Top 3 Cannabis Business Opportunities for 2019
It's no secret that the cannabis industry has exploded in the United States and the rest of the world. Forbes reports that this industry is expected to top $57 billion in annual revenue in the US alone by 2027 and many experts feel this number is far too low! For entrepreneurs of all walks of life, funding and operating a medical marijuana-based business holds strong appeal. This article looks at 3 of the most promising opportunities of 2019 within the cannabis industry.
While there are certainly various other ways to break into and profit from the lucrative medical marijuana industry, the following options provide some of the most solid and dependable opportunities. Note that every state has its own rules and regulations for those who operate within the cannabis industry. Be sure and check with your local authorities to learn about what you are and are not allowed to do!
#1: Become a Grower
Marijuana cultivators grow the medical-grade buds that are sold in dispensaries and used to make extracts like CBD oil. Indoor grow operations are subject to strict regulations. Growers have to be well versed in the rules and abide by them diligently.
Growing commercial cannabis is not an easy job. It involves applying technical expertise, lots of direct experience, long hours of continuous work, and a sequential and logical mindset to balance it all out and keep it enjoyable. If you are considering this option, then it is best to begin by developing a detailed business plan with a sensible exit strategy.
#2: Open a Dispensary
Medical marijuana dispensaries are where cannabis consumers go to buy their weed! Like a cultivation facility, marijuana dispensaries are subject to very strict guidelines for operation. There will be a red-tape-laden process necessary to appease the government and gain permission to open your doors.
After you get approved for licensure, you'll have to consider a brick-and-mortar location for the dispensary, as well as insurance, employees, vendors, advertising to customers, staying ahead of your competition, ensuring top-quality products from growers, and keeping your esteemed customers coming back to your dispensary instead of others.
#3: Manufacture Cannabis Edibles
Cannabis edibles are more demanded than ever and growing even more popular every day. Products like CBD-infused gummies, cookies, brownies, ice cream, chocolate, and honey are all very much in demand. Producers of these products are also subject to governmental regulations that are in place to ensure public safety and fair practices.
Although the medical marijuana industry is already booming, it is still in its infancy. It is an excellent time to break into this lucrative, evergreen industry. Of course, besides satisfying the government, you're going to need substantial amounts of capital to invest. All cannabis business opportunities have outstanding outlooks but they come with the price of initial investment, and then, the capital needed to sustain operations through the growth phase until profits can be recognized.
References
Business News Daily - Cash in on Cannabis: Business Ideas for the Emerging Industry
Entrepreneur Magazine - 10 Cannabis Business Opportunities You Can Start From Home
Forbes - Predictions For Cannabis 2019 From Entrepreneurs On The Front Lines
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