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Cannabis Industry 101 by Danielle Buntyon , contributing writer
Cannabis is an industry that is booming and growing at a rapid rate every single minute . In 2020 , the sector reached a worth of 61 billion dollars . The lucrative potential of the cannabis world has attracted entrepreneurs from all walks of life , and this is what has attracted them to the cannabis space . For a newbie entering the industry , some will struggle to find their way , but in this series , we will look at ways to enter the industry on your own terms . Let ’ s look at two different paths a person can take — plant-touching careers vs . no plant-touching careers . This article will look at how to get started and how to make money entering the industry .
Are you interested in contributing to the industry or learning the ins and outs of the plant ?
When my first clients entered the cannabis industry , they asked me how I got started and how I make money . Even though each of these questions requires a different approach , the focus is always on the plant . First , we must figure out what we are going to do with the plant . So , I asked them , are you touching the plant , or are you providing a service ? Even though there is a high demand for jobs that involve plant contact , is that really the highest need ? Most of the time , people feel the only way to make money is to be a company that has direct contact with the plant . Most of the time , it is not but let us look at the jobs in the plant-touching sector .
Plant-touching jobs
How does a plant-touching job relate to you ? The term “ plant-touching ” refers to any job that involves touching or coming into close contact with plants of cannabis . You will likely be able to pursue a career in growing , manufacturing , distributing , transporting , or retailing . A great deal of your time will be consumed by getting licenses before you are able to touch any part of a plant . If you are going to operate as a grower , processor , manufacturer , or distributor , you must have a state license , which can range from 5000 to 500,000 depending on what you choose .
Your licensing needs may vary depending on your field of business , ranging from a medical license to a city license and an insurance policy to ensure that you comply with all state and county laws . A manufacturer may also need a license in food and health if he or she wants to create edibles or other ingestibles .
Non plant-touching jobs
Consider the case where you do not want to touch the plant , you just want to provide services , and you want to work with both the business and consumer communities . Security , contracting , architectural design , engineering , system development , and start-up assistance are some of the services offered in this area . Being able to enter the industry without going through a lot of hoops is a great benefit of not working with plants . To put it simply , this is a fresh new start that takes the best of all you have been working on and just adds the word marijuana . The biggest demand from auxiliary services would be security , one of the costliest services that all in the industry must have . The other auxiliary service to research would be technology . Technology can help the small-time business owner scale their business and help with start-up costs .
How to make some coins ?
The next question that comes to mind once you decide what role you want to play in the cannabis industry is how you will earn money . If you ’ re going to make money in this industry , you must build a network of people within the industry . When you are building your network , it is important to create strategic partnerships . To make the most of these partnerships , you must identify your weakest areas to maximize their benefits for you . As a result , your time will be more balanced , and you can focus on what you do well rather than what you don ’ t . Typically , you will see many entrepreneurs incorporating vertical integration into their business models when they start . The practice of vertically integrating is an excellent way to ensure that you have complete control over all aspects of the supply chain so that you can produce a solid brand . Having said that , it is equally important to remember that vertical integration only works if you understand every facet of the supply chain , which can sometimes be a complex and lengthy process . You should start small whenever possible . Focus on the things that you are good at and do them well . Be sure to know who your target audience is and make sure that you can adapt to their constantly changing needs .
Danielle Buntyon , the owner of Jades Elevation LLC , left corporate America to join the hemp industry in 2018 . She specializes in solventless extraction of CBD hemp . She earned certifications from Ganja Talks University , and completed New Farmers Academy at Tennessee State University . She consults countless farmers and producers with farm and marketing development . She has a Master ’ s degree from Middle Tennessee State University in Sport and Leisure Studies and a Bachelor ’ s degree in Marketing from the University of Memphis . She ’ s lobbied the Tennessee capital to support cannabis law reform as a former board member of the Memphis Chapter of NORML . Contact her at www . jadeselevation . com .