Break Into the Billion-Dollar Marijuana Industry. The cannabis industry is smokin’ right now. Between medical and recreational marijuana, sales are on track to top more than $20 billion within a few years, according to some experts. That’s a lot of coin.
What makes those numbers even more impressive is that this burgeoning market is still in its infancy.
“Assuming current trends continue, this is one of the best financial opportunities that most people will see in their lifetime,” says Chris Walsh, managing editor of Marijuana Business Daily. “It’s very rare to have a brand-new industry crop up that has this much potential and is moving forward so quickly. Marijuana has the potential to become one of the powerhouse game changers in the history of American businesses, akin to the advent of high tech and automobiles.”
Marijuana may seem like a specialized field, but weed-focused businesses have all the same needs as any other: HR, public relations, construction, IT, you name it. As such, whatever your background, chances are good that your experience would benefit a ganja-based company. So who can break into the billion-dollar marijuana industry?
“Any service or product common in the business world at large can be applied to the cannabis industry — and almost everyone with a professional skill can find an opportunity,” says Walsh. “Look at me: I have a background in business journalism. When I first accepted my current position, people thought I was crazy, but now I’m working for a growing company with 20 employees.”
And you don’t need to move to the Rockies to score a job. As long as you’re not touching the merchandise — think: growing, baking, shipping — you can work for the cannabis industry from anywhere. If you do want to deal with the plant itself, you need to apply for a license, and each state has a different set of regulations regarding how long you have to have been a resident first — in Colorado, it’s two years; in Washington state, three months.
Denver Consulting Group is expert in helping entrepreneurs obtain licenses as well as explore other opportunities in the cannabis industry.
You can also launch your own business. There are opportunities in a mind-boggling array of adjunct sectors. “You’ll need to create a strong brand and reach out to prospects with a compelling message,” said Randall Huft, President of the Innovation Agency, one of the leading marketing and communications companies in the cannabis industry. “The competition is getting more intense every day, and successful companies are learning quickly that they need to hire outside professionals to help craft their brand, articulate their key differences, and position their executives as leaders in the industry,” he added.
You also need time to foster strong connections to key players. “This is a tough industry to crack, and most cannabis companies want their vendors to be very familiar with the inner workings,” Walsh points out. “If you’re a novice, chances are you’ll end up spinning your wheels and won’t get many clients.”
“Hiring a communications company and a consultant that already have established connections is vital,” Huft said. “Having these connections propels owners of new businesses a giant leap forward, and puts them in a position to immediately start making money, instead of searching for clients.”