The cannabis industry contributes about $130 billion to the US economy. It’s a legitimate business that’s creating jobs, generating revenue, and helping people worldwide. You can be a part of this growing industry and earn money while bringing cannabis into the mainstream.
If you’ve been thinking about starting a cannabis business, here are seven reasons why now is the time:
1. Market Size
With Colorado and California legalizing recreational cannabis in 2014 and several other states following suit, the market has exploded. The industry is projected to be worth $52.6 billion by 2026—and that number could be conservative. Experts predict that growth will continue at a rapid pace as new markets open up for investment opportunities and research into medical applications continues to expand.
In fact, projections show that over the next decade, the cannabis industry could become one of the largest sectors of America’s economy. You can be a part of an emerging market and get in on the ground floor.
Cannabis jobs are growing at a rate that’s much higher than most industries. In 2021, the cannabis industry created more than 100,000 jobs. It’s expected to add another 1 million career opportunities as the market matures.
The cannabis industry is creating jobs across all areas of expertise and education levels. Even if you don’t have a college degree, there are plenty of entry-level jobs available in this growing field.
The same goes for age. While most employees are Millennials, many older workers also find careers in legal marijuana.
Some banks and credit unions are creating special loans for cannabis entrepreneurs. Certain states have even started programs that provide loans to help marijuana businesses get started. These programs make it easier than ever before to open your own legal weed business.
The great thing about cannabis businesses is that they don’t require much startup capital. A few thousand dollars is enough to get your business off the ground. You can even start making money right away.
Although there are some expenses involved, they’re relatively low in comparison with other types of companies, such as food and beverage businesses.
4. Product Variety
There are hundreds of strains, each with its own unique effects, smell, and taste. You can also offer edibles, CBN isolate, tinctures, and topicals for those who don’t like to smoke. There are even cannabis-based beauty products like lotions and shampoos.
As a cannabis entrepreneur, you can create a product line that caters to many tastes. This means that you don’t have to worry about competing with other businesses in your area because there’s plenty of room for everyone.
If you’re looking for a simple way to get started, consider selling cannabis products that are already on the market. If this isn’t enough challenge for you, maybe creating your own product is more up your alley. Anyone can create their own unique strain of marijuana, as long as it follows local laws.
5. Vertical Integration
Vertical integration means growing, processing, and selling your own products. It gives you greater control over your product’s quality than if you were selling someone else’s work.
For those in the cannabis industry, vertical integration is easy because there’s a lot of cannabis and hemp land for sale.
Outdoor cannabis farms are the largest types of property you can purchase. Cannabis real estate is also available as indoor warehouses, where growers can set up large-scale cultivation operations. One benefit of growing cannabis indoors is that you have greater control over the environment and can manipulate light, temperature, and other variables.
As far as zoning restrictions go, there are still some states where they can be strict or unclear. However, most areas have loosened up their regulations to allow cannabis businesses to grow their own products.
6. No Degree
There’s no degree required to get started in the cannabis industry. It’s open to anyone with a passion for growing and selling weed.
If you have a background in agriculture or horticulture, then there are many opportunities in this field that require very little training. If you want to go into sales or management, it might take some training, but not necessarily an official college education. Once you figure out what kind of job fits your interests and skill set best, learning on the job is always an option.
As a cannabis entrepreneur, you will find yourself in a position to help others who may have never considered starting their own business or even associated the idea with cannabis. You’ll be able to show them that they don’t have to settle for a traditional career path. They can follow their passion for marijuana and make money doing so!
Many young entrepreneurs are looking for a mentor. You can be that person. You’ll be able to share your knowledge and experience with them, helping them plan their own cannabis business.
This can also be a great way for you to find new employees or even just some good friends!
Make Starting a Cannabis Business Your New Goal
You now have seven compelling reasons why starting a cannabis business is the right move for you. You can start thinking about all the new opportunities that await you as an entrepreneur.
If this is something you want, then go for it! Starting a career in the industry now will give you ample time to become established before the market takes off.
For more business tips, check out our business section. You’ll get the latest news, trends, and insights on how to grow your small business.