The Ways You Can Make Money Off Legal Marijuana
Legal marijuana has meant a lot of different things for a lot of different people. For the flower celebrating pot heads amongst us, it means not having to walk into a dingy alleyway and potentially get arrested to acquire a joint. And for those not shy of an investment, it’s potentially the next Bitcoin.
For the last 100 years, there was nothing legal about making money from marijuana. Now, investors are taking the chance to make millions selling something that literally doesn’t require selling; it’s already sold, and people have loved this very prohibited substance for a very long time.
There are hundreds of ways to make money off legal marijuana; from isolating cannabinoids and selling them as raw materials, to growing hemp for the purpose of CBD product manufacture, all the way down to manufacturing grow equipment for cultivators. The avenues through which investors, and even regular people, can search for a profit is virtually infinite.
For the Green Thumb: Grow Cannabis
An obvious way to make money off legal marijuana is to grow cannabis. There is an overwhelming demand for cannabis at the moment, even if it isn’t going to be smoked. It is often used to manufacture other cannabis-derived products such as CBD oils, isolate or edibles. Plus, this is arguably the most laborious part of cannabis product manufacture: growing it.
With that said, a grow operation needs space, time and a lot of skill, not to mention customers. And there are a lot of those, like the mountains of cannabis growers in the Emerald Triangle. Aside from huge competition, there’s money to be made in being a cannabis or hemp farmer.
For the Chemist: Extract Cannabinoids
We might be well and truly past the days of money-making cannabis farms. The future of cannabis is looking more and more like a scientific experiment with cannabinoid extraction (but of course, we still need farms for that). Isolated cannabinoids are becoming increasingly popular in the USA, and are beginning to intersect with pharmaceuticals (take GW Pharmaceutica’s Sativex, for example).
Yes – there are pharmaceutical companies that want to buy pure, isolated cannabinoids for the purpose of manufacturing pharmaceutical-grade medicines. A lot of technology is required for cannabinoid extraction and a super nifty, chemical mind. Development in cannabinoid extraction is growing in popularity and demand.
For the People Person: Be a Budtender
Seeing a cannabis dispensary while walking through the streets of San Francisco is just as likely as seeing a Walmart. They are, well, everywhere. And they all need well-educated, friendly retail staff. Some of us could only have dreamed of having a part-time job in a cannabis dispensary as little as a decade ago. Now, it’s a real opportunity for those who want to work in the front-of-house aspect of the cannabis industry.
A love of cannabis and a friendly attitude is all that’s really required to be a budtender. However, given the increase in the number of people who want the job, it’s not always that easy to acquire one.
For the Artist: Design, Design, Design
The projected market value of CBD and other cannabis products is steadily climbing. Every year, there’s a new and bigger estimate on how much the cannabis industry will be worth. There are new companies and product manufacturers popping up everywhere. And yes – their websites, products, and labels need design elements too.
Website designers can make a ton of money from big investors starting cannabis businesses. This is good for writers, graphical artists and those who know something about website building.
For the Money Bags: Invest!
Then there are those who don’t necessarily want to do much at all but have some money to make someone else’s cannabis business come true. The thing with investing in the cannabis industry is there are almost endless avenues through which one can step in. Think about it. An investor can pump money into any of the following aspects of the cannabis industry:
- Cannabis retail businesses
- Cannabis wholesale businesses
- Cannabis farms
- Manufacture of cannabis-related grow equipment
- CBD or THC product manufacture
- Pharmaceutical-grade cannabinoid extraction
- Extraction equipment and technology
- Research and development
These are literally just a handful of the different places an investor can invest some money into the cannabis industry. While some of them are peripheral aspects of the cannabis industry, they are nonetheless in high demand.
There are numerous ways for just about anybody to make money off legal marijuana. There even exist professional, influential, Instagram-famous joint rollers who roll specialty joints for a large sum of money. The sky really is the limit in an industry as big and new as cannabis, and there’s even some room for creativity and innovation!
Legal marijuana has meant a lot of different things for a lot of different people. For those not shy of an investment, it’s potentially the next Bitcoin.
How to Be a Marijuana Dealer Starting Up
Selling Weed 101
The world of marijuana sales has changed dramatically since the trend of medical and recreational legalization began nearly 25 years ago. But, there is one trait a dealer needed to succeed now, then, or any time between: hustle.
How to Start Selling Weed as a Black Market Marijuana Dealer
Prior to the legalization of medical and/or recreational cannabis in most states of the Union, the only way to become a marijuana dealer was on the black market. While we certainly don’t recommend anyone to break any laws prohibiting the sale of certain substances, these were some of the best tips for selling weed back in the day:
- Acquire marijuana: To start selling weed, you would either need to grow at least a few marijuana plants or find one or more connections who were able to provide you with a consistent supply.
- Know your market: Did your prospective customers want eighths of high grade nugs (and the prices they sell for) or half ounces of mids? Or maybe you should skip the retail market entirely and wholesale pot by the pound. You had to put your personal preferences aside and stock what they wanted.
- Weigh it and bag it up: It’s tempting to give everyone a fat sack, and it will certainly motivate customers to keep your number on speedial. But it will also cut into your bottomline. If you wanted to make money selling weed, you had to take a measured approach to generosity.
- Put yourself out there! But not too much…: The key to making a profit selling weed on the black market and surviving as a free man was to market aggressively to everyone who was cool — and no one else. Loose lips sink ships, and trusting the wrong person could bring your venture to a quick and unfortunate end.
Selling Weed Prices and Weights
Perhaps the most important question you would be faced with when selling weed on the underground market is what prices you should give to the various weights. Weed dealers almost universally employ Imperial weight measurements for their bags, ranging from an eighth to a quarter pound (or more). For our purposes here, we will focus on the most commonly employed retail weights and prices:
- Eighth: Although the weight of a proper eighth in practice is a hotly debated subject, in principle it is simply an eighth of an ounce, or 3.5 grams in metric. When I was growing up, we called this a “20 sack,” and it is also known as a “dub” in other parts of the country. As the name implies, it retailed for $20, but those prices have changed — both with the passage of time and varying geography. The price today ranges from about $20 to $50.
- Quarter: This is just double the size of an eighth at 7 grams. However, it often retails for a bit less than double the price, as you usually see some discount for volume. Prices generally range from $30 to $90.
- Ounce: An ounce is 28.35 grams, and you will definitely need to provide a substantial discount over the per gram price here compared to eighths and quarters. The price for an ounce varies tremendously depending on what market you are in. In states like California where weed is seemingly everywhere, they retail for as little as $100. But in less fortunate parts of the country, people pay upwards of $350 for a high quality ounce. $200 to $300 is fairly typical.
If you ever want to scope out your competition, you can check the prices being reported in your market at the website PriceofWeed.com.
How to Sell Weed as a Legal Marijuana Dealer
Dealing marijuana is a completely different game now in the states where it has been legalized medically or recreationally. Getting started selling weed now is a lot more difficult than buying a quarter pound and a box of sandwich bags. But the opportunity is still there for anyone ready to work for it, and the upside is that you can now actually get rich selling weed without risking a prison sentence.
Tips on Selling Weed in a Legal Market
- Know the rules: Compliance is the name of the game in legal cannabis markets. Read the laws and the rules, and if you know them backwards and forwards, you will always be able to find work in the cannabis industry.
- Know the strains and products: The illicit market did not offer much in the way of choice. Dealers could sell basically anything, because consumers couldn’t just go down the street to a dispensary. Now, you need to understand numerous strains and their effects (or, better yet, understand the effects of various cannabinoid profiles), as well as a host of products like edibles, concentrates, and topicals.
- Network: And now you can do it without worrying about the cops! Regardless of whether you are looking to get hired or looking for investors for your cannabusiness, you have to seek them out. Industry conferences and job fairs can be excellent ways to connect, but also pricey. If you are looking for a cheaper alternative, seek out industry-oriented groups and pages on social media and engage — and this is key — constructively.
Following these tips on selling weed will not guarantee that you get rich. But, they will give you a shot at following your cannabis dreams in what is currently a nearly $15 billion a year industry in the United States and projected to hit $100 billion worldwide by the end of the decade!
Final Thoughts on What You Need to Sell Weed in Today’s Market
Starting out as a weed dealer has changed a lot since the 90’s. Prior to any kind of medical or recreational legalization of cannabis, you had to cultivate a stable and highly trustworthy network of both suppliers and customers. Even then, making money dealing weed was difficult, with the threat of arrest always looming.
Breaking into the cannabis industry may be more of a challenge than becoming a weed dealer 20 years ago, but the opportunities are now nearly unlimited!
Thinking of selling weed to make money? You’ll need a few things first. Check out these tips for how to sell weed to make a profit and what you should buy when you’re starting out.