How to Start a Profitable Cannabis Business
Are you interested in starting a profitable cannabis business? You are not alone – the cannabis industry is steadily growing and there is great potential to earn huge profits since the sector is projected to continue growing exponentially. However, starting a cannabis business is not easy. It requires sufficient monetary and time investments.
Due to its nature, the cannabis business usually attracts high taxes, extreme license fees, and challenges obtaining funding. Moreover, the legality of the cannabis business is unclear in many countries across the world; some countries have even banned the substance.
According to industry projections, the global cannabis market is expected to reach $103.9 billion by 2024, compared to $7.7 billion in 2017.
This exponential growth is aided by the thriving global medicinal cannabis market.
So how do you start?
Just like in any business, efficiency is key. You need to find strategies that will help you maximize resources and minimizing risk.
The first single most crucial decision a beginning cannabis entrepreneur should make is determining the type of cannabis business that suits their available resources. Generally, the cannabis business is divided into two – plant-touching business and non-plant touching business.
As a new cannabis entrepreneur, you must choose between the two.
Non-plant touching cannabis businesses are usually cannabis-based and include services and technology for production and distribution.
On the other hand, the plant-touching cannabis business is the one that offers a quicker and less dependent path to success. Venturing into 'touching plant' may be the fastest way to make money and avoiding long-term debt.
Plant touching basically means cultivating and distributing cannabis. The reason why this area holds the greatest profit-making potential is that the whole cannabis industry depends on cultivation and distribution.
Unlike non-plant touching cannabis business, the size, strength, and the profitability of the plant-touching business depends on the hard work of the entrepreneur and not on the sector growth.
While it was difficult to enter plant-touching cannabis business a couple of years before, things have drastically changed. A new, more efficient way to get into the plant-touching side of the business has been invented.
Through this method, you get a chance to start a cannabis business with:
To get started, signup with Juicy Fields here.
Juicy Fields uses crowd growing techniques to help entrepreneurs start cannabis business with low risks and maximum profits.
To get into cannabis cultivation and distribution business, you must first obtain a license to cultivate the plant. As mentioned above, licenses for cannabis businesses are extremely expensive. On top of that, there are other numerous legal restrictions on the cultivation and distribution of the product.
If you are from the United States, you will have to part with between $1200 and $44,517 for just small to the medium cannabis plant.
In some states, you will also require proof of funding before you are given a commercial license. For instance, in the state of Arizona, you need a proof of funding of $250,000 to be granted a license, while Pennsylvania requires cash of up to $500,000 or more and assets worth $2 million.
But these hurdles shouldn’t demoralize you; the demand for cannabis products is very high in North America and Europe.
However, the European market has its own legal roadblocks. For instance, banks in Europe are not willing to offer grant credit to companies in the cannabis sector. Also, bureaucracy within the EU makes it challenging to inexpensive Bulgarian and Hungarian cannabis.
Does the e-crowdgrower contribute funds?
One of the best things about using crowd growing is that you receive funds. When an investor buys a plant, the proceeds are dispersed to entrepreneurs. Also, as the e-crowdgrower takes care of the plant and wait for the harvest, the producers work tirelessly to expand the operation and make the end-product less costly.
How does Juicy Fields allocate funds?
All the funds raised by the company are distributed to their partners in the following proportion:
Advantages of Crowdgrowing with Juicy Fields
There is a wide range of benefits of using Juicy Fields as your avenue into a cannabis business. Here are some of them.
To join Juicy Fields, you must meet the following requirements:
How Juicy Fields Works
You simply choose the strain of cannabis plants you want you to want to cultivate, the number of plants you want to have, and the growing experts from Juicy Fields will grow the plants in their unique greenhouses. You can start earning in as little as three months.
The company offers four types of cannabis namely: JuicyFlash, JuicyMist, JuicyKush, and JuicyHaze.
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