There are more than 240,000 people employed by the cannabis industry in the U.S. Job growth grew by 15% over the last year, making cannabis the fastest growing industry.
There are a number of ways you can get involved in the cannabis industry and make a lot of money.
How can you break into the cannabis industry? Read this guide to find out all you need to know about starting a career and a business in cannabis.
1. Know Your Options
You have to evaluate all of your options before you decide on a career path for yourself. There are three main ways to get into the cannabis industry.
You can work for a company in the cannabis industry, start a business, or invest in cannabis companies. Each option has more opportunities available.
If you work for someone else, you should know that there are a lot of job opportunities. You can be a grower, which pays as much as $118,000 a year.
You can be a branding specialist, a manufacturing specialist, or a retail manager. All of these positions can pay more than the national average.
Should you decide to start your own cannabis business, you’ll have a lot to learn. The entrepreneurial spirit is great, but starting a business in cannabis doesn’t always translate into money.
Investing in cannabis stocks can be rewarding, but the risk is just as great as the reward.
2. Decide on Your Career Path
The great thing about having so many opportunities in the cannabis industry is that you can decide your career path. Many career choices have a very narrow path. You go to school, get a job, and work your way up the corporate ladder.
It’s a little different in cannabis. You can start out as a cultivator and then move to the marketing department or product development department. You’ll have a broad overview of the entire industry, which can lead to more opportunities.
If you have an eye on owning a dispensary or starting another type of business, it’s best to start out by getting industry experience and work for someone else.
The experience will help you understand the ins and outs of the industry and what customers are looking for. For example, if you do want to own a dispensary, you can start out as a budtender.
This is a low-paying job, but the value of what you’ll learn is more than a college degree. You’ll know first hand what products are good and which ones aren’t.
You’ll get to know your customers inside and out. You’ll know who they are, what they need, and how your business can meet those needs.
3. Create Opportunities for Yourself
You can’t just sit on the couch all day and hope that someone will hire you. You have to get out there and make yourself known.
You’ll need to have a resume if you plan to work for someone else. Make it a point to read the latest cannabis news and know what the industry trends are. Reach out to people within the industry and tell them the type of position you want.
Investors can find a mentor in someone who has been successful in cannabis investing. You can learn from them and discover how to spot your own opportunities.
You can also attend industry networking events to find entrepreneurs looking for investment. This can be good if you want to work directly with companies instead of buying cannabis stocks.
Entrepreneurs can create their own opportunities by writing a formal business plan and then meeting potential investors and lenders to get startup funds.
The more you get out and build your network, the easier it will become to break into the cannabis industry.
4. Starting a Business in Cannabis
Starting a cannabis business may seem like a lock to make a lot of money. There is more competition and that’s going to grow as more people take the leap to start a business.
The first thing you need to do is to know what the regulatory hurdles are in cannabis. It may be legal in many states, but it is highly taxed and attracts a lot of attention from the authorities.
You also have to know your tax liabilities as a cannabis business. This will differ between CBD-based businesses and marijuana-based businesses.
That’s because CBD is classified as a Schedule V drug, while marijuana is classified as a Schedule I drug. Marijuana businesses would have to contend with section 280e of the Internal Revenue Code. Businesses can’t write off standard business expenses because the business is involved with the sale or distribution of a Schedule I drug.
This is something that many people just starting out don’t know about. It can impact every part of your business. You want to learn about these regulations and have tax and legal professionals to guide you.
5. Investing in Cannabis Companies
Investing in cannabis stocks can be a great way to get involved in the industry. You’ll find these opportunities in mutual funds and in penny stocks.
With cannabis stocks, you aren’t involved in the company at all. You do need to research the companies before you invest in them.
You can become a direct investor, providing seed funding to a cannabis startup or be an early investor. These options will give you the opportunity to cash out if the company goes public.
There are Many Options in the Cannabis Industry
There is no doubt that the cannabis industry offers a lot of opportunities to make money. There are almost too many options right now.
You want to decide what your career path is going to be, whether you work for someone else making 6-figures, you start your own business, or you invest. You could create a path to do all three.
It’s important to understand all of your options and decide on the best path for you. For more business, marketing, and lifestyle content, check out the home page of this site for the latest tips.