Marijuana and other related substances were by no means obscure in our society prior to recent developments in legalization, but it has only been within the past few years that cannabis has truly been able to grow as an industry and realize its potential. From medical to recreational use and from the many different products on the market that have been released because of this growth, here is why cannabis oil is big business and how you can capitalize on it.
What is cannabis oil?
Cannabis oil is aptly named because it is oil that is extracted from the cannabis plant, which features many of the existing cannabinoids, terpenes, and other substances naturally found within the plant. However, cannabis oils vary in chemical makeup and concentration depending on which plant they take the oil from. For example, hemp plants will produce an oil that is rich in CBD and contains much lower concentrations of other substances like THC. (That is, if it hasn’t been processed further and is a full-spectrum oil rather than an isolate.) The cannabis plants that produce marijuana flowers, on the other hand, produce oils that are rich in THC and contain less CBD and other chemicals.
These oils are one of the more popular products on the market and mean big business for those who choose to produce them. Cannabis oil is one of the most versatile products on the market. From tincture oils to vape products to edibles, cannabis oils can be used in their raw form or combined with other products to make a variety of helpful substances that make it easy for users to get the most of their product.
How to capitalize on it
If you are in a state where marijuana purchase and consumption are legal, you have a very lucrative market at your feet that you can quickly and easily take advantage of. Here’s how to begin.
Create a brand and business model
Every great cannabis product has a great brand behind it. In order to break into the market, you will first need to find the right business model for you and to dream up a brand that will be attractive to your target audience. For example, are you going to have a storefront or are you solely going to be a delivery service? What is your brand going to look like? What type of cannabis oils are you going to sell? In order to go through this step properly and avoid consequences later, it is important to have a knowledgeable cannabis lawyer firm who can walk you through the set-up process.
Find your supplier
Unless you plan on making your own products, which will often be a time-consuming and expensive process, you will need to find a supplier who can provide you with your product of choice so that you can brand and resell it. Make sure to do your research and thoroughly go through all of the THC and CBD suppliers in your area and throughout your state before you make a choice that will work for you and your business.
Once you have found your supplier and launched your business and brand, all you have to do is start marketing. Launch a few social media profiles, build your own website, go to cannabis events, and spread the word about your business and your product. Over time and with the right moves, you will be making a significant amount of money off of your cannabis oil!
Cannabis oils are a big deal within the industry and are very popular amongst users. If you’re looking to make your own money with this product, use the guide above as a reference to learn where to begin and how to get started in this profitable market!