Are you looking to live the high life? Forbes projects that the legal cannabis industry will grow exponentially in the next 10 years, making it a lucrative business option.
Capitalize on one of the fastest growing industries and open an online cannabis business! Read on to discover popular niches you can build an empire with.
10 Popular Niches for Cannabis Entrepreneurs
If you want in, the next step is deciding which direction to grow your business. The marijuana plant offers a wide variety of opportunity. Here are 10 ideas that can potentially put you into a comfortable place financially.
1. Growing the Green
Growing the green will significantly grow your green with cannabis legalization and popularity on the rise. With an understanding of horticulture, agriculture, and local, state, and federal laws, you can grow marijuana, create your own insane strain, and sell your goods for cosmic profitability.
As with any farm, this takes hard work and dedication. But if you put in the effort, your online business will flourish.
2. Investing in the Industry
ArcView Market Research and BDS Analytics project the dollar amount people spend on cannabis to reach $32 billion by 2022, making for a 27.5% increase. If you know anything about the market, then you understand the money you can potentially make as an online cannabis investor.
The National Institute for Cannabis Investors weeds out the nonsense and offers the absolute best expert information to help you in one of the most profitable niches. If you enjoy research and a little bit of a gamble, then consider investing your money here.
3. Opening an Online Bakery
Many cannabis users opt for the edible versions. Capitalize on your cooking skills by selling your baked goodies online.
Some edible ideas include:
- cake pops
- cereal bars
- cheesecake bars
As long as you use the correct technique, you can make effective edibles of any type, with any flavor you wish. The trick? Double boil the butter before baking to activate the THC. Just make sure you abide by the law, as the federal government and many states still do not allow the distribution of this plant.
4. Selling Supplements
With legalization came a plethora of research. We now know that cannabis offers numerous health benefits. Though it is important to note that only CBD supplements are legal to sell for now.
CBD is the compound that comes from the flowers of the cannabis plant. It binds to different receptors than THC, creating an immune response rather than the typical marijuana high.
If you sell supplements like CBD capsules, tinctures, or oil, you can target people suffering from:
- heart disease
If you choose this route, stay ahead of the times. Knowing who can benefit before anybody else does, with solid research to back up your claims, will keep your business afloat.
5. Enhancing Beauty
You may know researchers found that marijuana reduces inflammation. However, you may not realize that this means it can work to enhance beauty products!
Inflammation is the culprit of many unsightly skin conditions, like acne, eczema, and rosacea. Products with hemp and CBD oil can help reduce inflammation at the source. Research also suggests that it regulates oil production from the sebaceous glands in the skin, which helps reduce acne.
Many people are now aware of the parabens in their go-to face creams and lotions, making them more likely to switch to a good alternative. You can add cannabis into everything from lotions to foundation to boost its allure.
6. Providing the Paraphernalia
With a little less legal risk, you can provide the cannabis community with useful, stylish, and fun accessories for them to enjoy their cannabis. Tap into your creative side and make artsy bongs, bowls, and hookahs.
Or, ride the trend and provide vaporizing accessories. If it feels too generic, then switch it up and alter the devices so they work or look better.
7. Planning Parties
If you like to party plan, then you found the right target market! Build a site dedicated to planning and promoting festivals, trade shows, tastings, and other social gatherings that will interest the cannabis community. You can even cater to the medical marijuana community, by putting on wellness events and research conferences.
Team up with local niche businesses to make this work. If you love to network, possess fantastic organizational skills, and always bring fun with you, then this might be your niche!
8. Arranging Bouquets
People constantly send flowers for birthdays, anniversaries, holidays, and random acts of love. They also order large amounts for events like weddings and funerals.
Why not spunk it up a little and sell grass bouquets and reefers? Buds come with different looks and colors and can spruce up all sorts of flower arrangements. You can even tie together nuggets of goodness with baby breath for unique wristlets or corsages.
9. Building a BUDdy Blog
If you’d rather keep your hands out of the pot, but still want to profit from it, consider building a blog about it. If you make it good and build up your traffic, you can make money by selling ad space.
To create online profit, write on topics that interest cannabis users such as:
- industry news
- best strains for treating your (insert ailment)
- medical marijuana research
- healthy munchy ideas
- alternative uses for cannabis
Research to learn who smokes and what they want to read about. Smoke out your competition with something clever!
10. Creating an App for Mary Jane
Everybody loves apps! We use them for literally everything because they make life more convenient.
Why not create an app geared towards finding the best dispensaries, getting the goods delivered, or simply choosing the best strains for whatever ails you? The opportunities stretch as far as the limits of your imagination with this one.
Take A Hit of Opportunity While Its Good!
Don’t sit back and think too long. Capitalize on the marijuana craze with one of these popular niches.
Right now, enough uncertainty exists to make most people afraid to jump in. However, enough promise exists to make this a fantastic opportunity. Once you flesh out your business, check us out for tips on content creation!