The Ways You Can Make Money Off Legal Marijuana
Legal marijuana has meant a lot of different things for a lot of different people. For the flower celebrating pot heads amongst us, it means not having to walk into a dingy alleyway and potentially get arrested to acquire a joint. And for those not shy of an investment, it’s potentially the next Bitcoin.
For the last 100 years, there was nothing legal about making money from marijuana. Now, investors are taking the chance to make millions selling something that literally doesn’t require selling; it’s already sold, and people have loved this very prohibited substance for a very long time.
There are hundreds of ways to make money off legal marijuana; from isolating cannabinoids and selling them as raw materials, to growing hemp for the purpose of CBD product manufacture, all the way down to manufacturing grow equipment for cultivators. The avenues through which investors, and even regular people, can search for a profit is virtually infinite.
For the Green Thumb: Grow Cannabis
An obvious way to make money off legal marijuana is to grow cannabis. There is an overwhelming demand for cannabis at the moment, even if it isn’t going to be smoked. It is often used to manufacture other cannabis-derived products such as CBD oils, isolate or edibles. Plus, this is arguably the most laborious part of cannabis product manufacture: growing it.
With that said, a grow operation needs space, time and a lot of skill, not to mention customers. And there are a lot of those, like the mountains of cannabis growers in the Emerald Triangle. Aside from huge competition, there’s money to be made in being a cannabis or hemp farmer.
For the Chemist: Extract Cannabinoids
We might be well and truly past the days of money-making cannabis farms. The future of cannabis is looking more and more like a scientific experiment with cannabinoid extraction (but of course, we still need farms for that). Isolated cannabinoids are becoming increasingly popular in the USA, and are beginning to intersect with pharmaceuticals (take GW Pharmaceutica’s Sativex, for example).
Yes – there are pharmaceutical companies that want to buy pure, isolated cannabinoids for the purpose of manufacturing pharmaceutical-grade medicines. A lot of technology is required for cannabinoid extraction and a super nifty, chemical mind. Development in cannabinoid extraction is growing in popularity and demand.
For the People Person: Be a Budtender
Seeing a cannabis dispensary while walking through the streets of San Francisco is just as likely as seeing a Walmart. They are, well, everywhere. And they all need well-educated, friendly retail staff. Some of us could only have dreamed of having a part-time job in a cannabis dispensary as little as a decade ago. Now, it’s a real opportunity for those who want to work in the front-of-house aspect of the cannabis industry.
A love of cannabis and a friendly attitude is all that’s really required to be a budtender. However, given the increase in the number of people who want the job, it’s not always that easy to acquire one.
For the Artist: Design, Design, Design
The projected market value of CBD and other cannabis products is steadily climbing. Every year, there’s a new and bigger estimate on how much the cannabis industry will be worth. There are new companies and product manufacturers popping up everywhere. And yes – their websites, products, and labels need design elements too.
Website designers can make a ton of money from big investors starting cannabis businesses. This is good for writers, graphical artists and those who know something about website building.
For the Money Bags: Invest!
Then there are those who don’t necessarily want to do much at all but have some money to make someone else’s cannabis business come true. The thing with investing in the cannabis industry is there are almost endless avenues through which one can step in. Think about it. An investor can pump money into any of the following aspects of the cannabis industry:
- Cannabis retail businesses
- Cannabis wholesale businesses
- Cannabis farms
- Manufacture of cannabis-related grow equipment
- CBD or THC product manufacture
- Pharmaceutical-grade cannabinoid extraction
- Extraction equipment and technology
- Research and development
These are literally just a handful of the different places an investor can invest some money into the cannabis industry. While some of them are peripheral aspects of the cannabis industry, they are nonetheless in high demand.
There are numerous ways for just about anybody to make money off legal marijuana. There even exist professional, influential, Instagram-famous joint rollers who roll specialty joints for a large sum of money. The sky really is the limit in an industry as big and new as cannabis, and there’s even some room for creativity and innovation!
Legal marijuana has meant a lot of different things for a lot of different people. For those not shy of an investment, it’s potentially the next Bitcoin.
7 Practical Steps to Make Money Selling Weed Legally
All over the world, you can make money selling virtually anything as long as the product or service you have for sale satisfies the need or want of your customers. One good thing about selling stuff is that you don’t necessarily need to be the manufacturer or the originator of the idea before you can make great profits from it; once you are gifted with selling / marketing skills, then you can be rest assured to make money off people’s ideas.
One of the businesses that you can engage in is to make cool cash is selling weed. One challenge of selling weed to make money is that in most countries of the world and even in most states in the united states of America, selling weed is illegal. But in recent time, both federal and state law is gradually making it easier for those who want to engage in the legitimate sale of weeds to make money.
The bottom line is that if you want to engage in weed business legally, then you must confirm with your country’s law or even your state’s law to know if you can legally sell weed in your community. It is important to state that the sale of medical weed (medical marijuana) is legal in most countries, but you can only sell to people with prescriptions from a doctor.
Now let us consider how you can make money selling weed (marijuana);
7 Practical Steps to Make Money Selling Weed Legally
1. Confirm the Existing Law on the Cultivation and Sale of Weed (Marijuana) in You Country / State
The first thing that is expected of you to know if you want to engage in the sale of weed (marijuana) to make money is to confirm the existing law on the cultivation and sale of weed in your country or state. Before now, the law used to be very strict as regard the sale, cultivation and consumption of weed but in recent time it is becoming softer as more states in the US now permits the sale and consumption of marijuana. You can check up with the Law enforcement agency in charge of food, drinks and beverages in your country to get the required information.
Once you have confirmed from the required authority in your country that it is legal to cultivate, sell and consume weed, then you need to draw up a good business plan that will guide you in managing the business. Ensure that your business plan covers your financial / profit projection, your business goal and vision and your marketing strategy, et al.
3. Secure the Required License and Permit
Even if it is legal to cultivate, sell and consume weed (marijuana) in your country or state, you would still need to obtain a license and permit for you to legally deal in weeds. You can approach the agency in charge of foods, drinks and beverages in your country to acquire the required license and permit. If you do net secure the license and permit, it means that when you are caught selling or cultivating weed, you will be charge to court.
4. Cultivate Your Own Weed
No doubt, if your want to make money selling weed (marijuana) you should engage in growing the weed yourself. It is important to mention that you can only grow weed legally if you have the permit from the government to do so. Although many people grow weed illegally in their backyard or a secured perimeter, but once they are caught, they will be made to face the wrath of the law. If you have the permit to grow weed on a commercial scale, then you are in to make good money from the business.
5. Properly Package Your Weed
Even though those that engage in the sale and supply of weed don’t struggle to sell them off because there are always ready buyers, but it is still important to properly package and label your weed. Part of the info that should be on your label is the existing law guiding the use of weed (marijuana). You can only engage in this if you have the permit to sell weed.
For example; if the law is against underage (less than 18 years) smoking or handling weed, then you must state it in your pack. The truth is that if you want to engage in the supply of weed to pharmacy or any health facilities then you must properly package and label the product (marijuana).
6. Negotiate to Supply Weed to Pharmacy around You
In countries where it is legal to cultivate, sell and consume marijuana, there should be law governing how it should be done. So, if you are dealing in medical marijuana, then you should source for pharmacy outlets around you where you can supply your medical marijuana.
One thing about pharmacy outlets that sells medical marijuana is that they can only sell to a customer based on doctor’s prescription. In essence, it becomes a crime to sell medical marijuana to any customer without doctor’s prescription because it can easily be abused.
Another means of making money from selling weed is to inform close friends and their network that you deal in weed. Most people who adopt this means of selling weed to make money are those who don’t have the permit to do so.
They just had to rely on close and trusted friends to sell their weed or else they can be exposed and that means they may likely end up behind the counter. The truth is that most people make cool cash by engaging in the sale and cultivation of weed illegally.
There you have it; the steps to follow to be able to make money selling weed (marijuana) in your country or state.
7 Practical Steps to Make Money Selling Weed Legally All over the world, you can make money selling virtually anything as long as the product or service you have for sale satisfies the need or