The legalization of consumption and sale of marijuana around the world has made the industry truly boom. What was once a rare sight to see people legally smoking and selling cannabis product related, you can now see it dozens of different countries in the world. A lot of states in the United States have also begun the process of making weed legal. Weed can be used both medicinally and recreationally in states such as Alaska, California, Colorado, Maine, Illinois, Michigan, and others.
However, we are still a long way from complete legalization which means that there is still a lot of room for growth in this industry. Right now, the marijuana industry is worth well over ten billion dollars, but a lot of experts expect that it will reach around $100 billion in just a few years. This is probably the best time to become a Potpreneur and start growing and investing in cannabis. If you do not use this momentum in 2024 then you may not get another chance in the future.
To help you benefit from this situation, here are some tips on how to grow, sell and invest cannabis in 2024.
Forget your previous experience
A lot of people claim that they are experts in growing the best possible weed, but many of these so-called experts were growing during the era while it was still illegal. Since then, a lot of things have changed. So, if you plan to build your own business and to professionally grow marijuana, you can’t follow the same rules about growing that were used in the past for personal use. There are many things you will need to consider, it’s not just about the plant.
You have to hold a certain quality if you wish your company to succeed with its sales. You will also need to follow health regulations, consider your financials and a bunch of other things that can have an influence on your budget and the price of your plant.
Large scale project and a business plan
If you want to become a professional in this industry, you can’t start growing marijuana in the back of your closet with a couple of LED lights. You will need to think of a big picture and create a large scale project that you can seriously profit from it. Huge investments will be required, but if you truly want to be Potpreneur, you will definitely have to pay for those expenses.
Do you plan to grow in an indoor facility or create an outside plantation? Keep in mind that such facilities have much bigger energy bills because you will have to maintain the temperature, humidity, and lighting.
Sure, one LED light might not waste too much energy, but when you have hundreds of them, they accumulate to a lot of energy. Heating and cooling devices may spend a lot of energy too. This is the kind of logistics you need to be prepared for. All of this can cost you several thousands of dollars. If you need help building your own business plan and project to profit from the marijuana industry, you can check out juicyfields.io, the cannabis crowdfunding platform.
However, with the profits you will be making with your weed, you will have no problem paying your bills.
Just like any other business, you will need to have your own business plan which will help you take all the necessary precautionary measures.
Experts claim that more than 90% of the profits from the cannabis industry comes from illegal sales. Even though there are thousands of stores all around the US that sell legal weed, there are still small-time dealers that people buy from. The problem is that people have already built a bond of trust with their dealers and they know what they are getting.
Unfortunately, this is not entirely true because you can’t know if your dealer has sprayed the plant with pesticides or other chemicals that might prove as a health risk. This is where you as a Potpreneur can come in.
You have one huge advantage over those illegal sellers and that is the fact that you do not use any kind of chemicals that might be risky for humans. And you can prove all of that with a number of tests that you can later advertise on your product. These kinds of tests are done in official laboratories. People that illegally sell cannabis cannot do these tests.
By proving that your product is safe and healthy, you will pull in a lot of customers. By keeping them satisfied they will stay loyal.
Keep in mind, you will still have competition with conglomerates that have already invested millions if not billions of dollars into this industry.
Expand your business with a variety of products
We all know that the most famous way of consuming weed is by smoking it as a joint, blunt or bong. But, there are many other different types of products that people would like to try. Many coffee shops in the Netherlands, for example, sell all kinds of edibles. Whether you want cookies, gummy bears, popsicles or ice-cream, it will have cannabis inside of it.
You should also consider oil-based products. A lot of people want to experience the health benefits of the cannabis plant without having to smoke it which is why they purchase CBD or THC oils. These oil extracts are much more potent, but they also come at a much higher price. So, if you want to satisfy a larger number of customers, you will also need to have a wider variety of products.
It doesn’t really matter if you have grown the highest quality of weed if no one comes to you to try it. Taste is not everything which means you will have to work on your marketing. You will need to think of a unique way of pulling in customers that will deter them away from bigger companies.