As herb legalization efforts take root across the country, thousands of savvy entrepreneurs are cashing on the flowering market. The global flower industry is currently estimated at $20 billion and is estimated to grow to $90 billion by 2026. Considering the upward trend, there has never been a better time to start your own 420-friendly business. If selling flower itself is not your passion, consider forming a retail company specializing in herb accessories such as the popular brand MJ Arsenal. By following in their flower-forward footsteps, you can unpack the industry impact hand-blown dab rigs truly have and launch your own business to new highs.
After all, there’s never been a better time to go green. Consider these six ways you can profit off of cannabis legalization.
Own a food truck
If there’s one universal truth about stoners, it’s that they like to eat. A good smoke session inevitably ends in a hunt for the munchies, so why not capitalize on that tendency. The trick to running a successful food truck business is all standing out from the crowd. Brand your business as a 420-friendly option, and make sure to offer plenty of creative menu items. If you prefer, you can also infuse drinks or snacks with cannabis and charge at an even higher rate. Finally, make sure to park your truck outside a popular dispensary to take full advantage of hungry smokers.
Open a headshop
Every stoner has their favorite headshop they visit a few times a month. Whether replacing a shattered glass rig or improving their arsenal with a durable grinder, herb enthusiasts spend serious cash at head shops. Set your business apart from the rest by partnering with local artisans and brands. That way, you will become an essential part of the community while making a profit off of various partnerships.
Offer marketing services to growers and dispensaries
To expand their clientele base and compete with industry leaders, dispensaries are in desperate need of market strategists. Offer services like website design, SEO strategizing, and social media management to herb professionals. Companies may already be looking for talent, but many are unaware of the positive impact you could make on their business. Pitch your freelance services to multiple growers or dispensaries. You might be surprised how much they will offer.
Invest in cannabis stocks
With the proper research, you can make a considerable passive income with herb stocks. Herb-focused stocks fall under three categories, the first being flower-based biotechs that develop cannabinoid-based drugs. The second type is companies selling ancillary products to growers, such as lighting systems or hydroponics. Lastly, you can invest in retailers and growers themselves that distribute products directly to the consumer.
Make herb merchandise
If you have a passion for the arts, consider making your own herb gear. Whether you are designing unique t-shirts, crafting wearable herb accessories, or blowing one-of-a-kind glass pieces, stoners are always looking to purchase 420-friendly merchandise. Start by listing some of your products on a retail website like Etsy and ask dispensaries to display your work.
Offer financial services
Despite the growing legalization and widespread acceptance of ganja, there are still several financial barriers to growers and retailers. Most banks view cannabis businesses as risky and refuse to grant even small-scale loans. In addition, a lack of trust between traditional financial services and herb companies forces many companies to operate on a cash-only basis. As a financial advisor, you can assist businesses in making intelligent economic decisions while obtaining a healthy salary yourself.
Herb acceptance is at an all-time high, and thousands of savvy business people are seeing a healthy profit. With the right approach and branding, you can cash in on the green rush and become a part of the cannabis community.