The global cannabis industry is expected to grow at a CAGR of 26.7% in the next seven years. That’s a massive growth fueled by the legalization of cannabis products in many countries and the demand for medical marijuana. The laws and regulations are changing, as well as the way the general public sees marijuana.
In other words, there are more customers for these products. However, despite all of this, many entrepreneurs and business opportunists don’t seem to be investing in this industry. Some of them are simply unaware of the opportunities.
On the other hand, many people don’t consume these products and don’t ever think about being involved in their production. As a true entrepreneur, you need to see opportunities whenever you can, especially when a market is young and there is a lot of potential.
Opening a marijuana dispensary
Running a dispensary is one of the most common business models in the industry today. Marijuana dispensaries exist because many countries don’t allow medical marijuana to be filled and prescribed at pharmacies even though buying and selling are entirely legal.
Dispensaries sell recreational products as well, and there are a lot of different products they offer. It’s basically a store where people buy these kinds of products. If there isn’t one in your area, this might be the right business to start.
Weed delivery services
Another service that is quickly growing in popularity is weed delivery. Basically, these companies don’t have stores people can walk into to buy their favorite products. Instead, they have a warehouse and delivery vehicles.
Customers order their products online, and they are delivered to them directly to their home address. Many customers today are used to shopping online, and this business model lets you cater to these needs in the cannabis industry.
Interior design for dispensaries
That’s one of the first niche ideas in our post. There are a lot of dispensaries opening up today, but most of them don’t have architects or interior designers to turn to.
By opening up a business specializing in this niche, you might close off other opportunities, but there’s also a lot of potential for becoming the designated professional for this niche. At the same time, this work presents different challenges and approaches to making the dispensaries stand out since they aren’t regular stores that you can find everywhere.
Marketing for the cannabis industry
In marketing, it’s a known fact for agencies and individuals to specialize in different aspects of marketing. Cannabis marketing and advertising is a category of its own. Why? There are still a lot of limitations to how these brands and their products can be marketed.
It presents a variety of challenges compared to other industries. However, that’s what makes it fun for marketers. After all, everyone is working with the same limitations, and it’s up to marketers to get creative and find ways to deliver the best possible results.
Payment processing services
The cannabis industry is considered high-risk because it works with services and products that were illegal until recently and are still illegal in many countries. On top of that, a lot of the companies work strictly online like delivery services.
The issue here is that business owners that require payment processing don’t have partners to work with. Even if they find these services, they usually have high fees, low-security features, and require long-term contracts.
There is a good demand for these kinds of services. Starting a niche payment processing service might prove to be quite lucrative. A good example is Paybotic, who offers many payments processing solutions for dispensaries and there are many payments solutions and opportunities to explore.
Like in any other industry, digitalization is also very valuable for cannabis stores, websites, restaurants, manufacturers, etc. There is a significant need for specialized software solutions and apps.
The industry needs POS systems, inventory management software, compliance solutions, apps, product tracking, business analytics tools, supply chain solutions, and so much more. If you’re a developer, maybe you should consider specializing in this niche and providing valuable solutions where they’re needed.
These are just some of the opportunities you can find in this industry. Many other services are needed, from security, courses, education, consulting, planning, and so much more. The important thing is not to overlook this sector as it’s the perfect time to establish a presence that could last for a long time.
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