Innovations and new technology are being developed every day and if you are a smart investor, you will look at marijuana as the next big money maker. Not all marijuana companies are money-driven, many of them started with a dream and a passion that helped them achieve success. Today, there are many great online head shops like Grasscity which provide every cannabis-related product imaginable, so for example, you can purchase a premium vaporizer with a click of a button at https://www.grasscity.com/brands/puffco. It has become so easy to get to any device at any time, that starting a cannabis business might seem like quite a challenge. In a world where it seems like everything has been already invented, it is hard to create something unique. There are many factors that you need to consider when starting a cannabis business, especially as the legalization of marijuana continues because this will heavily saturate the market which will result in the smaller and less experienced businesses having to throw in the towel. It can be hard to navigate this field as a new business in the cannabis industry so use this article to learn as much as possible.
Do good market research
A fundamental part of any successful business plan is to do thorough market research. One thing that you need to investigate is the spending trends in your area of interest that is related to cannabis and to conduct this research you can do a quick Google search. You need to focus on the growth, trends, the COVID-19 impact on the market, and the forecasts. Because of COVID-19, consumers visited physical cannabis shops far less than before and as a result, many businesses have chosen to target their audience using social media and e-commerce which is very effective, convenient, and inexpensive. As a new business, you need to hop into this trend and target your audience online which will benefit you because there is a massive reach on social media. Research also shows that individuals aged 50 and above, use cannabis to treat chronic diseases and other conditions so it is wise to target them for medical marijuana.
The legal status of cannabis where you are
The very first thing and this is probably the most important, is to find out about legalization in your area of interest. The legality of a country is different with every country and laws generally center around cultivation, possession, and distribution. In most countries, marijuana policies will be regulated by three United Nations treaties which are:
- 1961 Single Convention on Narcotic Drugs.
- 1971 Convention on Psychotropic Substances.
- 1988 Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances.
Marijuana is considered a schedule 1 drug according to the Single Convention treaty which means that it is allowed to be used medically however it is considered an addictive drug with a risk of abuse which needs to be taken into consideration. Most countries have decriminalized possession of marijuana but still, prohibit recreational use of cannabis so you will need to research your area of interest.
Have a unique idea
Once you have sorted out the legal aspect, you can focus on your vision. The cannabis market is incredibly saturated so if you want to stand out and have a chance at success, you need to have a unique idea. Don’t stress too much about developing a ground-breaking idea, instead, try to add your own unique personal twist onto something that already exists in the market. An example would be to deliver CBD products instead of opening a store or sell edibles that have not been widely explored yet such as CBD-infused wine. Cannabis tours also do well and contribute to the American economy so a good idea could be to have cannabis parties, where guests can enjoy a social time while enjoying their favorite herb.
Have a good UI (user interface)
We live in a digital era and everyone is online these days so it is important to have a good website or app. In a world dominated by technology, this is generally the first thing that people judge a business by. A good website or app can help you with advertising and sales and during the current pandemic climate that has everyone at home staring at their screens, you are likely to make more money by investing in an app or website than you would any other platform.
The cannabis market is a gold mine and as a new business, there is a lot of growth potential as long as you present a product or service that is unique and do your market research.