Over the past few years, the cannabis industry has grown considerably, especially due to the fact that cannabis has become a lot more acceptable to the public. More and more states are legalizing its use. Therefore, it’s no longer as controversial as before.
People can now legally purchase cannabis, as long as they have the necessary qualifications. Moreover, cannabis has already invaded other industries, including sports, beauty care, and health.
Similarly, people can now profit from cannabis, although there are some restrictions. Since you most certainly don’t want to break the law, it’s crucial to find out which methods are legal and which aren’t. On that note, here are five ways you can profit from the cannabis industry legally.
1. Run A Dispensary
One of the best ways to profit from the cannabis industry is by running a dispensary. A dispensary is a facility that sells and distributes a certain medical product. In this case, you’ll be selling cannabis. You may also choose to market your products as recreational cannabis. Although you’ll need different qualifications depending on the type of dispensary you want to run, either one is legally allowed.
Of course, it would require a considerable amount of capital and some knowledge of cannabis, but it’s one of the most profitable endeavors there is. However, take note that there will be some restrictions when you’re running a dispensary. One example is that you must only sell cannabis to those aged 21 years or older.
2. Become An Affiliate
If you don’t have the money, time, or perseverance to get a dispensary up and running from scratch, you can become an affiliate instead. For your reference, an affiliate is a person that promotes a particular business, and earns a commission for every sale the business makes with their help.
In this case, an affiliate can promote a dispensary as an influencer, as a blogger, or simply as a customer spreading the word of a certain dispensary.
There are two main ways to become an affiliate. One, you can reach out to dispensaries directly to see if they have an ongoing affiliate program. Or two, you can visit a network, like CannAffiliate affiliate network, for example. Here, you can find a list of dispensaries with an affiliate program. The best part about this is that it doesn’t require capital.
3. Apply As A ‘Budtender’
If you don’t have the capital to start a business or the platform to promote a dispensary, you can still profit from the industry by applying to a dispensary as a budtender. As you might have guessed, a budtender is quite similar to a bartender in that both are a staff member who accommodates to customers.
As a budtender, you’ll tend to customers in a dispensary by offering suggestions, answering questions, or showcasing new products.
Take note that budtending is a bit more demanding than your typical retail job position. For one, you need to make sure you know most, if not all, the answers to the customers’ questions.
Otherwise, you’ll need to do some brushing up on cannabis lessons. You also need to be a bit social for it to work out. That’s why you need to first make sure you know how cannabis works, or else dispensaries are most likely going to ignore your application.
4. Grow Cannabis
It’s pretty evident that there’s a staggering demand for cannabis products at the moment, and this can be something you can profit from by growing cannabis. It’s quite the same as how you grow other types of crops, although you need a license to do so with cannabis. It can be a bit laborious, and requires some planting skills.
But since pot is always sought-after, this endeavor should provide a stable income for years to come, even if there are a lot of competitors.
5. Invest In Cannabis
Perhaps the easiest way to profit from the cannabis industry is by investing in cannabis. You can invest in either stocks or facilities. Either way, if the price rises, you can expect to get a lot of money. However, this also poses a risk since you can only hope for the price or the value of the facility to rise. For your reference, you can invest in the following cannabis facilities:
• Retail and wholesale businesses
• Equipment manufacturers
• Research and development
As for the stocks, you can simply look at lists of marijuana stocks on different websites. Make sure you do your research first before investing in a particular stock or facility.
All of these endeavors are profitable in their own ways, and each one requires different amounts of money, time, and skills. Some require less capital, while others don’t involve capital at all. A few of these methods mainly rely on your skills, yet others require no business or social skills.
But one thing common among these is that you can’t become profitable if you’re not knowledgeable about cannabis. On that note, before you get into any of these endeavors, make sure you learn as much of this topic as possible. Otherwise, your efforts might come to naught.