how to make money growing marijuana

How to make money growing marijuana

For the prospective grower that means knowing both the production side of the industry as well as the sales: you’ve got to be as good at producing pot as getting someone else to pay for it and smoke it.

That’s where Adams and the programme come in. “Having a standardized education system is going to be important to the licensed producers and anyone doing it legally going forward.”

There were, of course, “various growers doing it long before it was legal” but even pot veterans find their expertise distinctly lacking. “People have done the best they can given the resources,” Adams says – but growing marijuana for personal use or illegal sale isn’t the same as running a professional operation. “I’ve noticed that there is a pretty big labor shortage in the marijuana industry,” says Adams. “That’s one of the major problems we’re facing right now: there’s no training anyone can take.”

But in the end, it comes down to loyalty and marketing: “With beer and wine the marketing and branding is important but the flavours really contrast. Marijuana strains vary, but in terms of actual flavouring there may be less variation. So it has to do with branding.”

4. Build a boutique brand

One advantage the educated and licensed pot purveyor has over his illegal competitors is consistency. “With legal products you know exactly what you’re getting,” Adams says. “There are pesticide tests to make sure there are no residues on the plants. If you get it from an illegal supplier, those guys aren’t allowed to test their products. You have no idea what they’re putting on their plants. You don’t know how they’re handling it. If you get it from a licensed producer, you know that it’s clean and a lot safer.”

The solution? “We need to focus on consumer satisfaction. How do you get your messaging out to your patients? How do you retain them, make them happy, answer their questions? How do you get their loyalty?” Answering those questions, Adams says, is “how you’re going to stay in business in the end”.

With so much money in the marijuana game, it may be difficult for the independent supplier to stand out – unless independence is seized upon as a virtue.

2. Get to know the logistics

If you’ve got a good product, you’ve got to get it into your customer’s hands and have them come back.

Preparing for such eventualities is a key part of any business plan. “If you were going to grow any crop, you would sit down and make your production plan. You would look at how much money you would spend on different input, and also look at how your production and labour are going to work within regulations.” Of particular importance is the MMPR – the Marijuana for Medical Purposes Regulations, which govern the production of pot for legal use and sale in Canada.

“I’m hoping to work my way up to Head Guy Sitting In A Lawn Chair In The Woods,” I tell them. And while that description may look a bit like me in that old picture a few lines up (trading the shotgun for a ukelele), it doesn’t look much like the modern grow facilities that now dominate the marketplace.

I didn’t smoke much growing up on the East Coast, but I took to NorCal weed quickly.

But we’re not startups either.

“I ride to work every day on a bus that’s got a smoothie bar, foosball table, and vaping lounge” one of my techie chums tells me, “But I can’t imagine the amenities your workplace must have!”

I am proud to tell people what I do for work and eager to talk about the state of the business. With the groundswell of support the nation showed for marijuana in November, the conversation about cannabis has been brought into the public light more than ever. However, I’ve noticed a few recurring misconceptions which seem to come up whenever I talk about the cannabis business with outsiders.

The business isn’t just for gangsters and degenerates anymore.

8 states (and Washington D.C.) have now legalized marijuana for recreational use, and more than 20 other states have medical marijuana laws in place. While support has been strong for marijuana, almost half of the country still lives under prohibition. It is my belief that every American deserves to have access to the medicinal benefits of marijuana, and that no government should be allowed to interfere with a citizen’s right to grow and harvest a plant on their own property for their own usage.

A business credit card might help with financing.

Note that state application and licensing fees for a new dispensary operator typically surpass $10,000, and your state also may require you to have hundreds of thousands of dollars in working capital on hand.

Legal marijuana offers practically endless startup opportunities for those with the drive to innovate.

3. Entrepreneurship

If pot can be sold legally where you are, you could explore opening a retail store focusing on cannabis oils or edibles, or a paraphernalia shop offering the right tools for getting a recreational high.

For those who are looking to profit from pot, either through investments or other means, the time is now. Here are four ways to make money from legal marijuana.

Budbo, an app for finding pot products at local dispensaries, has been developing a blockchain-powered seed-to-sale system for marijuana companies and has even launched its own cryptocurrency through an initial coin offering.

2. Crypto and blockchain

Marijuana sales worldwide are expected to hit nearly $17 billion in 2019, according to Arcview Market Research and BDS Analytics, which track the industry. And that boom has been helped by the legalization of cannabis in Canada and a growing list of states.

For example, Canada's national health department had to create quality control analyst positions across the country, with an average starting salary of $72,000 (U.S.).