As marijuana becomes more and more legal throughout the world, new terms arise and become more popular.
You may have heard the term Cannabusiness (or cannabiz for short) thrown around more and more each year.
In this article, we are going to look at what cannabusiness is and some growing types of cannabusinesses.
Cannabusiness is the mixture of the words cannabis and business. A Cannabusiness is any business that has to do with cannabis or marijuana. It doesn’t even necessarily need to deal with marijuana directly as there are plenty of ancillary businesses in the cannabis industry.
Can also be canna-business, cannabiz, or canna business.
Types of Cannabusiness
But here are some popular new cannabusiness’s that people are starting:
Ancillary businesses are businesses that don’t directly deal with weed or cannabis themselves. Just the growth of the cannabis market has created all of these businesses that support the industry but don’t sell or deal with the actual plant itself.
Cannabusinesses need insurance too. They may actually need more insurance than a normal business because crops and perishable products are involved.
A marijuana or cannabis insurance provider can help you with:
- General Liability
- Product Liability
- Umbrella Insurance
- All Risk Property
- Equipment Breakdown
- Stock and Inventory
- Workers Comp
- Product Recall
- Open Peril or Loss of Peroty
- Goods in Process
They can also insure just about anything for your ancillary cannabusiness.
The marijuana software sector is growling super rapidly. Plants can now be grown with fully automated systems and dispensaries have state-of-the-art POS systems.
I think that this sector is going to grow year over year more than any other sector. Software and technology are going to help grow plants faster and decrease costs.
Here are some really innovative marijuana software companies.
Every business needs a good CPA and bookkeeper. If you are a cannabusiness, its probably smart to hire a CPA that is familiar with the industry and knows all of the tax laws, etc.
They can even help your marijuana business save some money in areas a normal CPA may not have known.
As for any business, marketing is key to growing and scaling your marijuana business. There are quite a few different types of marijuana marketing companies include us, who specialize in SEO for cannabusinesses.
There are marketing companies for just about everything including:
Some or all of these methods should be used in order to really grow your cannabusiness. As the cannabusiness marketing gets bigger, more and more marketing companies will pop up.
Having a lawyer that specializes in the marijuana industry is a must for any cannabusiness.
With marijuana being illegal in a number of states and still federally illegal, it’s smart to have a lawyer that knows all of the laws with a cannabis business.
A lawyer can help you incorporate your business, fill out the right forms and get the right licenses to run and operate a cannabusiness in your state or country.
There are quite a lot of different types of cannabis products. You have edibles, vape pens, flower, concentrates and more. This creates the need for a lot of different kinds of packaging and containers.
The marijuana packaging industry is exploding right now, as more and more brands and products hit the dispensary shelves.
Marijuana packaging can be great for your brand, whether you are a retail dispensary or just a cannabusiness looking for packaging of your product.
Marijuana Growing & Cultivation Supplies
The marijuana growing industry has grown almost 30% to reach $6 billion in revenue by 2018.
Its simple supply and demand really. People are buying more and more cannabis. You need growing supplies to grow cannabis.
There is everything from C02 extractors to automated hydroponic growing systems. A ton of awesome cannabusinesses have emerged in this area as it grows each year.
Marijuana Funding & investors
A lot of great startups have emerged in the cannabis industry. This has created a need for investors in the booming sector.
You can now get funding and investments from capital firms that only specialize in the marijuana industry.
There are plenty of different types of consultants in the marijuana industry. As with any industry, there are thought leaders, influencers and people who know a lot about the industry.
Consultants can help your marijuana business get set up, scale or even help set up your supply chain. Sometimes it’s worth the cost to hire a consultant so you don’t have to learn from expensive mistakes.
The retail dispensary is one of the most popular cannabusinesses currently. These are regular marijuana dispensaries located in one of the legal states in the USA.
This includes both medical and recreational dispensaries.
Retail dispensaries are located in a brick and mortar location and sell legal marijuana like any other retail store. You can go into your local dispensary and pick up almost anything you need if you are in a legal state.
The newest type of dispensary is the online dispensary. As marijuana becomes more and more legal, this will take over the retail dispensary and everything will be done online (like most other businesses).
In Canada, where weed is federally legal, you can simply order marijuana online and get it shipped right to your front door, kind of like Amazon.
There are a few online dispensaries in California that offer delivery services. I believe that this is what the marijuana market will look like in 10 years or so. We will be buying everything online and getting it delivered or shipped right to our home.
Starting an online dispensary will be much more viable and affordable because you don’t need a retail location, employees to manage the retail side of things and you can be open 24/7!
So now that you know the definition of cannabusiness and some great examples of types of cannabusinesses, its time to go out and create the next big cannabusiness. I hope this guide helped you figure out what exactly a cannabusiness is and why it’s becoming a popular term.