Image via Getty
There are a lot of fading industries out there, but one that has seen tremendous growth over the past few years is the marijuana industry, as more and more states find themselves legalizing and taxing the stuff for residents. With such a booming business, there’s a lot of money to be had in cannabis. For instance, according to The Cannabist, the state of Colorado reported over $1 billion in sales this year in just eight months!
Of course, not everyone selling marijuana is going to instantly become rich, but the point is pretty simple: there’s a lot of marijuana money floating around out there. And, thanks to our resident experts — some of the top industry leaders — those interested in getting into the game have some tips on how to make money doing so.
We often give you guys different marijuana news each week, but we feel like a handful of experts sharing secrets on how to sell marijuana and make money is something that’s a pretty good thing to know. So, yeah, go grab some green — and, in this case, we’re not just talking about pot, but some money, too!
“The cannabis industry is ripe for making money. There is a lot of opportunity for entrepreneurship and creating your own business, or providing ancillary business services such as marketing and web design. Investing is another way many people are making major profits. From the OTC Markets to the NASDAQ, there are myriad opportunities to invest in growing cannabis-centric companies. It’s also worth noting that companies interested in being funded or acquired are increasingly looking to the cannabis industry.” — Wil Ralston, President of SinglePoint
“I believe in creating a strong brand identity that patients can trust for precision dosage, consistency, and purity. A high-quality brand is paramount to growing a cannabis business, and it needs to both tell an authentic story and be relevant to a patient’s needs to successfully generate income.” — Timothy Shaw, COO of MariMed Inc.
“The cannabis industry is in many respects like any other industry in America and, as a result, you can make money being an entrepreneur/operator – no guarantees and it is harder than it looks on TV — or by establishing a business that supports such operators such as by providing legal services, payroll solutions, advertising platforms, point-of-sale software systems, etc. Whatever area one chooses as a point of entry to the state-by-state legal cannabis market, there are going to be hurdles that far exceed the challenges that face nationally legally businesses. Hopefully, with the complexity and risks of the cannabis marketplace will come appropriate rewards for the people that roll up their sleeves and build this industry from the ground up together.” — Mitchell Kulick, Founder and Head of Cannabis Practice at Feuerstein Kulick LLP
“In what’s been called the modern-day green rush, many pioneers and entrepreneurs are looking to cash in and get involved in the most lucrative way. We’ve been at this for over seven years, and one ingredient rings true more than any other, and that’s patience. Whether you’re looking at opportunities on the periphery like software, hardware, or consulting services, or aligning yourself as a dispensary operator or cultivator, patience and longevity are key. This is not a get-rich-overnight industry- just like any entrepreneurial venture, we are faced with multiple challenges on a day-to-day basis. However, in addition to that, we have a plethora of industry-specific issues (like a lack of banking and the dichotomy between state and federal law) that create a tremendous amount of operational headwinds. If you’re committed to entering the space, plan on sticking around for a while.” — Derek Peterson, CEO and Founder of Terra Tech
“One of the more exciting parts of the rising cannabis market is all the other opportunities it creates outside of just cannabis-based products. The ancillary sector around cannabis is one I see as highly attractive and lucrative, as it’s absolved of any regulatory conflictions between local, state, and federal government. If I was to recommend an area of cannabis to someone looking to make money in this industry, I would definitely suggest something that falls in line with business services. As an industry that’s operated mostly as a cash-based business in the shadows, there is a great need and a wide market for things that feel rather standard in any other industry, but still very much new to cannabis.” — Jason Santos, CEO of Burn TV