cannabis Business Ideas: Your Options
The cannabis market is a growing industry. As a result, it is full of different business opportunities. First, choose your business model. Then, determine your business needs and identify your customer base.
Suppose you would rather be in the business of selling cannabis products and edibles. In that case, a dispensary is more your style. Learn more about dispensary business plans and if it would be the right fit for you.
State laws regulate both of these business ventures and need special business licenses. Take startup costs into consideration. Before getting too far on your business plan, talk to a local cannabis attorney to ensure you understand your state's cannabis laws.
Starting a Cannabusiness Without Weed
You can also start a small business in the budding cannabis industry without touching the cannabis plant. If bypassing red tape sounds appealing, there are plenty of ancillary marijuana businesses to consider. These industry-supporting business ideas include:
- Cannabis packaging and labeling. Packaging can be just as important as product, especially in an industry that is growing more competitive. Also, the cannabis industry has thousands of different products. There is plenty of room for creativity and innovation in the cannabis industry.
- Software development. With cannabis and technology, the sky is the limit. Tech startups have already attracted major investment dollars. Some examples of cannabusiness apps include marketing automation platforms, app-based weed delivery services, and inventory and compliance software.
- Agtech solutions. Tech, equipment, and supplies to help in the production and cultivation of cannabis are another huge opportunity area. Agricultural technology ("agtech") will continue to grow. Growers look to streamline and ramp up their operations with increased demand.
- Professional business incubator and accelerator. You could make your services niche by supporting cannabis startups. Try this through digital marketing, SEO (search engine optimization), and social media.
- Marijuana accessories. Bongs, vapes, vaporizers, and dab rigs. Oh, my! Because cannabis has so many uses, selling accessories is an entire business.
- Staffing services. Right now, there is a need for industry-specific staffing and recruiting companies. They help match cannabusinesses with highly qualified employees.
- Consulting services. If you already know much about the industry, you could consider offering consulting services to other businesses and startups. Many business owners are willing to pay big bucks for expert advice.
- Event planning. If event planning is your specialty, then you could create a business planning parties, festivals, trade shows, and other events in the industry. Even private events such as birthday parties and weddings have some cannabis flare.
- Security. For regulatory reasons, most cannabis businesses have to operate mainly on cold, hard cash. Having that much cash on hand creates security risks. That's where your business could come in.
The good news about choosing an ancillary canna-business venture is that entrepreneurs will generally not face the same strict regulatory hurdles that "plant-touching" cannabis business owners must clear. But because your business is marijuana-related and the plant is still a Schedule 1 drug, you must use added caution. It is important to know the recreational marijuana and medical marijuana laws in your state. This can help you avoid a paraphernalia-related crime charge against you.
Ready to Start a Cannabusiness?
If you're ready to start a cannabis business, you should start by talking with an attorney. An experienced cannabis attorney in your state can ensure your business complies with all laws and regulations. This will ensure that your business is as successful and profitable as possible.
Can I Solve This on My Own or Do I Need an Attorney?
Cannabis is a complex area of law. Start by learning what you need to form and operate a cannabis business:
Then, protect your rights by calling a business lawyer familiar with cannabis laws. Many attorneys offer free consultations.
DIY Forms for Cannabis Business
Restrictive federal laws and ever-changing state laws make the marijuana industry a dynamic environment for cannabis business owners. Before you open a cannabis business, make sure it is legal in your state, and follow your state laws. Once you decide on an LLC, S-corp, or C-corp business, you can register your business entity online using DIY business formation forms.