The cannabis industry has taken off in recent years with lots of interest by consumers and even more so by entrepreneurs, who are finally able to turn their passion for pot into a legitimate business.
Though still not legal at the federal level, U.S. states are continuing to vote for full legalization of marijuana for adult use and medical purposes. During the recent 2020 presidential election, a few more were added to the growing list of cannabis legal states, these are Arizona, Montana, New Jersey, and South Dakota.
Today roughly one in three Americans are able to buy pot legally in their home state, opening the doors to new markets for entrepreneurs. There is increasing demand for marijuana businesses of all types, particularly in the e-commerce and delivery sectors, which have grown significantly due to the ongoing pandemic. These types of businesses cater to the modern consumer and focus on convenience, two traits that will continue to be important even after COVID-19 is under control.
Here are some 420 business ideas to get the juices flowing.
Cannabis Industry Statistics
It’s incredible when you think about the fact that pot is still illegal federally, yet the cannabis industry in the U.S. is booming. While large corporations like Philip Morris and Scotts Miracle-Gro have dabbled in the world of marijuana, there is still lots of potential for small businesses to find their place and thrive. With two out of every three Americans in support of legal weed, the views and cultural norms regarding the green goddess are changing in favor of business owners and entrepreneurs. Now legal across the country, it’s estimated that CBD alone will become a $1.3 billion market by 2022, with some expecting those numbers to be closer to $22 billion. On the other hand, the marijuana industry as a whole is forecast to grow by 18% year over year and be worth an estimated $73.6 billion by 2027. In 2019, North America held 88.4% of the global market share, making it a prime target for cannabis investors and businesses who want to get their foot in the door.
Cannabis Business Opportunities 2021
Hemp Business Ideas
- Start an ecommerce hemp clothing boutique using wholesale and private label products.
- Set up an online home decor and accessories shop using hemp products such as hemp rugs, dishtowels, and more.
- Create and sell hemp beauty and skin care products.
- Cook with hemp and start a food truck or restaurant.
- Run a hemp farm and sell the seeds and oil. It is legal in the U.S. to cultivate hemp, which is naturally low in THC.
Cannabis Events and Tourism Business Ideas
- Run a cannabis bed and breakfast or a 420-friendly Airbnb.
- Become a marijuana wedding and event planner.
- Make and sell pot party favors for events. Infused chocolates anyone?
- Create a cannabis tour company such as a party bus, dispensary and bar hop, 420 guided hike, farm tour, baked city tour, or a pot and food tour.
- Perfect your edible recipes and start an infused catering business.
- Develop a private budtender service for events and weddings.
- Host marijuana cooking classes or blaze and paint parties.
- Open a cannabis florist business and partner with local farms so you’ll have a constant supply of leaves.
Marijuana Creative Business Ideas
- Create a cannabis-focused marketing and social media agency.
- Explore the world of marijuana consulting.
- Produce a weed podcast, website, magazine, book, or business journal that follows the cannabis industry.
- Focus on pot photography or videography for businesses, events, or even private sessions.
- Become a marijuana influencer via social media or a blog.
- Start a branding or PR agency for marijuana companies.
Marijuana Health and Wellness Business Ideas
- Organize a marijuana-focused wellness retreat.
- Create CBD products for pets.
- Run a blazed yoga company.
- Teach workshops and sell products designed specifically for athletes who could use the health benefits of cannabis to excel at their sport.
- Start a CBD supplement company or open a CBD cafe.
- Open a ganja social club where potheads can gather and unwind.
- Build a health and nutrition consulting agency focused specifically on cannabis.
Weed Cultivation and Supply Chain Ideas
- Franchise a dispensary in a new region.
- Develop courses on cannabis growing and harvesting.
- Team up with local dispensaries to build a pot delivery service.
- Open a private cannabis testing laboratory. Third-party testing is mandatory in many marijuana legal states, so this sector will grow exponentially in the coming years.
- Built a cannabis processing agency that places temporary workers at farms when plants are ready for harvesting and trimming.
- Establish a security consulting firm for dispensaries.
- Create a temp agency that staffs dispensaries or pot farms.
- Start an extraction business where farmers can bring their bud to you to create sought after marijuana concentrates.
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