Accounting, Tax, IRS & Marijuana

Marijuana Legalization Presents Business Opportunities

There are a variety of business (or at least additional income) opportunities within the nascent marijuana industry. We can help advise you on how to get your business started when you're ready. Below, check out some of the opportunities that are now available to you. Some are only for medical/recreational states but some can be performed in any state.  

1. MMJ Retail Shop (i.e. Collectives and Dispensaries)

This is the number one choice for many entrepreneurs. There are many obstacles to jump through, but as the industry opens up, the opportunity to actually open a retail location will be available to almost anyone who wants to give it a go. Of course, this comes with the necessary business and entrepreneurial skills that any other operation requires, as well as the support staff and suppliers. Opening a store is risky, but in a brand new industry, it could be the perfect opportunity to live out your entrepreneurial dreams.

2. Cultivations (i.e. Growing)

Many people have been growing for years, whether it was under allowed or not, and have developed techniques to cultivate the perfect product. Growing marijuana can be time consuming and also requires a lot of skill. The number one problem that cultivation businesses have is underestimating the capital needed to get started. We can help you with that part which will be most of the battle. Then you can enjoy and watch your business grow. 

3. Edibles (i.e. Marijuana Infused Products, Marijuana Chefs, Marijuana Cafes)

It's not as capital intensive as growing, but still requires proper planning. The rules are constantly changing so be prepared for your products and machining to change with the rules. That can require extra time and money. With that said, depending on where you live and your skill level, making edibles can be extremely lucrative.

4. Concentrates (i.e. Extractions)

Most marijuana experts agree that concentrates are the wave of the future. Concentrates include things like hash oils, dabs, shatter, wax, and budder among others. These products are known for their incredibly high concentration of THC and other medicinal cannabinoids. Creating the concentrates and often times require heavy machinery, a background in chemistry, and experience with chemicals and laboratory equipment. Concentrates can be very lucrative, but you should really understand the business model before jumping in because it's not like the other opportunities listed here.

5. Delivery Services

This has been made popular by the medical marijuana community in California. Many medical marijuana patients are unable to actually make it in to dispensary locations, so delivery became an option. As retail locations open up, delivery options will most likely come along as well. The opportunity involves technology solutions, similar to Uber, that matches drivers, growers, and customers. This will be a commodity type of business to be prepared for that. 

6. Security

Various security personnel and systems are needed for many shop owners and growers. Checking IDs and guarding privacy for customers are the most visible duties, but ensuring that money and product transfers go smoothly is another important part of the job. Security will be important for storefronts in all environments so this is a big opportunity for businesses not wanting to directly 'touch the plant'.

7. Tourism (i.e. Dispensary Tours, Cultivation Tours)

The tourism segment of the marijuana industry has really taken off. Essentially, tourism companies would bring in revenues by taking tourists out and giving an overview of the industry. From dropping by growing locations to going on a tour of retail and dispensary locations, these companies can really tailor their business models as the market sees fit. 

8. Internet (i.e. Web, Software, Social, Mobile)

Companies like Leafly and WeedMaps are leading the way in the online space when it comes to the marijuana industry. Software to help run marijuana businesses is essential, and can include things like accounting programs, inventory management and product management systems. We're experts with tech startups so if you're going this route you should definitely contact us.