By now, I’m sure you know that marijuana is now legal in much of the United States.
Marijuana will be the next big millionaire maker; the question is just whether you can get in on the action to profit from pot in time.
Imagine you had the chance to buy a beer brewery right after prohibition ended at a discounted price. Imagine where you and your family would be today?
These kinds of opportunities do not come along often, though there appears to be one every week. A genuine opportunity like this is something that you can’t afford to miss out on.
Do yourself a favor and continue reading to find out how to make money off weed.
How to Start Making a Profit From Pot
If you don’t have a place to grow pot, how can you make money off weed? Well, you don’t have to raise it – I mean, you don’t need an oil well to make money from oil, right?
To make money, you need to know what the best marijuana stocks are and when to buy them.
Marijuana has not been legal for a very long time. The profits are already approaching 10 billion dollars according to Arcview Market Research.
So that’s a significant number, and you may think you have already missed your opportunity. But think of this: it’s not legalized everywhere.
With more states joining in plus Canada, it only stands to get bigger.
6 Ways You Can Cash in On Marijuana
So I’ve given you some info, thrown a large number up as profit, and even suggested that stocks are an option. But I have not told you how to make money off weed specifically.
- Invest – Putting money into a marijuana stock seems like a no-brainer. But then again, who can predict what stock will produce a good return and which one will not? They are a gamble no matter what, so do your homework.
Seek the advice from or hire a professional investor. He can guide you through the process of selecting a stock that fits your goals and expectations.
- Crypto and Blockchain – It is what made the cryptocurrency bitcoin such a success. This is due to the robust method of storing data and keeping it in a block in a chain of code.
Of course, that is quite a basic description, but the end result is the original data cannot be changed. This should work the same way that this helped make bitcoin famous.
It stands to reason that offering a seed-to-sale system for marijuana companies would help them to do something similar.
- Start Your Own Business – There are almost endless opportunities for those who are an entrepreneur or want to be.
Starting an edibles store, or selling the essential oil and paraphernalia. Even the buds themselves are all possibilities if you live in the right state.
But of course, nothing is for free. Some states charge $10,000 or more for a new dispensary license application. They can also require you to have $100K+ in working capital.
- Get a Job in the Industry – There are lots of high paying jobs in the pot sector because it is so new and rapidly expanding. Of course, you will need the right set of skills.
In Canada, for instance, there is a new job being created for a quality control analyst. This job has an average starting annual salary of $72,000.
- Grow Master – If you don’t want to open a store or work in the industry, would growing marijuana be more your speed? If that is the case, you could become a grow-master. This usually comes with an annual salary of $100,000, plus some companies offer profit sharing.
- Create Your own Edibles – As an edibles chef, you would create foods and drinks infused with marijuana. This can pay well if you are qualified and are in the right market.
For instance, Chris Sayegh is an edibles chef in Los Angeles. His fine dining cannabis can command $200 to $500 per person.
Generally, the salary for a position like this varies depending on the location. It would require the chef to have some years of experience in culinary arts.
Owning a Pot Business vs. Investing in Weed
So now that you have read through and evaluated the list above, you should have an idea of whether working in the industry, owning a business, or investing would be the way to go.
Let’s take a closer look at business vs. investing to see what the best opportunity would be to make money off weed.
Running a Pot Business
As a business owner, you are responsible for it all. Everything that happens or doesn’t happen is on you.
Here’s a list of some essential business responsibilities:
- Repayment of debt. If you’ve taken any loans or borrowed from investors, you are responsible for making the payments.
- Regulatory compliance. If your business is affected by government regulations you are responsible if any one of your employees does not comply. There may be a fine levied for some non-compliance. You would be responsible for that as well.
- OSHA recordable injuries. If anyone gets hurt on the job, you are responsible for the damage and for correcting what happened. Any fines or penalties would be your responsibility.
- Employee health insurance and payroll. While you may not administer either of these, you are responsible for them.
There are many more responsibilities than listed. Truthfully, some people absolutely thrive in that kind of environment; it’s what they were born to do and love doing it.
If you know you are not one of those people, who would thrive with those responsibilities, then maybe you are just in love with the idea of owning a business and investing might be the ticket for you.
Investing in Weed
Like investing in anything, there is a risk that you will lose your investment. That, of course, is the downside. The upside is that there is not any real threat to any of your other assets. This comes without the responsibility of owning a business, and you can make an excellent profit.
Investing in weed is for the long term. So I would use caution with any investment opportunity. Especially ones that claim you’re going to be a millionaire by next weekend.
Enlist the help of a professional who can help you sort through the landscape of opportunities. They can help identify the one that fits your portfolio goals and budget.
What Is the Best Way to Profit From Weed?
We listed six ways to make money off weed and weighed the difference between owning a business and investing.
So then, which way is the best way to profit from pot? That is a question only you can answer. Do you have the capital and the nerve to start and invest in a business?
Or are you more content just working in the industry? Or perhaps you want to take a longer-term approach and invest?
Whatever your goal is, you need to have a plan to reach it. To learn more about business and what is happening in the world that can affect it, check out our website or contact us today.
