What Business Opportunities are there in Legal Cannabis?

Cannabis: the brave new world of business

cannabis business opportunities

It’s new(ly legal), it’s provocative, and it’s edgy. It’s the world of cannabis, opening up and taking our nation by storm, state by state. Are you ready?

If you find yourself excited about the market opening for cannabis use, you are not alone. In fact, you are in so much company that you need to jump fast as legalization hits your area. Many have been chomping at the bit waiting for this opportunity. Cannabis doesn’t just open one possibility, however. It opens several different opportunities to consider and pursue for your piece of the cannabis pie (or brownie, if that’s your thing).

Know the legal stipulations in your state

Cannabis is experiencing an evolution of sorts right now, because officially, it is still considered a Schedule I classified substance, in company with heroin, of all things. Schedule I substances are defined as having no accepted medical use and a high potential for abuse. Now, you know and I know the level of BS this stipulation is with cannabis, but nevertheless, this classification is still active at the federal level since the 1970 Controlled Substances Act and continues to create many roadblocks.

It is the states that are the ones pioneering change in how the United States views cannabis, but each state has its own stipulations about the uses and diagnoses that marijuana may be used to treat. Learn the latest state cannabis policies here.

First is the medicinal use of cannabis, and there are two levels of therapeutic use, very different from one another. One is by use of CBD oil, which comes from plants that have little to no traces of THC, the component that gives the intoxicated feeling. Some states stop there. The second type is the use of cannabis complete with THC, but for specified medical purposes. This category of patient is identified with the “medical marijuana card.” Physicians refer patients to a licensed dispensary to make their purchase with the guidance of a certified Cannabis Dispensary Technician (CDT). These professionals operate within the confines of state and local laws and regulations, assisting patients with the best strains and dispensary methods to suit the patient’s needs. The allowable diagnosis codes vary by state. Find those state diagnosis stipulations, here.

The next level of cannabis use is recreational use, currently adopted by only a few states. In these states, the dispensaries are separate from one another. One is the Medical Cannabis Dispensary allowing limited specific uses for those with a medical marijuana card. The next example is the Adult-Use (Recreational) Cannabis Dispensary, which meets all legal marijuana uses and needs, with stipulated age requirements for purchase. While an Adult-Use Cannabis Dispensary may provide medical marijuana, a Medical Cannabis Dispensary is limited only to medicinal uses. The Medical Cannabis Dispensary may provide cannabis to children with a covered diagnosis, while the Adult-Use Cannabis Dispensary is limited to providing product only to adults, aged 18-21 as stipulated by the state.

Explore the Opportunities

Once aware of the laws in your state, the next step is to explore how you want to contribute to this movement. From science to service, there are many opportunities abound in the cannabis industry.

Botany and cultivation

Because of the Schedule I classification, research remains limited to confirm much of the anecdotal evidence presented. Because of this, funding has been limited to research and development to identify or create strains tailored to a specific use or level of high, depending on the targeted market for that product. Hobbyists have operated under-cover to get as far as we’ve come up until now, and there is so much more to discover! As the laws expand their favor for the industry, expect more investment dollars in this area.

Along with scientific expertise, next comes farming methods, and these have gotten much more advanced than the basement with several grow lights. Modern farming is alive and well in the cannabis industry. These cultivation experts propagate, plant, nurture, and prune the cannabis plants under strict handling regulations like any other farm. The purpose is to ensure the quality by way of best practices as well as the safety of the workers and the clients alike.

Research

As funding expands to cannabis research, expect opportunities to grow. These professionals are needed to discover, test, and identify the strains and unique qualities that contribute to the needs of the customer or patient, be it medicinal or recreational.

Service

The cannabis dispensaries need certified technicians (CDTs) to serve, assist, and educate patients on the different types of cannabis, specified uses, and methods of ingestion. They work with each customer personally to ensure a successful intended experience. Depending on the size of the dispensary, additional positions may exist in support of dispensary operations.

Consumption

No, we’re not talking taste-testers so pack that idea away right now! We are talking about providers of the different consumption methods, which may extend to the manufacturing of varying pipes and vaping devices. It may also include the softer side of production, such as local bakers and candy makers to make fresh edibles to sell to the dispensaries.

Money and security

This role is probably the darker side of Cannabis, holding the most risk. Because of the remaining Schedule I controlled substance stipulation, banking continues to turn their back on the cannabis industry. Because of their federal law mandates, and by federal law, every cannabis business owner is by definition, an outlaw. Because of this, cannabis is strictly a cash operation from beginning to end. This condition will remain until the Feds catch up with the states. How soon that will happen remains a modern Scooby-Doo mystery. The business owners must store their cash and use it to pay for their goods and services along the way. A busy dispensary can build an ample supply of cash very quickly, so guards are a critical need for the storage and transport of money if held at an alternative location.

Lobbying

In an official status or not, the word needs to continue spreading about the value of cannabis and the untapped potential yet to be discovered.

Oh yeah….marketing!

Cannabis at the moment is a tight community of professionals, but as laws change and interest grows, it will soon be a challenge for your business to be recognized above the others. The CBD industry is already experiencing this phenomenon as banners raise from the gas station to the local nail salon announcing that yes…they too are selling CBD.

You want a cracker-jack team that will do more than hang a banner for you or blast an ad on a random web page. You want an agency that will build your brand as one of integrity and trust, encouraging customers to bypass the others and seek out your expertise. That is organic marketing. You also want an agency that understands what they can and cannot do with the current strict laws around cannabis. That organic marketing agency is Joseph Studios. Contact us today and let’s get you noticed!