With the use of marijuana becoming legal in most states, it comes as no secret that the cannabis industry is booming as it makes a shift from the black market to the mainstream. Following this trend, entrepreneurs, distributors, and tech experts are actively investing in the cannabis industry and for the same reason, the sector is expected to see unprecedented growth over the next 10 years. However, the industry is still a complicated space pertaining to its young age and the legal uncertainties surrounding it.
Having said that, starting a cannabis-related business is surely a smart move and if you’re interested in stepping in the cannabis industry and starting your own business, you’re at the right place. In this article, we hope to cover everything you need to know about starting a cannabis business so let’s jump into it.
What Options Do You Have?
The cannabis industry is broadly divided into two distinct markets – medicinal and recreational. Both of these markets cater to different purposes and target audiences and so it’s important to first decide the market space you want to target with your business. The medicinal cannabis markets are involved in the research and developmental aspects of the use of marijuana to treat health conditions. On the other hand, recreational cannabis markets target cannabis users who seek the high that comes with the consumption and smoking of cannabis products. In fact, many vaporizer online shops such as Vape4ever.com are growing faster and faster which indicates the popularity of recreational marijuana amongst cannabis users.
The use of cannabis and its products has greatly impacted the healthcare system by proving viable in treating a number of health conditions including Alzheimer’s, sclerosis and nausea. Medical cannabis can be prescribed by doctors to treat such and patients simply require a prescription to access medical cannabis products over-the-counter. This positive impact of medicinal cannabis is backed by multiple studies and according to research conducted in the University of Georgia, the sales for painkillers have significantly fallen in states where medicinal marijuana is legalized.
For such reasons, investing in the medicinal cannabis industry holds similar prospects as investing in the pharmaceutical industry, both of which promise high returns. You can also consider purchasing stocks in companies that are already involved in the medicinal cannabis industry, ranging from researching the medical use of marijuana to supplying medical cannabis products in the market.
Although the recreational use of cannabis has only been legalized relatively recently, it comes as no surprise that recreational marijuana and cannabis products already have a greater target audience than medicinal marijuana. The legalization of recreational marijuana, however, holds great prospects of companies involved in this sector. In fact, it is expected that about 67% of the global cannabis spending will involve the recreational markets according to a report by Arcview Market Research.
Recreational marijuana products primarily make use of tetrahydrocannabinol (THC) which is the active agent responsible for the characteristic high associated with cannabis products. The best thing about this is that THC can be incorporated in a variety of products such as cigarettes, vape oils and even coffee and beer which gives greater flexibility to business in the recreational cannabis industry.
The popularity of recreational cannabis amongst the population can be accounted to a number of reasons. Many Cannabis users simply love the experience it has to offer; the characteristic high associated with the use of marijuana and its products is simply hard to find in other drugs. Moreover, cannabis is being made more accessible to the consumers in the form of the vape pens that offer a discrete and affordable smoking experience.
One approach of getting your hands on cannabis is by buying it through cannabis dispensaries near you. However, anyone can cultivate cannabis on their own lands too which, truth be told, is not too difficult especially if you want to start your own business. In fact, cultivating cannabis in your own space can be quite fun and cost-effective. By using the right techniques and environment including nutrients, lighting, humidity and pest control, anyone can cultivate cannabis for a fraction of the price it is available in the market.
Smokable cannabis can be classified as Sativa, Indica or a hybrid combination of both. Indica has a short height along with flatter leaves and is generally grown for making hashish. Sativa, on the other hand, are taller flowering plants that are bred for industrial hemp usage.
There are a number of methods when it comes to cultivating cannabis but no matter which variety you want to cultivate, the easiest way to grow them is in loose potting soil or a soilless mixture in buckets with drainage holes in the bottom. Nonetheless, it’s important to regulate the temperature and air inflow to ensure a good yield. Ideally, the air temperature should be between 75 to 85 degrees Fahrenheit when the lights are turned on; this will drop by 10 degrees when the lights are turned off. You can also add organic nutrients once a week to enhance the smell and flavor of your buds.
The Future of Cannabis Industry: Vaping
The popularity of vaping is evident from the fact that it is replacing the conventional use of rolling the flower in a joint. This is because vaping cannabis has fewer implications for your health as it doesn’t involve the combustion of cannabis. Vape oils containing cannabinoids (the active ingredient in cannabis) are heated at low temperatures by the atomizer to produce vapors that can be inhaled by the users to enjoy the same experience like that from smoking a joint. Moreover, the vape oil can be flavored to give a more pleasant odor that, unlike weed, doesn’t linger around for too long. This makes it easier for people to discreetly smoke cannabis on the go. Another factor that has increased the popularity of vapes amongst cannabis users is the convenience it offers them. Cannabis consumers no longer have to go through the hassle of preparing the weed and rolling joints as they can smoke cannabis anytime just by the push of a button.
For the same reason, the legal cannabis industry is focusing on the development of vaping products to cater to the huge market demand. Henceforth, businesses involved in the recreational cannabis industry are actively competing with one another to provide a better experience to the customers and for this reason, there’s an entire range of cannabis products and accessories available in the market. The following are some of the options you can invest your money in if you want to step in the cannabis sector.
Generally, a vape pen consists of an atomizer that holds the vape oil. The atomizer is powered by a battery to heat the oil and produce vapors. Most vape pens come with a pre-filled cartridge that can be replaced with a new one once it finishes. However, disposable vape pens that can be discarded after the users are also manufactured and sold.
There’s a bewildering array of vape pens available in the market owing to the widespread popularity of vaping amongst cannabis users. They come in different shapes, sizes, colors, and designs – giving manufacturers greater flexibility for the production of vapes.
Vape oils are one of the main components of a vape pen and are responsible for producing the beautiful clouds of vapors every cannabis lover wants. The vape juice primarily consists of a base made of propylene glycol or vegetable glycerin (or a combination of both) along with nicotine and some flavoring. Propylene glycol is used as a sweetener and a preservative to make the vape juice last longer while vegetable glycerin enhances vapor production. Moreover, the concentration and quantity of nicotine in vape oils can be varied and nicotine-free vape oil variants are also available. As far as the flavors are concerned, there’s a vast variety already available in the market with even more room for experimentation and innovation. Mainstream options like refreshing mint and berry blast are a popular choice for users but unique flavors like unicorn milk also attract a lot of attention from cannabis lovers.
Different type of vape oil cartridges includes full spectrum cartridges that have the complete spectrum of molecules within a strain and concentration-specific cartridges based on the cannabis concentration they contain, amongst others.
Online Vape Shops
Following the trend of digitalization, many vape shops are moving online to provide consumers with a smooth and hassle-free cannabis vaping experience. Customers are also turning to these online vape shops as an alternative to brick-and-mortar stores since they can conveniently shop from the comfort of their homes. A good vape shop houses a vast range of vape products so that the varying demands of every customer can be catered. This is one thing you need to keep in mind if you want to open online cannabis and vaping store.
Another tactic you can use to attract more customers and enhance your sales and revenue is by offering discounts and bundle deals so that cannabis enthusiasts can buy their favorite products at affordable prices.
The future of the cannabis industry seems bright for both investors and consumers. If you want to step in the cannabis sector, there are an array of opportunities you can avail and we hope that this article has made those prospects much clearer to you.
Amanda Howard is a lover of all things pretty. When she's not travelling the globe to find the next best eat, she focuses most of her time snuggling her pugs and writing.