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We are now in the year 2019 and the marijuana industry is booming. If you are thinking about getting into this industry, this is a good time. The marijuana industry is popular for two primary businesses and one is cultivation and the other is dispensary. One is for growing weed and the other is for selling it. However, the two are not the only profitable marijuana businesses in the industry. You also have testing labs, manufacturing facilities to create products, lawyers, data platforms, marketers, banking and so much more.
Working Directly With The Cannabis Plant
The cannabis industry could be broken down largely into two segments. One would be touching of the marijuana plant and the other would be in an ancillary aspect.
A marijuana business where the plant is being touched seems to suggest that it is handled in various ways such as cultivation, trimming, processing distribution and sales. In each of these instances, the plant will be touched and these usually tend to be what most people would consider doing first, if they are embarking into the cannabis industry.
If you were to choose any of these marijuana business ideas where touching the plant is mandatory, then you would be subjected to strict regulations and laws that face the industry. You would have to navigate the complex process related to licensing prior to starting.
The Ancillary Segment
If your marijuana business idea is to consider going into the ancillary segment, you will find yourself selling cannabis products or get into the processing space or writing, marketing, banking, healhcare, etc. This would include point of sale systems, digital marketing, accounting, law practice, and technology and data platforms. These would be support businesses within the marijuana industry.
Ancillary marijuana business is also subjected to stringent laws and regulations as is anything in the whole industry. One segment of the industry that has strict rules is the licensing procedures. You should definitely ask yourself whether you will have a desire to run a company from any of the two segments prior to launching your marijuana business. You should take your time to consider whether you want to operate a marijuana dispensary or go into cultivation. You also have to think about funding, security and banking. Be honest and realistic with your final decision.
The Cannabis Breeder
If you were to become a breeder, this would be a good marijuana business idea. However, you have to stay focused on ensuring that you develop the highest quality marijuana seeds. Breeders are important to the market because dispensary owners and cultivators depend on breeders a lot to provide the right strains. There are some breeders that start from scratch to experiment with new marijuana strains that will give higher yields.
The Cannabis Cultivator
Another marijuana business idea to think about is to become a cultivator. You will be responsible for growing the plant to its harvested stage. It is a challenging sector to burst into. There are state legislations and regulations that require the growth of cannabis indoors with a clear understanding that the cultivator must purchase or lease a warehouse; converting it into a hydroponic lab.
If you wanted to go into retail, then the marijuana business idea would be a dispensary where you have an inventory of cannabis and hemp/CBD products for sale to those who qualify for purchase. You have to get the right license to open up a dispensary and weed has to be legal in your state of choice. You will need funding to start out, but it can be done.
Final Summary on Cannabis Business Ideas
Marijuana business ideas can be endless. Experience and training in the field is extremely helpful. For training and education in the industry, enroll in one of Cannabis Training University's marijuana certification classes.