Types of Businesses You’ll Encounter in the Cannabis Space

cannabis industry

Many people get into the cannabis space thinking that they will grow a few plants, and make a fortune. That simply isn’t the case – and anyway, why stop there?

Grow if you like, but when it comes to being a part of this industry, there are so many options to choose from. You can bring your previous skills and experience with you since the cannabis industry offers opportunities to match almost any existing career track.

The following are just a few types of businesses you will encounter when navigating this field:

Branded Products

Marijuana has certainly come a long way in the short time and limited scope that it’s been legal. Cannabis flowers, oils and concentrated products, edibles, drinkables, and topical treatments are now branded much like popular products you’d see at your local drugstore. Each product has a fairly clear brand and purpose. Though many flowers on dispensary shelves are still wholesale and generic varieties, 2017 will certainly see an uptick in the amount of licensed, branded cultivators and cannabis strains.

Retail Businesses

No industry can grow without sales, and retail one of the most lucrative ways to work with a product that practically sells itself. These businesses are your medicinal and adult use, or recreational, stores and delivery services. These businesses can do tens of thousands of dollars of daily revenue – all in cash! It’s certainly no easy feat to manage such a risky business, and the regulatory hurdles that come with permitting and opening a store. While cannabis products still cannot legally be shipped through the mail, some areas allow private courier delivery services, or at least regard them as existing in a “legal grey area.”

Ancillary Services

Providing a service to the industry without actually touching the plant is a popular business model in this space. “Ancillary” businesses are considered to be the “picks and shovels” for the cannabis industry. Testing laboratories, agricultural technology and machinery have allowed for whole new levels of production. Packaging and printing needs for product brands are constant and evolving. The cannabis culture runs deep; even software and social media platforms for the cannabis community have become popular as resistance to regulations seems to reinvent technology as we know it.

Specialized Professional Services

Experts in every field are bringing their talents to the cannabis space to become highly specialized practitioners. You will encounter legal and accounting firms, business and licensing consultants, media production, web design and marketing agencies, and even cannabis-friendly life coaches and matchmakers. These companies are the least likely to face prosecution for dealing with other individuals and companies in the cannabis space.

Publications & Advertisers

Where the mainstream media has largely ignored the plant until recently, the cannabis community produced its own lineup of magazines and online news and lifestyle outlets. Media companies can still potentially face regulatory trouble because by default many of them take advertising dollars from “federally illegal” business entities, and may even directly facilitate online purchases of cannabis products by way of advertisements. However, media is one of the fastest growing and lowest-risk business opportunities in the space.

Ready to find out which of these businesses may be a key stakeholder for your next venture? Call (917) 583 6349, and let’s talk PR.

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