Cannabis retail niches ideas
The cannabis industry is a fast-growing business that is expected to be worth more than $13 billion by the end of the decade (Collins, 2020), with a compound annual growth rate (CAGR) of over 20%. As a result, an increasing number of people from all walks of life are vying for a piece of the CBD pie. Many people are wondering if they need to create their own cannabis companies to profit from the compound's growing popularity. What other CBD-related business ideas do you have?
Overview of Cannabis
Cannabis (Cannabis sativa) is a plant used to make marijuana. Cannabinoids, like delta-9-tetrahydrocannabinol (THC) and cannabidiol, are found in it (CBD). Cannabis is commonly used as a recreational drug. Cannabis is also extensively used to treat nerve pain and multiple sclerosis (MS). It is also used to treat nausea, vomiting, migraines, and many other conditions.
Hemp is not to be confused with cannabis. Hemp has exceptionally low THC levels, less than 0.3 percent by legal standards. Both hemp and cannabis include cannabinoids such as CBD, cannabidivarin (CBDV), cannabigerol (CBG), and other cannabinoids.
Cannabis, unlike hemp, is illegal in the United States under federal law. It is listed as a controlled substance under Schedule I. However, some states have decriminalized or authorized recreational use.
Cannabis as a business venture
It was recently disclosed that by the end of April 2019, venture capitalists had invested a total of $1.2 billion in cannabis startups based in the United States. In comparison, VCs only put $836 million into cannabis firms the previous year. It is worth noting that there were only about 8 months left in 2019, and the $1.2 billion invested then had already eclipsed the whole amount invested the previous year (Glavina, 2021).
In 2019, around $2.5 billion was expected to be invested in CannTech, making the overall amount potentially invested in the weed industry greater than the whole amount invested in a decade, which is huge.
As the CBD industry expands, we are likely to see more opportunities than ever for those who have pre-existing experience in the different sectors and far more. As such, opening your own cannabis store is no longer the only option for those looking to profit from the public’s love of cannabis. Whether you are searching for a major or small business enterprise, the list below should give you a good indication of where and how you may get involved with cannabis.
Where do you fit into the CBD market now that you have learned about the basics of cannabis and CBD? There are plenty of choices. From graphic design to manufacturing, there is something for everyone on this list of six cannabis company niches:
- Retail Cannabis Opportunities
- Traditional CBD products are being sold (oils, skincare, edibles, etc.)
- CBD for pets is available for purchase.
- Cannabis in the fashion industry
- Cannabis marketing.
- Creating cannabis-related content.
Retail Cannabis Opportunities
Selling Cannabis/CBD products
This area of the cannabis industry is extremely large and diverse. When you hear the term "cannabis/CBD business," you are most likely thinking of cannabis retail. It is simple: cannabis shops sell cannabis and CBD products via a website, a physical location, or both.
CBD products can be categorized as supplements, food, skincare, or medication, depending on where you reside and what you are selling. This subset of CBD company ideas is large enough to be considered distinct from simple cannabis retail alternatives.
Cannabis is available in the following forms:
- CBD is available in a sublingual form (oil and tinctures to be placed under the tongue)
- CBD capsules.
- CBD dietary supplements
- CBD ointments
Establishing a CBD Spa
It is one thing to open an online or brick-and-mortar CBD skincare store. Opening a spa focused on CBD products, on the other hand, may be extremely profitable for all parties involved if done correctly. Remember that CBD has been linked to a reduction in the symptoms of inflammation, soreness in muscles, stress, back, neck, and shoulder pain, among other things.
Any reason a person might want to go to a spa in the first place is also a reason they could want to try CBD. As a result, a CBD spa could be a match made in heaven!
CBD infused Cosmetics
Acne, psoriasis, eczema, and overall redness are all frequent ailments that CBD cosmetics and skincare such as lotions, balms, serum, lip balms, face masks, patches, and creams claim to help manage, whether you have oily, dry, or mixed skin.
Food and beverage
CBD-infused foods have been on the rise since a poll by the National Restaurant Association in 2019 revealed that 76 percent of chefs believe CBD foods and beverages are becoming more popular (Kim et al., 2021). However, the legal status of CBD as a 'food' differs from country to country and even state to state, so it is always a good idea to double-check the rules where you reside. If at all feasible, seek legal advice before beginning to market CBD-infused foods and beverages.
Cannabis/CBD Edibles
When it comes to CBD edibles, there is only one rule to follow: if you can eat it, you can add CBD to it! From CBD-infused chocolate, honey, and other snacks to CBD cocktails and fizzy drinks, there is only one rule to follow when it comes to selling CBD edibles: if you can eat it, you can add CBD to it. In today's market, products with natural flavors and a documented organic background are most sought after, but delivering a variety of flavors to customers is just as vital.
CBD Beverages
Many people regard CBD drinks as a healthy alternative to alcohol because of their vast appeal and wide range of potential advantages, and the business is only projected to increase in the coming years.
The following are some examples of CBD drinks available on the market:
- CBD-infused coffee, CBD-infused tea, and CBD-infused water
- CBD beer, cocktails, and other alcoholic beverages are available.
- Mixers for CBD
CBD Restaurant
If selling CBD candies and beverages through traditional retail channels is not your thing, consider opening a CBD-themed restaurant. If your local restrictions allow it, launching a CBD restaurant is a great way to channel your creativity and commercial savvy, especially if you have relevant qualifications in customer service, baking, or the culinary arts.
Cannabis for Pets
Cannabis has demonstrated that it may have some of the same benefits for pets as it does for humans. While some jurisdictions prohibit the use of cannabis and other cannabis products on animals and pets, others are warming to the benefits of cannabis for dogs, cats, and other animal companions. Because the market for cannabis for dogs is still limited, there is a lot of potential for those who want to develop and sell it:
- Pet food containing cannabis
- Treats for cats and dogs
- Capsules and possible pain relief
- Topicals for pets
More than half of pet CBD buyers want to help their pets cope with anxiety or pain. By 2025, the market will be valued at over $2 billion as more brands and products emerge, consumer awareness rises, and new technologies emerge.
Cannabis/CBD marketing
Beyond typical retail, we are now moving on to more intriguing cannabis company concepts and opportunities, such as cannabis/CBD marketing. Cannabis marketers are in high demand, and the huge range of changes in this field reflects the diversity of the industry itself.
The following are examples of cannabis advertising:
- Generation of content
- Setting up a website or a blog
- Events in public relations
- Advertising on social media
Content Creation for Cannabis/CBD
Content is, unsurprisingly, a huge aspect of the cannabis market. Many customers are still unaware of what CBD is, and those who are aware of the substance are typically perplexed as to whether it is legal, how much to take, and how different products differ. As a result, several cannabis companies are investing in educational content like blogs, podcasts, and influencer marketing. You can start a cannabis-related blog, a cannabis/CBD podcast, or work as a cannabis influencer.
There is a lot of promise in the cannabis sector, and now is a great time to get your foot in the door, whether you are a manufacturer, retailer, or content developer. The industry's perspective is constantly shifting, and the opportunity for success is always available.
Plan on starting your Cannabis Business? Here are a few resources to help you out:
