The cannabis industry in the United States is more than just growing and selling cannabis. Here are other closely-related 420 business ideas and opportunities that will be trending in 2020 and beyond.
If you’re looking for opportunities in the cannabis industry, here are 15 marijuana business ideas that could start you off. Some of the 420 business ideas below are directly related to cannabis itself, while others provide support services to the industry.
Either medical marijuana or recreational delivery services. One businessman who has established himself in this line of business is Microsoft executive Keith McCarty. He saw an opportunity and grabbed it. Around the time he started, on-demand transport services like Uber were becoming popular. Medical marijuana was also gaining mainstream acceptance. In July of 2014, Keith took a leap and launched Eaze – an app that facilitates door-to-door delivery of medical marijuana. Today, the company boasts of approximately $20 million in venture capital. It has served over 100,000 card-carrying medical marijuana patients. The patients are spread across over 100 cities in California.
There’s room for differentiation in this delivery sector and the potential for growth is high as more and more states legalize marijuana and this creates great opportunities around this cannabis idea. Look to see what opportunities are yet to be exploited. Being in close contact with customers and patients, enables you to gain insights into their needs in this industry and opportunities for complementary services.
As a consultant, there is a lot you can do to contribute to the cannabis industry. For example, you can work with cannabis cultivation startups. Work with them to design the business, build it up, and market the business. Some startups may not be aware of the regulatory requirements. This is an opportunity to pivot an existing profession or expertise and translate those best practices to develop cannabis business ideas and offering – guide them through the process. There is vast potential that lies in guiding businesses on the importance of licensing and operating within the law. One businessman who is thriving with his consulting business is Corey Hollister, a Founder of American Cannabis Company. By the second year of being in business, he had clocked gross revenue of $1.2 million.
Since it’s a growing industry, there are a variety of consultant services that you can offer.
Many dispensaries are coming up to distribute medical marijuana. There might not be architectural firms serving the dispensary owners. So this 420 business idea is definitely a niche one, but worth going after. If you take up this route, you’ll aim to elevate the cannabis industry by offering professional design. Upscale retail spaces put a particular emphasis on the professionalism of the business. Clients will trust your products more when you operate from an upscale space than if you’re in a dingy backstreet. They also promote sustainability by bringing together other factors of legalization like licensing, security, compliance, etc.
The cannabis business is growing, and technological applications are still in great demand. Enterprises have yet to find the right tools that will suit the special demands of the industry. needs. As medical and recreational marijuana legalization gains ground, the need for specialized software programs also rises. Just like other retail and product sectors have specialized software programs made specifically for them, so is the demand in the cannabis industry. From cultivation software to point-of-sale, to compliance, there is a lot of potential behind this 420 idea. If you’re a software developer, look around for issues in the cannabis industry along the distribution or supply chain that can be resolved with technology.
This is another sector that needs to be exploited to its full potential for 420 business ideas. There’s a huge demand for specialty packaging for cannabis products. Growers and manufacturers are in need of packaging solutions that both comply with local laws and elevate the brand. When considering this cannabis business idea, you need to take into account safety, design, product preservation, and costs. Highly specialized and very niche for this industry.
It is standard within the industry of marketing and advertising for agencies to choose specializations. Whether it is a focus on e-commerce brands or on the baby sector, it is common for clients to seek out marketing firms for their specific expertise for their segment. Carve out a space for yourself as a company that helps other cannabis brands get noticed.
According to industry experts, like AJ Lawrance from Cannabis Stack, “Cannabis industry is highly challenging for marketers. You have to work with the stigma around cannabis products and services and help companies show what they do best – help society with their work. In the last few years, we have seen tons of investments in cannabis, top talented agencies are entering the industry and making big changes about the perception of cannabis use. ” As long as there are other 420 businesses, the need for marketing and advertising will exist.
All businesses need the right employees to keep the ship running effectively. The best business idea in the world will not be effective if the team members and employees are not the right ones. This is where the next 420 business idea comes in – human resources management. From growing and harvesting to retail services, a human resources and employment service can help with staffing as well as management. The right match between an employee and a business can mean years of mutual growth and benefit.
For the creative business owner, work in floral arranging can be the perfect marijuana business idea. Although the inclusion of cannabis plants tends to be minimal in floral arrangements, more and more professionals are offering “canna-florist” services. When incorporated properly, cannabis buds and greenery will add a delightful surprise to the most beautiful of bouquets. Now start booking those 420 weddings!
Just like specialized software for cannabis businesses are becoming more popular, so are cannabis-based apps. Whether your idea is going to be informational for people looking for facts, a social platform to connect people, or even a fresh idea like a game, the potential for growth of this 420 business idea is limitless. Sensor Tower reports total app revenue was $71.3 billion (USD) across the iOS and Google Play store. The money is there, all you need is the right app idea for your cannabis company.
Another way to take your ideas off the ground is with the creation of a cannabis clothing brand. Just like other brands target women in a certain age range and with a specific style aesthetic, such as business attire, you can do this for people that have an interest in marijuana. Building a clothing brand is a 420 business idea that will only grow as most consumers want to show off their love for cannabis. You wear band t-shirts and logos all of the time, why not wear your love for cannabis on your sleeve?
The global legal marijuana market is expected to reach $146.4 billion (USD) by the end of 2025. A logical step from basic consumption like gummies or sweets is into the world of restaurants. A 420 business to pursue would be a cannabis restaurant. This could be a themed restaurant or one that includes cannabis foods in product offerings. From fine dining to fast food concepts, the world of cannabis restaurants is likely to explode as legalization becomes more sweeping. Get in early to establish as a well-known 420 business.
It is currently more common to see CBD as a featured product in the cosmetics and beauty industry but it is only a matter of time before the market is flooded with cannabis cosmetics. Incorporating medical-grade marijuana has health benefits for the skin and body. From balms to creams to foundation, there is space for almost any cannabis idea in the cosmetics and beauty industry.
Much like marketing and advertising, event planning is a niche sector where professionals tend to choose their specialization and stick with it. For example, many event planners only focus on weddings and others facilitate corporate events. With a cannabis event planning business, a company could host cannabis friendly events or specialize in building experiences for other cannabis companies. Having the current global crisis of Covid-19 changing the marketplace, think of making the event virtual.
Some event types can be: festivals, conferences, grand opening parties, celebrations, or expos. A few popular cannabis events currently in existence are the CannaGrow Expo, Canna Farm Con, and the Cannabis World Congress and Business Exposition. All of the above canna events are trying to offer online options for their fans. No matter the angle you choose for your 420 business, it comes down to an interest in planning events.
A study at AT Kearney found that “41% of American and Canadian consumers would try food infused with cannabis if it becomes legal.” As amateurs become experts in cannabis and dip their toes into new ideas relating to cannabis, there is a growing interest in learning to cook with cannabis. There are even entire television series about cooking with cannabis! Whether you start with an online following and release paid classes or offer in-person courses (legally, of course) there is an opportunity to reach a whole new audience with this 420 business. This business idea could also work in conjunction with a cannabis restaurant, or even in partnership with one.
Almost every business idea listed above could benefit from security services. Cannabis companies have a highly sought after product that is unfortunately at risk of being stolen. Many places with legalization have specific rules about security, such as California. An example regulation is “each licensed premises shall have a digital video surveillance system with a minimum camera resolution of 1280×720 pixels.” Responsible business owners need both security guards and cameras on their premises. As more dispensaries and cannabis growers start up their own ideas for 420 businesses, they will need security experts on their side.
When it comes to creating your own 420 business, there are many opportunities with which you can take advantage and create a profitable business. Like most endeavors, It depends on your interests, your strengths, and opportunity. This industry is evolving and the right innovation or concept can help influence this evolution. Do you have a 420 business idea? Share your thoughts!
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