Right now those interested in the cannabis business are living in great times. While some segments of the industry may be subject to high cost of entry and already stiff competition from a myriad of well backed players, there are numerous other ways to get involved in the business. At Safe-Reach, we focus exclusively on recreational cannabis markets – dealing with medical compliance is a pain in the rear even the strongest strains can’t remedy for a small business like ours. Below are some examples of businesses we chat with and don’t bear the high cost of entry that a grow facility or major retailer would:
While groups like Safe-Reach are beginning to offer a scaled media buying solution for the cannabis space, many ad agencies are carving out advertising relationships by operating as a brand PR company. The stigma of yesteryear – like tie dye and peace signs are the opposite direction of where big cannabis is heading, PR groups come in handy to help make on shelf products more appealing to mass market consumption and acceptance. Note- this may not be the most budget friendly option given your expertise/experience in this space.
Cannabis not legal in your state? Want to go around and see what is happening in the cannabis scene in Colorado or Nevada? The rise in cannabis friendly tourism from hotels, retreats, busses and guided tours are great ways for local entrepreneurs to participate in the boom. Safe-Reach.com works with advertisers in this space to reach relevant consumers across markets who may be interested in taking a tour or staying at a green friendly hotel while visiting a recreational state.
This one may include a bit more hardware and area expertise but every state with recreational cannabis has seen a directly correlated boom in demand for armored security. Given the lack of banking for the canna space, ensuring your monetary assets are secured while at retail or in transit is a must-have for any business. You may want to inquire locally about arms and other associated requirements before entering this space!
I know I’ve personally spent some good money attending events focused around cannabis. Whether it’s around legalization, medical, general networking or product events, this space is red hot. Some expertise with social media management would definitely aid your growth here BUT finding a way to bring together all of the cannabis enthusiasts locally or regionally for presentations or events that add value to the end user is a great way to get involved.
This one isn’t anything new – but if your opinion on cannabis is thorough and you can build a loyal following there is no reason you can’t monetize a site. While there are many players in the space trying to do this, finding your own niche within the industry could be a great way to make this a revenue generating venture with a very low cost of entry.
Send me some of your thoughts on other ways to get involved in the space!