Marijuana has been popular for many years now and recently, it has become legal in many new countries or regions. No wonder that new notions like Cannabusiness or cannabiz appeared. Even more people become engaged in it each year. Let’s have a look at these notions and try to understand what they mean and what types of cannabusiness there are.
Definition of Cannabusiness Term
The word consists of two parts – cannabis and business. This basically explains what it is about: any business that offers marijuana or cannabis products or services. However, it does not always have to do with marijuana because there are various types of businesses within the cannabis industry.
This niche includes dozens of different businesses, from producing the packaging for marijuana to cannabis dispensaries. However, there are, of course, several of the most popular and profitable ones. Let’s have a look at them.
These types of businesses don’t work with marijuana directly. This is rather a support industry that appeared because of the growth of the cannabis market. However, it doesn’t sell or work with the plant in any way.
1. Marijuana Insurance
Insurance is one of the main issues for any business. It provides the owner with certain guarantees and the cannabis niche is not an exception. In this industry, it is similar to agriculture because there are similar conditions for crops.
There is a wide choice of services provided by the insurance company:
- Product Liability
- General Liability
- All Risk Property
- Crop Insurance
- Equipment Breakdown
- Stock and Inventory
- Workers Comp
- Open Peril or Loss of Property
- Product Recall
- Goods in Process
Overall, one can insure anything related to the cannabusiness.
2. Marijuana Software
Technology is now present in any niche. It allows to develop and grow faster and make all the processes more profitable. Marijuana is not an exception. Many businesses use technology in order to make the plant growing process automated. At the same time, dispensaries use modern POS systems that also make all the processes much simpler.
Considering the fact that the niche is growing and developing quite fast, the software sector will also develop accordingly. Plants will grow faster and be safer and the owners will decrease their expenses.
3. Marijuana CPA
It is evident that every industry has its peculiarities that are necessary to consider in order to run your business correctly. This also relates to the finances. It is essential to hire a professional CPA if you are a cannabusiness owner as it will allow you to cut costs and correctly deal with all the tax laws.
4. Marijuana Marketing
If you expect your cannabusiness to grow and expand, marketing is a key to it just as with any other business. There are several marketing strategies you can apply even though there are certain restrictions for the cannabis niche.
Among the main marketing types, it is possible to single out the following ones:
- Marijuana SEO
- Marijuana Advertising
- Marijuana Social Media Marketing
- Marijuana Web Design
For example, SEO can help your business become more visible, attract new clients, and make your brand recognizable. As it was mentioned before, there are certain restrictions for a cannabis niche, but a professional agency like MjSeo agency knows exactly what strategies can be applied and how to better achieve the set goals in the shortest time possible.
5. Marijuana Lawyer/Attorney
This is similar to any other business but probably a cannabusiness owner requires a lawyer even more. This niche is quite specific and has its own laws. Moreover, if your business is not local, there might be other nuances to consider in order to run your business legally.
Overall, it is essential to remember that marijuana is illegal in many countries and states, and having a lawyer who knows all the peculiarities of this industry is a must. Moreover, it will save your time and resources as cannabusiness is associated with numerous forms and licenses to fill and organize.
6. Marijuana Packaging
This type of business appeared because of the variety of marijuana products. This can be food, oils, vape pens, sprays, and more. Everything needs its own type of packaging or containers so, no wonder that this niche is also rapidly developing.
Considering the rapid development of the marijuana niche, this type of business is also exploding right now. There are even more new brands and companies that you can see on the shelves of marijuana dispensaries.
7. Supplies for Marijuana Growing & Cultivation
In recent years, people began to buy more and more cannabis products which directly influences the growth of the industry. It means that even more plants are growing each year, which also influences the demand for growing supplies.
As any similar agriculture industry, it includes numerous things and machines for every stage of the growing process. So, no wonder that new cannabusinesses emerge in this area.
8. Marijuana Funding & Investors
As with other businesses, cannabis ones also need investors. And there are companies and firms that specialize exactly in this industry. So, if you are looking for funding, try one of these firms first.
9. Marijuana Consulting
Just as in any other industry, marijuana has various specialists who know a lot about it. For any cannabusiness owner, it is beneficial to work with them. They can help your business expand or assist you in various processes. In most cases, it is relevant to have a personal consultant, as learning from your mistakes is not always good.
10. Retail Dispensary
This type of cannabusiness is currently one of the most popular ones. They are located in all the USA states where marijuana is legalized. It can be both recreational and medical dispensaries.
Dispensaries are located like any other store, and you can freely go and purchase anything you need. Of course, they sell only legal marijuana like similar online stores. However, you can visit them and have a look at all the goods they have, which is more convenient than looking at the photos of products online.
11. Online Dispensary
Like any other business, marijuana has also occupied an online sector. While it becomes legal in new states, more and more new online dispensaries appear. Of course, in the modern world, many people prefer shopping online because it is fast and convenient. A similar situation is with the marijuana business.
For example, in Canada, cannabis is federally legal and it is not a problem to place an order online and get a parcel shipped to your door.
Business owners prefer starting an online store as it usually requires fewer funds and is simpler to organize. Moreover, they can accept orders 24/7, which increases the number of potential clients.
From this guide, you’ve found out about several possible cannabusiness types. Now you can choose one and create your own business online or offline. The modern world has so many possibilities, don’t miss them!