As the societal attitude towards the use of cannabis is changing every day, it also brings along substantial business opportunities in cannabis and its related products. The cannabis industry has exploded in scope as more and more states are bringing it under the legal purview. The industry is expected to reach a whopping $21.6 billion by 2021. With such tremendous growth potential, many cannabis enthusiasts are showing interest in starting cannabis ventures.
Although this industry has a long way to go to establish itself among the prominent ones, one can take advantage of the growth cycle and make some extra money by staying invested for a long run. Apart from the main business, cannabis ventures are certainly possible in the ancillary sectors surrounding the prime business. If you are looking to take advantage of this opportunity and start a cannabis-themed business of your own, here is a list of five promising cannabis business ideas:
- Cannabis Production
The best way to start a cannabis business venture with limited investment is by cultivating the same. The industry is set to boom with the legalization and potential growth prospects, making it the most valuable investment of the time! Although it may sound simple, growing cannabis is not an easy task to do. A number of factors are at play which needs to be emphasized before starting off. These include:
- Sufficient nutrients in the proper NPK ratio usually provided via fertilizers.
- Adequate lighting
- Optimal watering frequency to maintain growth
- The Ideal level of humidity, etc.
- Cannabis Dispensary
Opening a cannabis dispensary is an obvious option as the plant has got various medicinal benefits. Cannabis can helps in to reduce the nausea, chronicle pain and muscle spasms. To get started with, one should gather knowledge about the existing licensing norms and selecting a location best suitable for the purpose.
- Technology Developer
Technology in running today’s businesses is as important as providing capital. Both new as well as established ventures have to upgrade their machines, develop apps or create customer friendly software to remain a part of the race. With the growing popularity of cannabis ventures, more and more people would like to invest and make the profit via various online platforms. Hence, there seems a greater demand for software developers who can keep running these ventures smoothly.
- Cannabis Consulting Services
Many people are attracted towards the cannabis industry, but not everyone is that skilled to have all the knowledge about the potential pitfalls and strategies emerging out of it. As the industry is still set to grow, it becomes difficult to understand all of its aspects. Thus, starting a cannabis consulting venture could prove to be quite useful for people looking to reap the potential gains out of it.
- Cannabis Delivery Services
Starting a cannabis delivery service is an excellent alternative to the traditional route of dispensary services. With the changing technology, people prefer goods to be delivered to their doorstep without charging them much. This field has got the immense potential for cannabis industry as there are very less competition and high chances of establishing a profitable venture.