5 Small Business Ideas in the Growing Cannabis Industry

A new emerging market that has seen enormous growth in recent years is the cannabis industry. As more and more government authorities around the world are loosening their grips on the plant and decriminalizing its use and possession, the masses are quick to jump on this opportunity and have started operating many businesses associated with the use and distribution of cannabis products. More often than not these businesses are dispensaries where people can buy the various cannabis products but like any industry, there are various other opportunities to capitalize on this budding new market. Let's see what options entrepreneurs have to choose from.

1. Cultivation

One of the most satisfying aspects of the cannabis industry is the product. This involves the growing and cultivation of the plant. The people behind this process are basically farmers and due to many reforms, many cannabis farmers have seen an increase in profit now that their livelihood has been legalized. Entrepreneurs can start their own cannabis farm where they can grow different strains of the plant and sell the flowers for a profit. Breeding is also another option where they create new strains that they can distribute to other growers. Being a cannabis farmer requires you to have knowledge of agriculture and horticulture as well as adhering to local laws and regulations.

2. Dispensary

The most visible aspect of the industry is the dispensaries where people go to buy the various cannabis products available in the market. There are two options you can take; either open a physical dispensary or starts one online. The most popular among the top online dispensaries is the Green Society , which offers the best quality locally-sourced cannabis from craft cannabis connoisseurs in Canada. And now that more and more states and countries are legalizing cannabis; there is a large portion of the population that's untapped. At this point, a Gallup poll estimates that roughly 12% of Americans consume cannabis in one form or another on a regular basis and this trend will only continue to rise as more people are getting familiar with the plant.

3. Edibles

Behind dispensaries, edible companies have seen a surged of popularity mostly because edible products are discreet and can be consumed practically anywhere and anytime. Many consumers also prefer edibles over smoking to avoid the obvious harm associated with smoking and the effects last longer. There is almost an unlimited selection of edible products. There are well-known and popular cookies and brownies, but the list can go on to include peanut butter, popcorn, chocolate bars, and even gummy bears. Growing demand has also been noted in healthy edibles; gluten-free, sugar-free, and even vegan edibles!

4. Accessories

Even before the reform victories of the cannabis plant, accessories have been sold and used by many consumers. And since selling the actual plant products require that you get certified and apply for a special license, distributing accessories doesn't require any such permits. Some common cannabis accessories are pipes, bongs, and rolling papers, as well as grinders, vaporizers, and trays. Selling these products lets entrepreneurs steer away from the politics of marijuana cultivation and distribution while still giving them a stake in the industry.

5. Event Planner

Now that cannabis is relatively legal to buy and use, people have started holding cannabis events and parties, much like the various festivals related to alcohol consumption. Event planners can dip their feet in the marijuana boom without having to sell products through planning cannabis-themed events and festivals. Across the world, people are celebrating the long-awaited victory of the plant through huge gatherings and festivals and these need dedicated people to plan, host, and manage. Events such as these will only continue to increase in demand which means a busy schedule for event planners all around.