There is endless scope and opportunity in the cannabis business. Armed with a sound idea and clear business plan, an entrepreneur can easily exploit the market and make a mark in the industry.
The United States presents a huge and booming market for cannabis. It was valued at $10.4 billion in 2018 and is expected to hit $24.5 billion by 2021 – a compound annual growth rate of almost 28%. The rules are easing and new markets opening up by the day.
The business opportunities are varied and plentiful – clear and detailed cannabis business plans can easily help an entrepreneur gain a strong foothold in the industry.
Let’s take a look at some of the interesting sectors related to the cannabis segment:
- Farming – Growing and harvesting commercial hemp has immense lucrative prospects. The cultivators can sell the produce to processors, extraction companies or middlemen. The market is widespread.
- Extraction – Extracting and processing cannabis is a pervasive sector as well. The extract can be converted into different medical products, CBD oils or even recreational items.
- Dispensing – When it comes to selling cannabis to the customers, it is not just limited to hemp, oils and medicines. Distinct products like concentrates, edibles, vaporizers, topicals, tinctures, flowers, pre-rolls, etc. are also hitting the shelves now.
- Ancillary – There are various related services that do not even involve direct contact with cannabis. Advertizing, digital marketing, transportation, distribution and other logistical support businesses are easier as they are free of licensing and regulations. Then there are cannabis testing laboratories, dispensary software development, glass blowers, extractor manufacturers, edibles creators and much more.
Therefore, the potential offered by the industry is almost unlimited. It calls for a creative mind to fathom a unique product or service and tap the incredible opportunities that lie in store. And irrespective of the type of business, the importance of professional cannabis business plans cannot be overlooked.
An expert business plan consulting firm – like The Plan Writers (www.planwriters.net) can provide the necessary support and assistance for planning, researching and crafting a clear and comprehensive business plan.