While the future of legalized marijuana just keeps getting brighter, we’re still not there yet.
As of late 2017, the federal government’s stance on legalization is still hazy at best, prompting entire industries to keep clear of the green rush. And while running your own grow operation or dispensary can be extremely rewarding, the added risks mean it’s just not for everyone.
The good news is that being part of the cannabis supply chain isn’t the only way to profit from legalization and contribute to cannabis culture. In fact, there are lots of ways you can be part of the industry without ever touching a plant.
With that in mind, here are six of our favorite ways to make money off of weed without growing, selling, or even touching it.
1. List your home on Bud & Breakfast
Check out this Eco Hostel located in California. Endless sleeping options and breakfast is included!
— Bud and Breakfast (@bud_breakfast) October 27, 2017
Bud and Breakfast is exactly what you think it might be.
Like Airbnb, Bud and Breakfast lets you list your home, apartment, or cool treehouse for short term rentals, with the stipulation that it has to be weed friendly. Some places go so far as to even provide cannabis to their guests, but that’s not a prerequisite to list your property. As long as you don’t mind if guests toke up before hanging out in the bathtub on your penthouse’s deck in downtown Boudler, that’s good enough for them.
2. Make a weed-friendly subscription box
— Daily High Club (@DailyHighClub) October 25, 2017
Subscription boxes may seem a little overdone, but there’s still room for more—if you market them right.
The most obvious route is to offer a subscription box of rolling papers, pipes, and other smoking pariphenalia. Of course, the big problem with this approach is that there are already a few big players doing it right. Good luck going head to head against a great subscription box like Daily High Club.
The other, much more viable option, is to create subscription boxes that appeal to marijuana’s users and culture, without actually including anything directly weed related. You could take an existing idea, like a subscription box of snacks from around the world, a nerdy sock subscription box, or bohemian home good and accessory box, and create a unique, rebranded spin just for marijuana users. Or you could create something completely unique. You’re just limited by your creativity.
P.S. Be sure to check out our other post on the best subscription boxes for cannabis users who don’t need more rolling papers.
3. Open a food truck
Smoke is thankful for Glam Rock idols to guide our fashion choices!
Head to our FB post and tell us what YOU'RE thankful for to WIN! pic.twitter.com/lQvHHLDmau
— Smoke's Poutinerie (@poutinerie) September 27, 2017
While the food truck craze may be a little past its peak, there’s still plenty of gas left in the tank.
If you’ve eaten at enough food trucks, you’ve probably noticed that most of them, well, aren’t too creative. In the Bay Area, every other truck is either selling straightforward Mexican food, straightforwward Korean food, straightforward Middle Eastern food, or two of those fused together. If you’re lucky you might find cheeseburgers with fried eggs on top or BBQ dishes with a little twist, but that’s about it.
So why not take a food truck, park it outside the biggest dispensary in town, and serve up some over-the-top junk food that pairs well with your favorite strain? If you fry up some Kit Kat quesadillas, Thanksgiving poutine or Scottland-style munchy boxes, we can pretty much guarantee that you’ll make a small fortune.
4. Invest in businesses that will benefit indirectly from marijuana legalization
— Motif (@MotifInvesting) January 9, 2015
Running a food truck is a lot of work, but buying a stock isn’t.
Some trading platforms, like Motif, offer funds that let you simultaneously tap into several different companies that will benefit indirectly from legalization. Organic fertilizer manufacturers, fast food restaurants, travel companies, and even stoner-friendly entertainment are all in a good position to benefit. This approach lets you get some exposure to the marijuana industry, but with all the benefits of traditional portfolio diversification.
5. Start a pot-friendly podcast
— Cannabis Radio (@Cannaradio) October 25, 2017
Yes, there are plenty of great pot podcasts out there already. And yes, there is still plenty of room for more.
There are investigative travel shows about marijuana. There are shows that focus on marijuana policy. There are shows that feature stoned celebrity interviews and shows that focus on cooking with marijuana.
But how about a show focused on marijuana culture for baby boomers, women, LGBT, minorities, vegans, or the disabled? How about a show focused on weed tourism, or dabbing, or glass blowing? All of these subjects have enormous potential for sponsorship and outreach to highly relevant audiences.
6. Offer business services to growers & dispensaries
— TrailBlazer SEO (@TrailBlazerSEO) October 18, 2017
Marijuana-based businesses, like any other business, require a lot of support services to keep running. CPAs, POS software, and SEO agencies that cater exclusively to marijuana-based businesses have already begun to emerge, but there is always room for more.
Even if you don’t focus exclusively on dispensaries and delivery services, you can still create unique offers just for them. Consider the market for:
- Interior design for dispensaries
- Custom furniture, wall graphics, and art installations for dispensaries
- Patent and trademark law services for marijuana businesses
- HR & staffing for marijuana businesses
- Marijuana market research
- Real estate services for dispensaries
- Blogging and social media management for dispensaries
- Insurance services for dispensaries
- Photography and video production for dispensaries
- Banking and financial services for dispensaries
So What’s the Next Step?
If you’re serious about making your dream business a reality, Cayenne Consulting can help. Their team creates custom business plans specifically for cannabis businesses, ranging from dispensaries and cultivators to ice cream, cannabis social networks, dispensary management software, and a lot more. Get your business plan here.
But what if you’re not ready to make a big commitment? You can still visit Namecheap to pick up a domain name for your idea, so you’ll be ready when the time comes.