Entrepreneurs, if you are thinking about starting a business, I honestly think you should consider starting a cannabis business. Some of you may call it marijuana. Whichever you choose, I have 5 reasons to start a cannabis business.
Lets talk about Martha Stewart and her deal with Canopy. Thanks to Snoop Dogg of course, Martha now has a CBD deal with Canopy. Snoop Dogg joined Canopy in 2016 and has several weed products with them. One company is Leafs by Snoop launched in 2016 in Denver Colorado. Leaf by Snoop offers 8 products and I can only imagine he is doing rather well. We should all try to start a cannabis business! Hell..why not!
Side note: May want to check on weed stock. I think they are creeping up the charts. (Just my opinion and to be certain check with a financial expert)
- Cannabis Stock. Ackrell Capital estimates that the cannabis market will be as big as $100 billion in 2029. Several other estimates exist for shorter timeframes. This means a lot of exciting opportunities for your cannabis business. Your stream of income can be limitless!
- Cannabis Medical Use. The list for medical cannabis is constantly growing. After researching I was able to find a comprehensive list of the qualifying conditions by state. Check the link for all the medical conditions, but just to name a few: cancer, epilepsy, anxiety, migraines..etc. I also just read that Michigan just added cerebral palsy to their list.
- Cannabis for Recreation. This chart below shows the states that are now legal to sell Marijuana for medical and recreational use in 2018. One state New Jersey is hopeful that the bill will pass later this year for recreational as well. Legalizing recreational marijuana will add billions of dollars to the economy, create hundreds of thousands of jobs, free up scarce police resources, and stop the huge racial disparities in marijuana enforcement. Also lets add that once marijuana is legal for recreation, this should start the Expungement process for those who were convicted of marijuana crimes. They say marijuana is less harmful than alcohol, and that adults should have a right to use it if they wish.
- Different Cannabis Ventures. With cannabis being on the rise to be legal everywhere many small companies and do start “Weed and Paint”(sounds fun), weed consultant companies, even lab equipment sales. Doing different cannabis ventures can increase income. Some of these have small start up cost. Certainly worth checking them out. This can be also good for alot of Holistic Companies. Alot of people are opting for natural remedies to to help aid their ailments.
- Cannabis Delivery. Become the Uber of Cannabis. One can literally start a business on delivery of cannabis. One company called Eaze was created by a silicon valley tech who decided to jump into the green space. Since 2014 he has delivered to more than 100,000 medical marijuana patients around California. Many cannabis delivery companies will have contracts with medical marijuana companies. It won’t hurt to check your state to see where the medical marijuana companies are and make your contact.
Want to Start a Cannabis Company? Here are a few steps to get you going in the right direction.
If the company is directly touching the plant, each state’s laws and regulations are different. Some states have an open application period and will provide a large number of licenses. Find out what your state requirements are.
You also may want to consult an attorney so you know all the rules and regulations around this industry. Better to be safe than sorry. Attorneys are starting to research this industry and knowing the cannabis laws are very important.
Find meet up groups/support groups for the cannabis industry. I’m sure people are starting these groups as its becoming more and more popular.
In conclusion, a cannabis business may be a business to consider.
This book is a good resource to start a cannabis business.
If you are thinking about starting a company or have one, please comment below. I want to hear about it!