7 Profitable Cannabis Business Ideas You Can Try in 2020

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The cannabis industry is booming in so many parts of the country.

Ever since the process of legalization started, young entrepreneurial minds have been clamoring to figure out how to create innovative business plans to capitalize on the high demand for cannabis. The result has been a saturation of the market, making it extremely difficult for everyone else to get a foot in the door.

Today, we're going to discuss some innovative cannabis business ideas to help you break into the pot industry. You don't have to sit idly while those who were "there first" make all of the money.

A little creativity and hard work can take you a long way in this industry, so take some inspiration from this guide and get your cannabis business off the ground today.


1. Breeding

A cannabis breeder focuses on creating new, high-quality strains of cannabis to sell to dispensaries and cultivators. They're able to experiment with new seeds and plant traits and their clients rely on them to provide a consistent product to then sell to their customers.

Most of the experimentation would include working strains to give them better and more varied effects, as well as improving the overall yield of the plants. If you've got a background in botany or other plant sciences, the cannabis industry is a great place to exercise your creative mind.


2. Running a Dispensary

Ever since the legalization of cannabis, dispensaries began opening left and right, making it difficult for any one dispensary to stand out. However, with a little extra work on the business side of things, you could catch up and surpass the competition.

A lot of dispensaries still operate in a pretty quiet manner. Taking digital marketing seriously will go a long way, so do your research on local SEO, geotargeting, and content creation to start running your dispensary like any other kind of business.

The only problem with running a dispensary in the USA is that cannabis is still illegal federally. This complicates matters with banks, who refuse to open accounts for these businesses. Addressing this issue like this with your dispensary would be another example of how you could get ahead.


3. Manufacturing

There's nothing more popular right now than the sheer variety of cannabis products that have hit the market in the last 5 years. You don't have to just smoke cannabis anymore, there are dozens of ways to inhale, digest, or apply it to achieve various effects.

The creation of these products always goes through some sort of manufacturing process, making cannabis manufacturing the perfect business plan. What you'll do is come up with and produce innovative new ways to sell cannabis and work with dispensaries to deliver your product to the masses.

While manufacturing is one of the harder sectors to enter, due to startup costs and the strong business background that it requires, it can also be incredibly lucrative if you hit on the right product. Click here to see what a successful manufacturing business looks like.


4. Extracting

Before the cannabis gets to the manufacturers, an extractor will take the raw material from the cannabis plant and turn it into a concentrate. These oils are highly potent versions of the actual cannabis plant, extracted for the purpose of selling straight to a consumer or dealing to a manufacturer to make products.

Concentrates can be consumed by using a vaporizer, which has become one of the more popular ways to inhale cannabis. With recent revelations regarding the safety of vape pens, oils are more often turned into tinctures or injected into edibles.

To become an extractor, you'll need to understand the process by which the concentrates are extracted from the cannabis plant. You'll also need to invest in the right machinery to remove the oils from the plants.


5. Cannabis Accessories

With an uptick in the production of cannabis, there's also been a growth in the need for cannabis accessories. Prior to legalization, these shops would be tucked away in the dark corners of most cities, tackling only their niche customer base.

Now that we've got widespread distribution, there's more room to bring these accessories into the mainstream. With a little bit of technical know-how and the ability to market yourself, you could do a lot with a pot paraphernalia store.

When you build a trusted brand, you might even consider expanding your reach with stores in multiple locations. Where there's weed, there's a need for weed accessories like pipes, bongs, grinders, papers, filters, and rolling trays.


6. Web and App Developer

Most of the web and app developing world remain afraid of the niche market that is the cannabis industry. Taking advantage of this hole in the market could be very lucrative for a young developer. Cannabis companies are always in need of website help, as well as app creation and maintenance.

If you're confident in your abilities as a developer and have a great idea, you could also move forward with your own app. Apps like Leafly and Growbuddy have been huge for the cannabis industry, so come up with your own and try to find an investor.


7. Cannabis Marketing

Although it's been legal in some states for years now, the marketing on cannabis and cannabis products has remained taboo. Because of this, cannabis still feels like something that belongs in the underbelly of society. The industry as a whole needs someone or something to alter this perception.

A cannabis-focused marketing firm could be just the thing to bring it out of the dark, into the mainstream. Alcohol products are some of the most widely and successfully advertised in the world, so why can't cannabis get the same attention?

These things take time, but if you've got a background in marketing, there's no reason that you couldn't make a great living working for other cannabis companies to help them sell their products.


Finding the Right Cannabis Business Ideas

Cannabis business ideas don't exactly grow on trees, but with so much room for growth in this industry, there's a lot of potential in it. These are just a few examples of the variety of work that's available in the world of cannabis, but if you've got a particular specialization, there's no reason you shouldn't put that to use.

The most important thing is finding your passion and following it, so if that passion is cannabis, don't let the old way of thinking stop you. It's an industry like any other and it needs good businesses and entrepreneurs to push things along.

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