How to Make Money in the Cannabis Industry
Cannabis sales can reach about $17 billion in the US alone this year, according to BDS Analytics and ArcView Market Research, and that’s thanks to its legalization in more states. Business models are expanding as new opportunities are legalized. For instance, in many places in Europe it is now legal to purchase marijuana seeds on the internet. So if you’re looking to profit from pot, check out the following ways to get started.
The marijuana business is one of the emerging industries in the world.
In the US and Canada, you can now find different cannabis-related companies are already listed on stock exchanges.
Several companies in the US are attracting venture capital money along with exchange-traded fund. There are now over four dozens of weed-related stocks.
To make money, you can buy stocks or use an ETF.
You can expect stocks to become a long-term investment in the cannabis industry. However, it will be wise to diversify to reduce the risk by not risking everything on one endeavor.
On the other hand, you can use an ETF, which is designed to secure the large stockholders and give them a stable and steady return.
You might also want to buy a commercial cannabis operation, such as in the medical cannabis markets. Choose a company with expansion plans and can handle future weed alternatives. But just like in stocks, you should diversify your portfolio.
Offering business services to dispensaries or cultivators
If you don’t want to be a part of the supply chain, like for CBD products, you can still make money in the industry and contribute to the canna culture.
You can still profit from marijuana even without having contact to the plant.
One of the ways to do that is to offer services to those involved in the grower and dispensary sectors.
Did you know that these businesses also need support to keep their business running just as any other business does? They also need POS software and cannabis SEO help that can accommodate marijuana-based businesses.
For example, digitalizing a business requires a dedicated SEO agency that can tailor a specific plan and execute to promote and market it online.
But even if you don’t exclusively focus on growers, dispensaries or delivery services, you can still come up with unique offers like….
- Trademark and patent law services for cannabis businesses
- Real estate for dispensaries
- Financial and banking services for dispensaries
- Social media management and blogging
- Video production and photography for dispensaries
- Interior design and custom furniture
- Insurance services
- Market research
Another way to make money in the cannabis industry for those who have the drive and motivation to innovate is to open a paraphernalia shop or a dispensary if pot is legal in your state. The Ann Arbor Dispensary in Michigan is an excellent example of this method. They have become very successful and are known for their high quality products and service.
You might also want to open a retail shop with focus on selling edibles and cannabis oils or try a paraphernalia shop for cannabis devices like vaporizers and vape pens.
However, consider the licensing fees and state applications as well as working capital. Some states may also require $100,000+ on hand.
Find Profitable Jobs in the industry
While weed is a new sector, it is a promising one that offers many jobs.
According to Whitney Economics and Leafly, the US alone now has 211,000 jobs for fulltime cannabis workers.
While the positions vary, you can still find one that can pay well depending on your skills and the ways you’re marketing yourself.
One job available is for a budtender and trimmer, who cleans and beautifies the buds before selling them.
While it might sound like a boring job, it pays well. You’ll also give advice to customers about the different strains and ring up customers.
Or if you have a specific knowledge base about the cannabis plant and special certifications you can be a marijuana doctor.
If you want to make money in the cannabis industry, try investing, offering services to dispensaries and growers, working in the sector or becoming an entrepreneur. The choice is yours.How to Make Money in the Cannabis Industry Cannabis sales can reach about $17 billion in the US alone this year, according to BDS Analytics and ArcView Market Research, and that’s thanks to its
5 High-Paying Jobs in the Marijuana Industry
When most people think of marijuana, they’re likely to think of grow ops set up in the secret backrooms of shady dealers. But things are changing, especially now that the stigma attached to using the plant begins to fade. The cannabis plant has been used for both medicinal and recreational purposes for as long as we can remember. But governments have only recently recognized—and admitted—that the physical and economic benefits outweigh dangers of the drug. In fact, with more areas of the world legalizing usage, the marijuana industry is growing and rapidly innovating. Read on to find out the basics of the industry and what some of the highest paying jobs are in the field.
- Medical marijuana is legal in some form in 35 states and the District of Columbia.
- The cannabis industry is expected to grow by as much as 14% by 2025, according to a cannabis research group.
- Top roles in the field include consultant, dispensary executive, extraction technician, grow master, and edibles chef.
The Marijuana Industry: An Overview
People’s perceptions of the cannabis industry are evolving, thanks to a greater degree of research and available information. In fact, a study conducted by Pew Research suggests two-thirds of Americans welcome the legalization of the plant. As of November 2020, 35 states legalized medical marijuana and the District of Columbia, while residents in 15 states and D.C have voted to legalize recreational usage of the drug, according to USA Today.
Although many states have legalized marijuana, the federal government still considers it a controlled or illegal substance.
This new reality is helping the development of a multi-billion dollar industry. Cannabis research group New Frontier Data suggests the industry could grow roughly 14%, with sales reaching as high as $13.1 billion by 2025. All of this has major benefits for anyone looking to cash in on a career in an industry that had as many as 28,000 related businesses in 2017, according to market and consumer data provider Statista.
If you want a top-paying position in this industry—which is finally gaining respect for its role in helping people ease medical symptoms and side effects and relax and enjoy themselves more—here are five jobs to consider. The joint, as they say, is jumping.
Consulting is generally a high-paying career path, and the cannabis industry is no exception. Cannabis consultants can earn six figures by combining their expertise in state and local cannabis regulations with their backgrounds as lawyers, accountants, or people with experience in another area of the marijuana industry.
They can help businesses find acceptable locations, obtain the licenses they need, and advise them on other legal matters so they don’t get fined or shut down. They may also help business owners with bookkeeping and tax requirements, which can be especially tricky, as cannabis is generally a cash-only business, due to its illegality at the federal level.
Dispensary COO and CFO
Work for a state-licensed medical marijuana dispensary as a chief operating officer (COO) or chief financial officer (CFO) and you could earn $125,000 a year, plus medical and retirement benefits. Job responsibilities may include:
- Managing cultivation facility operations
- Managing the company’s accounting department
- Supervising financial reporting
- Overseeing harvesting, processing, and distribution
- Analyzing operations to improve efficiency and reduce costs
- Developing and monitoring budgets
Even if you don’t have marijuana industry experience, this position may be open to you if you have held a similar role in another industry and are a certified public accountant (CPA).
Cannabis Extraction Technician
A cannabis extraction technician can earn anywhere between $75,000 to $125,000 annually for doing skilled laboratory work, extracting THC, CBD, and other cannabinoids that provide the therapeutic qualities consumers seek from cannabis plants. These techs use solvents such as CO2 and butane to consistently create high-quality, high potency concentrates. This job’s scientific knowledge base—many workers have Ph.D.s—and risk of injury due to the chemicals involved (a risk that’s higher among people attempting to do extractions themselves in home labs than among trained scientists in a professional setting), contribute to its high pay.
Grow Master/Botanical Specialist
For a salary of approximately $80,000 to $100,000 or more per year, a grow master’s responsibilities may include:
- Managing warehouses and their grow lights
- Cloning, transplanting, feeding, trimming, and other growing tasks
- Training supervisors
- Managing a warehouse crew
- Managing garden scheduling and organization to minimize expenses
- Preventing and eliminating molds, fungi, and pests
- Keeping records
- Managing harvests
A successful crop can lead to bonuses on top of an excellent salary.
Marijuana Edibles Chef
Being a successful marijuana edibles chef requires more than an ability to cook and bake well and an understanding of commercial kitchens. It also takes an understanding of how to infuse marijuana into food in quantities that are legal and pleasurable while keeping that overwhelming flavor at bay.
In addition to creating edibles like candies and cookies, chefs can use cannabis-infused oils and butter in creative ways to concoct anything they can dream up, from mixed-berry streusel to mushroom ravioli, while earning $40,000 to $50,000 a year or more—perhaps up to $80,000 for leading a kitchen. Opportunities for additional income exist in blogging about cannabis recipes and cooking techniques, working as a private chef, and catering special marijuana-themed events for cannabis connoisseurs, depending on what state marijuana laws permit.
The Bottom Line
The marijuana industry has numerous high-paying jobs in addition to the five covered here. Many that pay well are also lucrative in other industries—think management, science, and accounting. If you already have skills in a high-paying field, combining them with cannabis knowledge can create new employment opportunities, especially if you live in or are willing to relocate to a state where medical or recreational marijuana is legal. Likewise, if you have cannabis knowledge and are willing to train to become a CPA or other highly paid professional, you can blaze a new career path for yourself.Here are five high-paying jobs in the marijuana field—a rapidly growing industry that continues to flourish. ]]>