There are few industries today with as much potential for growth – pun intended – like that of the infamous herb: cannabis. Legalization has been a long and storied battle, but in the last decade, more progress has been made than ever before. From 2018 to 2019, BDSA and Arcview Market Research calculated a 46 percent worldwide growth, and this is just the beginning.
The legal cannabis market is expected to surpass at least 70 billion by 2027, and it will only rise from there. This is a business that continues to expand, and will soon be among the most lucrative industries in the world. You don’t have to be a distributor to reap the financial benefits; many find that occupation unattainable, due to the economic stress of growing. Fortunately, there are other ways to make money in the cannabis industry.
How You Too Can Make Money
As with any big operation, there is more than one branch in the business. Obviously, the number of distributors will rise significantly as the market expands, but there are much more inexpensive ways to ride the cannabis wave.
Selling Cannabis Accessories
Since cannabis is still listed as an illegal substance in most countries and will bear that association long after it isn’t, the taxes that growers pay to sell their product are extravagant. This does not factor into cannabis accessories, however, which are the legs on which the herb itself walks. Since customers won’t buy cannabis without the necessary utensils, there is a vast and profitable market for pipes, rolling papers, bongs, lighters, and a wide array of themed paraphernalia.
If you were to take advantage of the accessory side of the business, you could turn just as much of a profit with significantly less capital; cannabis accessories are much more accessible than the herb itself and much cheaper. Click here for a great example of a smoke shop supplier that carries those accessories and can get you started with stocking your own shop.
As with any business, you would still need to be wary of untrustworthy suppliers. Reliable and legal wholesalers such as Smoke Cartel operate in high standing, selling smoke shops and dispensary supplies through their online catalog. This is the most strenuous step already taken for you; after you’ve sourced the product, it’s just a matter of choosing a suitable location and turning a profit.
Become A Weedfluencer
Another option when considering a future in the cannabis industry is becoming an influencer. This is appealing for those of you who love cannabis personally, and who may have a significant social media following. The past has not been fair to cannabis, and it is only now escaping from the shadow of a previous generation’s mindset. To help this happen, the industry needs influential representatives across all platforms. It would be worth researching various cannabis events, or – in these times of isolation – connecting with people in the industry through social media. You need to network yourself in order to attain work and focus on building your own following. This may seem daunting, but is in fact one of the easiest avenues into the cannabis industry, and you can walk it cost-free. It’s also a fantastic way to make friends in the community, and surround yourself with like-minded people.
Invest In The Market
Investing in cannabis is a very valid option. Many hear the term ‘investment’ and immediately associate it with risk, but the global market for cannabis is only beginning to rise in value; every expert analysis has it increasing exponentially in the coming years, with no sign of slowing down. By 2030 projections, it could easily be worth a hundred billion dollars. As it is with good investment opportunities, the sooner you educate yourself on the market and make your decision, the better.
Many see the cannabis craze and think it’s too much for them, that it all moves a little too fast. But it’s moving in the right direction, and you want to get there as quickly as you can. There are so many ways to get involved in the industry, from influencing selling pipes and bongs; it’s a growing market, and no matter which path you decide to take, there’s a high chance that you’ll turn a healthy profit.
After all, the growers can’t take all the credit, and there’s enough green to go around.
