10 Cannabis Startup Ideas to Jump into the Green Rush
March 8th, 2018
Cannabis legalization is fueling immense growth in the global marijuana industry, with more ‘ganjapreneurs’ planting the business seed than ever before. For several years, the industry has been evolving, but 2018 is predicted to yield major results for cannabis-related businesses.
Launching a Business in the Cannabis Industry
According to an investment activity report published by Viridian Capital Advisors, global financing for businesses in the marijuana industry hit $1.4 billion as little as six weeks after the New Year! As the world’s most diverse medicinal plant, it’s not really surprising that entrepreneurs are capitalizing on the “Green Rush.” If you are contemplating ways to cash in on the legalization of weed, a vast expanse of business options are at your fingertips.
Below, we touch upon 9 ideas that offer a good return on investment (and time) in an ever-growing field:
Bud and Breakfast (Initial investment of $30,000-$40,000) – This business idea could mean big business for states that have legalized/will legalize recreational cannabis use. The idea is to accommodate weed-loving guests by inviting them into a rented private space, in which they can smoke, vape and snack on THC-laden edibles surrounded by comfort – heavenly.
Social Cannabis Painting Classes (Initial investment of $2,000) – The cannabis community is incredibly social. It offers an amazing way for cannabis connoisseurs to connect with one another, learn and grow their circle. Why not encourage members of the community to congregate, get high and unleash their creative streak? Take inspiration from Puff Pass and Paint, which was launched by an artistic female named Heidi Keyes back in 2014.
Extraction and Lab Equipment Supplier (Initial investment of $160,000) – With an affluence of new businesses creating cannabis extracts for sale and distribution worldwide, the demand for extraction and lab equipment is, understandably, rising. Stock up on supplies and sell them at a slightly higher price than you paid for them as a way of reaping profits. Although the initial investment will be fairly large, the returns will more than make up for it.
Cannabis Event Planner (Initial investment of $10,000-$20,000) – From weddings and birthday bashes to educational seminars and product launches, a cannabis event planner can aid a broad scope of clients with tailored services. You should be ambitious, charismatic and possess an eye for detail to execute a pot party effectively, so keep this in mind!
Cannabis Bike Tour Operator (Initial investment of $20,000) – Educating people on marijuana can be made fun if you launch a cannabis-themed bike tour of a city that has legalized the plant for medical and/or recreational use. Offer an insight into cannabis culture by providing tour attendees with a guided tour of local dispensaries and businesses. The startup cost should include essential equipment such as bikes, helmets, raincoats, maintenance tools and bike locks.
Herbal Florist (Initial investment of $1,500) – A bouquet of lush green buds is not an uncommon sight to see at a wedding nowadays, not to mention other weed-focused events. Becoming a niche florist in the cannabis industry means that your eco-friendly business may attract mainstream clients! A shining example of a herbal florist company that has done exceedingly well is Buds and Blossoms. Based in the City of Centennial, this flower delivery service specializes in custom arrangements.
Cannabis Catering Company (Initial investment of $100,000) – Have you heard about cannabis wine pairings and tasting events? They are all the rage lately! Take catering to a whole new level by preparing cannabis-inspired menus featuring THC-infused beverages, appetizers and gourmet entrees, such as cannabutter-marinated steak. Cultivating Spirits is a prime example of a catering company that offers kitchen and dining supplies for weed aficionados.
Medical Cannabis Delivery Service (Initial investment of $400,000-$600,000) – Not everybody will have access to transport, making it difficult for some people to obtain medical-grade weed. Simplify the process for medical marijuana patients by launching an app similar to Eaze. You should either hire an app developer or utilize app development software to develop an on-demand online tool that allows for easy browsing and buying.
Marijuana Industry Consultant (Initial investment of $5,000) – With a small startup cost and extensive knowledge on the cannabis industry as a whole, you could position yourself as an expert consultant who assists clients with everything marijuana-related, from branding and web design to regulatory compliance.
Cannabis Dispensary Interior Designer (Initial investment of $15,000) – Do you have an eye for interior design? Follow in Megan Stone’s footsteps by aiding cannabis entrepreneurs in their quest to create architecturally unique spaces. Examples of the equipment you’ll need to invest in include computers, printers, graphic design software and client-tracking tools.
Using Cannabis Cryptocurrencies for Safe Business Transactions
Although cannabis trade in the U.S. (and the rest of the world) is gaining rapid momentum, you need to pay some thought to the fiscal side of things if you want to avoid potential speedbumps. Since marijuana is primarily a cash-focused industry, cryptocurrencies like Bitcoin are an essential ingredient in the entrepreneurial game.
Federal banking restrictions need no put a limit on business transactions, such as payroll, retail sales and taxes. PotCoin, DopeCoin and CannabisCoin are just three examples of cannabis cryptocurrencies that can be utilized to streamline transactions between businesses and customers. Legal to own and make purchases with, cannabis cryptocurrencies are a traceable alternative to cash transactions. As time progresses, they cryptocurrencies are anticipated to replace cash transactions altogether!
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About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
CFN launched in June of 2013 to initially serve the growing universe of publicly traded marijuana companies across North America. Today, CFN Media is also the digital media choice for the emerging brands in the space.
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