Many people who are interested in investing in cannabis-related business would be very much interested in getting to know the most profitable businesses in this industry. This is because there is so much money involved in this industry right now and also due to the fact that significant growth is expected to occur in this industry in the coming days. Here below are some of the 3 most profitable cannabis –related businesses that you can start:
Cannabis testing is soon going to become an important requirement in the cannabis industry. This is because all the states that have legalized recreational and medical marijuana require cannabis testing facilities. In addition, all other states that will eventually legalize recreational and medical marijuana will require marijuana testing facilities. Right now, not many people are interested in setting up cannabis testing facilities because it is not as attractive as starting a retail outlet like those , or industrial gardens. In addition, there is no branding for cannabis testing right now. This means that if you establish a lab and start a strong branding campaign, you could easily become the ‘gold standard’ of weed testing and gain a very strong competitive edge over the limited competition that is there currently. You can establish a cannabis testing company that is going to set the standard in the cannabis testing industry so much that people will always prefer buying cannabis products tested by your company. This has not happened yet and you could be the trail-blazer in this line of business.
Investing in a cannabis cafe can be one of the most lucrative business ventures you can start in the cannabis industry. Cannabis cafes are very popular with marijuana consumers, especially those who are single. This is because they only need to pay a small door fee and go in there and consume as much weed as they want in a social environment. For the same reason that people frequent clubs and bars in order to socialize over bottles of beer, so would cannabis consumers want to go out and socialize with other like-minded people. Cannabis cafes can also sell marijuana and marijuana-based products, but concessions and door fees will generate a lot of profits on their own. In areas that limit or ban retail establishments, cannabis cafes can be a great business idea.
This is certainly big business in the cannabis industry. People who are experts in this field get paid huge amounts of money to share their ideas and thoughts. Today, several people are offering consultancy services in this industry and are being paid huge amounts of money. However, they are not necessarily the best at what they do. A large number people who are offering these services today might have
knowledge of the weed but without being very knowledgeable about the cannabis industry. The cannabis industry has a lot of aspects that one needs to be aware of in order to succeed in it. Others have a big understanding of the cannabis industry but they lack standard business skills such as time and money management, as well as overall vision. This means that there is a great opportunity for people who have both traditional business skills as well as marijuana experience to enter into this lucrative field.
TIP: No doubt you’ve noticed that the green rush has brought about a frenzy of people opening up dispensaries and this is why I recommend looking at the ancillary services one can provide because there is less competition. However, you can still open up a dispensary, all you have to do after the set up is the correct marketing, customer service and have a unique selling point. One dispensary making waves is Mary Jane’s Patch and you should model yourself after it because the owners are positioning it as one of the Colorado.