Although the cannabis industry started out slowly with only a few states in the United States and a few countries making marijuana legal, the use of cannabis for medicinal purposes and further legalization has led to explosive growth. This type of market growth at this astounding rate has not been seen very often and if thinking of starting a cannabis business this is a great time in which to do so.
Initially only big money investors could get in on the profits available, as growth, production, and distribution, especially to the medical marijuana clinics was the only way to swing a profit. Over the past few years, smaller yet lucrative variations of this business have made their way into the mainstream business models of many regions and countries.
Predictions now are made that the market growth of cannabis will continue at least until 2027 and perhaps beyond, with an estimated valuation overall of 73.6 billion dollars worldwide. So beyond growing, and distribution how can an individual cash in on business opportunities?
There are many ways in which to break into the lucrative emerging cannabis business opportunities.
First off, let us explore just what these business opportunities are. There are two main types of business models in the cannabis industry: plant-touching and ancillary. Plant-touching entails the growing and distribution and has the strictest regulations in place as it is mostly for medicinal purposes.
The highest quality of product must always be the focus, and the regulations are extensive and strict. Agricultural concerns dominate this market as well since growing cannabis is farming, plain and simple and where to grow plants is just as important as how to grow plants.
There are farmers who devote all or part of their lands to cannabis growth and finding one of them in an area where the conditions are optimal is a great boon for anyone seeking to enter the “plant-touching” sphere of the cannabis business opportunity. The knowledge of a farmer in the processes is a great step towards success and many farmers do study up on cannabis to enter the cannabis industry and its wealth creation.
Anyone new to the plant-touching biz op should at least find a mentor or someone with prior knowledge as there is quite a steep learning curve with many failures initially before success comes. Some wealthy investors go all the way into starting their own Marijuana dispensary and this can become a massive wealth generator but does take the most work of all business opportunities in cannabis.
The ancillary side of the business opportunities in cannabis is entered by more individuals.
First off, most ancillary sides of the cannabis business opportunity fields are not as highly regulated and there are more opportunities with much less upfront capital needed. There are literally dozens of types of ancillary business models and opportunities, but we will focus on the main ones initially, as some individuals are so creative, they can and do create their own biz op ideas for cannabis wealth creation. Let us start with the following well-known ancillary business opportunities.
This may sound so simple, but many do not think of it. Buy STOCK in a cannabis production company. A good ROI (Return on Investment) is almost always seen now and although stocks do have their highs and lows, in 2020 alone, cannabis in the USA hit the 10 million in sales mark.
That is in a one-year period, so this stock is well worth the value as the market continues to skyrocket. Other than stock purchases, individuals, especially great salespeople are always needed by cannabis producers. Sales to medicinal clinics are at the top of the list of all producers and a new career as a top salesperson can be carved out for those who have drive and ambition.
A straight salary and commission can be involved making it even more lucrative. A subfield within the sales field of an ancillary cannabis biz op is advertising and marketing. If an individual is great at marketing, this opportunity can lead itself also to a great deal of revenue flow.
There are still more ways to enter the emerging ancillary business opportunities within this market.
This has been mentioned before but is worth mentioning each time when discussing the subject of entering the cannabis industry business opportunity market. Affiliate programs. Do not forget these. Even if starting any other ancillary methods using Affiliate programs only adds easily to wealth creation.
Affiliate programs are decades old and cover a wide base of products and services. This business model has been shown to work with almost every offering and in the past decade cannabis Affiliate programs have been springing up by the dozens. The beauty of any cannabis Affiliate programs is that all marketing materials, support, payment methods, and knowledge bases are provided to affiliates.
These can be up and running immediately and at minimal cost. Some are even free to join. While there is always a TOS (Terms of Service) to follow it is usually minimal and anyone anywhere can generally be approved for membership. This is one of our favorite ancillary methods right there alongside the purchase of stocks, for simplicity, with almost instant gratification. Yes, marketing is involved by all businesses for success even in Affiliate programs.
The process of creating ancillary cannabis businesses does not stop with the ones mentioned above.
Many attorneys are diving into this field as experts in legalization and regulation. A person does not have to have a law degree to become a consultant or an expert administrative assistant in the emerging cannabis business opportunity field. Simply take classes and you can find yourself with a skill set that both plant-touching business owners and ancillary business owners clamor for.
Creativity is the only thing that will hold one back when starting a successful business opportunity in the emerging field of the cannabis industry. With the explosive growth, anyone can decide to go large or small and focus on what they enjoy while reaping the wealth and projected success of any business they start within the cannabis industry.