Ways to Get Profits from Pot
As the once-taboo use of marijuana becomes mainstream, more doors to take advantage of it for financial gain open up. It seems like every week another state passes legislation to legalize the use of pot for both medicinal and recreational use.
There are already established companies cashing in on the green revolution but deciding to own your own dispensary or growing operation comes with some big risks. There are also regulations to follow and licenses to obtain if you choose that path. Not legally complying can land you prison time and massive fines.
If all of that sounds too technical and stressful to you but you still want in on the pot wagon, there are ways to make a profit sometimes without ever getting near an actual plant. Here are a few of those options.
Gear Your Skills Towards the Industry
Do you have experience in marketing? How about accounting? Many run-of-the-mill jobs can now be applied to the marijuana industry. There is a need for people who can run marketing campaigns, make sales, keep the books. Remember, it has become a “regular” business. So, all of those jobs you may not have otherwise associated with the pot industry, now are. Since the pot-growing and dispensing industry is fairly new, those jobs are also in demand.
Invest in the Green Market
One of the easiest ways to become involved in, and profit from pot without actually having any dealings with the actual plants and business is to invest in it. This is also a good way to get around any states that are not “pot-friendly” yet. Now, investing in any stock can be very risky and investing in marijuana is no exception. So, do your research on both the stocks and any broker if you choose to use one. If you score a good investment, your bank account can benefit greatly from your endeavor.
Invest in Indirect Markets
When one market explodes, indirect markets that support it also see a rise in sales and profit. Think of all of the markets that would experience this as the pot industry grows. Companies that supply fertilizers, growing supplies, lighting, or pest control will all possible beneficiaries to an increase in the pot-growing market. You can really diversify your portfolio by including them along with businesses like fast-food restaurants, head shops, smoking supply sellers, or even travel companies.
Podcasts or Blogs
If you enjoy creating media, marijuana is a great subject to hone in on. Many are just now being enlightened to the benefits of use. Attitudes are shifting and many people are interested in learning about it. You can highlight accessories like papers, pipes, and other paraphernalia by doing reviews. Love to cook? Start a podcast that shows how to cook edibles and exchanges recipes. If travel is your thing, you can stream trips to pot-friendly locations. Blogs and podcasts interviewing experts or people who can attest to how pot has changed their lives can share their personal stories. The platform is there.
Open an Online Shop
Compliment the growing and dispensing markets with an online store that sells smoking accessories. You can sell papers, pipes, hookahs, or unique lighters. Apparel can also be a big seller. T-shirts that help pro-pot individuals show their support for legalization would be a fitting product to sell. You could even develop subscription boxes that contain a few goodies that will auto-ship every month to subscribers for a flat fee. Are you the baker? Create edibles “add your own marijuana” baking kits. If you are really ambitious, you can even air podcasts that relate to items in your shop for a great way to make money and advertise to make more money all at the same time.
Address the Munchies
Images of smokers getting the munchies have been the butt of jokes on screen and stage. Many smokers will tell you how real that craving is. Fulfilling that need just opens more doors of opportunity to you as an entrepreneur. Partner up with a dispensary and open a food stand, food truck, even a small café next door. You can make a small fortune serving sweet and salty snacks or small meals that cater to those cravings. Just build a menu based on suggestions of potential customers.
If you have found yourself thinking about ways to make a profit, the pot industry is a lucrative niche to examine. It is a new market with tons of potential and the earlier you invest in it in some way, the better.
Hunter Texidor was born and raised in Toronto. He has written for Billboard, The Prague Post and Passport Magazine. In regards to academics, Sage earn his BBA from Mcmaster in Hamilton. Hunter covers business and economy stories here at Billionaire 365.