The legalization of marijuana has brought with it plenty of new ways to profit from pot. Here are 7 easy ways you can make cash in the cannabis industry.
In just a decade from now, the recreational marijuana market alone could be worth over $50 billion globally.
Once you factor in the medical field and all the surround industries that will support this sector (finance, real estate, marketing, IT, etc.), the number of opportunities available to cash in is going to be monumental.
The US is ebbing towards nation-wide legalization. Medical marijuana becoming legal in the majority of states and recreational weed is gaining ground too. Recent data confirms this trend showing that one in six of the population would support full legalization.
As the taboo falls, so do the opportunities to make money without having to worry about consequences that used to exist.
If you’re looking for a way to profit from pot then this article covers many excellent options.
A low-risk way to earn money in this industry is by becoming a cashier (or “budtender” as is known in certain parts) within a dispensary.
If you have any experience within retail in either front or back roles then this is an easy job to transition into and a great time to get involved.
Every business that is starting now is new meaning that if you start working for them now you will be in an advantageous position to advance up the career ladder as the store itself grows.
If you prove yourself, you could even be put in charge of running any new branches that open which could also lead to regional managerial positions and more as time goes on.
Even if you don’t stay in retail, the on-the-ground experience you will gain will give you excellent credentials for applying for other jobs within this sector compared to those coming from outside.
Always make sure the company you are working for is licensed and also following state law as much as possible.
2. Profit From Pot with the Stock Market
When investing your own money in stocks there’s always a risk that you won’t see the return you were hoping for.
With that said, the market is ripe with multiple companies seeking to raise capital in preparation for a boom. If you pick the right stocks, you could buy them cheap now and see huge returns later on.
You don’t even have to invest in exclusively cannabis-related companies. For example, Scotts Miracle-Gro is a traditional, established company known for their gardening products. Recently they have begun taking steps to profit from the marijuana industry by acquiring a hydroponics distributor.
This equipment is what many people and organizations use to grow their marijuana indoors so although they aren’t selling cannabis itself, they are still helping the industry.
If you do decide to invest, however, it is paramount you watch the political climate closely to be prepared for any sudden shocks. This year alone a new law passed in California that deemed the marijuana containers at the time unsafe around children and thus, illegal.
This forced retailers to sell their remaining stock before the law took effect and then repurchase or repackage all of their marijuana with new child-safe containers.
3. Start Your Own Business
Under the same logic, if you have the capital to invest, you could make more money by starting a business of your own.
Again, this doesn’t mean it has to be related to selling cannabis but can be a part of the overall supply chain or network.
When considering this path, the best thing to do is take note of the current industry and see if there are any problems that need to be addressed.
Are there issues with securing suppliers of certain items? Do you see businesses failing to market themselves well? Whatever your skill set is, this could be a prime opportunity to do your own thing.
Keep an open mind as you explore your options and click here to get some more inspiration.
4. Become a Writer
Marijuana magazines, blogs, websites, there are endless mediums that require a dedicated and informed writer to keep their customers and investors informed.
You will often see many established writers who have a certain niche or a specialty such as a sports journalist or stock market analyst. Because the industry is so new there are many businesses that are looking for experts to write about it.
If you’ve always had a passion for writing and have a natural interest to learn everything about this industry then you may have found your dream calling.
5. Administration and Finance
While many people are trying to work directly with cannabis, there are also many lucrative choices to help business with their more basic needs.
Competent HR staff, accountants, all the roles necessary for a business to function well are just as required in this industry as any other.
It’s a great way to get involved without having to open yourself to too much risk.
Because marijuana is still illegal under federal law, banks have to deal with extremely cumbersome paperwork and legal issues when dealing with marijuana businesses.
This has resulted in businesses have to operate on a strictly cash-in-hand basis leading to widespread issues around paying employees, taxes, and safely storing the money itself.
One of the main risks is the fact that the money can be easily stolen by employees or targeted by local crime groups.
That’s where cryptocurrencies come in. They can potentially give businesses a secure way to receive payments and process their money.
Because this industry is still in its infancy, if you have any skills or knowledge regarding it then you could earn a lot of money helping companies navigate it.
7. Legal Counseling
This article has covered, there are extensive legal issues surrounding the cannabis industry from new regulations to finance.
Anyone qualified to practice law can easily begin diving into the legal processes and familiarize themselves.
From there, you simple market your services to help guide businesses through this turbulent time. Just like an investor, if you watch the market closely and give your clients sound advice before issues arise, you could potentially save them millions.
This sets you up nicely for a career provided the same services to multiple clients and becoming a sought-after expert in the field.
Go for It
As you can see there are many ways to profit from pot right now. All you need to do is think about your skill set and then seek out the companies in the industry that have a strong need for it.
Of course, the more you know about the industry and its product the better, so be sure to check out our other blog posts for the latest information and updates.