10 Ideas for Making Money in the Cannabis Industry
The Cannabis industry has become quite competitive, but there’s still ways for making money, here are 10 to peak your interest.
Photo by Shelby Ireland on Unsplash
There are plenty of ways of making money through the cannabis industry. In fact, the ‘green rush’ is now as wildly popular as the gold rush of the 1850s. This is the best possible time to get on the gravy train and make a name for yourself in this extremely new and as yet nascent industry. Let us check out a few of the better ways of making money, thanks to the liberalization of the cannabis industry in North America:
1. Create Plenty of Fresh and Relevant Cannabis-Related Online Content
Thanks to liberalized legislation regarding cannabis consumption, it has become a very popular commodity and its fame is growing quickly. However, few people know what they can do with it or how they may use it. This is why you might consider trying your hand at creating the kind of informational content that potential consumers need. How about selling “how-to” books, videos, etc.?
2. Advertising of Affiliate Programs
This is arguably the simplest of ways when it comes to generating income in the erstwhile cannabis industry. You should aim to find companies that offer hefty commissions for sending targeted traffic to their site. Once you have identified such a company, you should approach them with the idea of creating your advertising channel/s in order to send traffic to their site. Once you have successfully set up an online cannabis ad campaign, you would be able to earn money even when you are asleep.
3. Create Your Very own Brand
If you are really serious about making money through weed, it would be a smart idea to create your very own brand. You don’t have to become a grower, not when there are plenty of white label service providers that would sell you the stuff at wholesale rates. This way, you can affix your own brand logo and become the purveyor of quality cannabis supplies.
4. Start an Online Media Channel
Cannabis companies almost always need places where they might be able to advertise their products so as to reach their target market. You can start a website, podcast, or YouTube video channel for them. Once you get viewership, you can start charging companies accordingly.
5. Provide Something Unique
This kind of ties into creating your own cannabis brand, but there are a lot of opportunities in the canna industry with unique products. The way people consume cannabis has changed pretty creatively over the past few years with gummies, liquid syrup and other edibles. There are plenty more creative avenues that cannabis can be consumed, just maybe you could be on the cutting edge of the next big trend.
6. Become a Cannabis Blogger
As of now, there exist many producing and retailing companies that need good bloggers to create value-added content for their sites and blogs. This way they will be able to attract potential customers. You can create entertaining and informational blogs for such companies.
7. Become a Cannabis Company Representative
There are many good weed-related products out there that need to be sold. You can do the needful, and earn commissions on wholesale supplies and other goods.
8. Sell LED Grow Lamps
Cannabis plants require different kinds of LED grow lamps and other growing supplies. You can either sell them online or from a brick-and-mortar store.
9. Be inventive and Also Become an Independent Broker
Since it is a radically new industry, there are plenty of ideas that make it big all the time. A single well-timed invention can end up making you rich. It can be a new vaporizer or even a new tool to help grow your crop. Many new shops are opening up all the time. You can avail yourself of the opportunities to become a wholesale broker of cannabis and related goods.
10. Procure and Sell Your Cannabis License
You can always sell your cannabis license if you have one, especially to someone who already has cannabis financing so they can pay you on the spot. This way you will have plenty of liquid cash for some other venture.
Ever since cannabis has been legalized, the world is your oyster and you are the pearl. All you have to do is to reach out and grasp the many opportunities that this industry has thrown in your way.