Although it is not legal in all states, cannabis entrepreneurs are getting a head start to making their way to becoming top moneymakers. Entrepreneurs are thinking of new and creative ideas and products to enhance society’s cannabis experience.
The cannabis industry went through a vast change in 2017 as a result of uncovering a scientific breakthrough of the plant’s medical potential and its rising stocks in the industry. According to U.S Legal Marijuana Industry is Booming, the industry has taken in nearly $9 billion in sales in 2017; that’s equivalent as the entire snack bar industry! National marijuana sales are only predicted to grow as sales are estimated to rise as high as $11 billion in 2018, and $21 billion in 2021. State governments where marijuana use is legal are profiting from the high-growth industry, collecting as much as $745 million in taxes.
Marijuana dispensaries sell numerous cannabis that accommodates to the convenience that marijuana users are seeking. The traditional marijuana buds or flowers still remains the most common product among cannabis users. Edibles is the second most popular type of cannabis product sold in the US. Cannabis concentrates are becoming much more popular amongst users because the potency of its concentrate typically falls between 50% to 80% which is almost five times stronger than the traditional marijuana flower. Vape pens have become a typical method for frequent cannabis users because of its convenience. With the proliferation and legalization of dispensaries, marijuana users can choose from a wide variety of options and products.
Entrepreneurs are taking advantage of the rising cannabis industry and creating novelty ideas and products to increase profit. According to Forbes, entrepreneurs are producing cannabis as a spa treatment. The global wellness industry became a $3.72 trillion maker by 2015 increasing by 10.6 percent from 2013. However, the cannabis industry is growing by 30 percent yearly. Making cannabis as a spa treatment will increase profit and build experiences around cannabis health and wellness properties. Cannabis is becoming a big part of sports training and post-workout relaxation. Cannabis focused athletic events and therapeutic exercise programs are being promoted and developed for consumers. High end concentrates such as super high-potency THC resins were generally reserved for the most hard-core cannabis users but it increasingly becoming more popular in the US. Owners of smaller cannabis-growing businesses are aiming for higher quality and prices hoping to brand their cannabis in the same way high quality wine and coffee producers brand their products. National brands are also profiting off the marijuana legalization trend. Clorox for example, created a Clorox Odor Defense product to eliminate and mask odor-causing molecules such as marijuana.
With marijuana legal in 30 U.S. states, and legal at the recreational level in 10 states, cannabis is on fire with entrepreneurial opportunities. Cannabis entrepreneurs across America are legally growing and cooking cannabis in record numbers. As those who plan to make greenbacks from watching their plants grow, so does their outgrowth business sprouting up around them.