The view of marijuana is no longer meeting your dealer in a back alley, sliding them a $20 bill for a gram.
Ok, that is most likely an exaggeration.
However, voters in states outside Colorado and California have pulled through with legalizing the drug for recreational use. My home state of Michigan is included. For a full list, check out this article here.
So, while the market is relatively underwhelmed with related businesses in many of these states, what can you do to open up your business to this world of profit? Here are 3 of the big opportunities available in newly legalized states:
- Edibles. If it can be eaten, chances are there is a way to infuse the drug into the product. Edibles are a favorite among those who use it. The high is different, and the food tastes good. From traditional brownies to everyone’s favorite candy, the possibilities are endless! Use your imagination. What do you wish had a little kick? Once you answer that question, go from there!
- Head Shops. If you live in a state where it is legal, bring a head shop into your community. The paraphernalia is loved and collected by those who use. There is still a huge market for these shops, especially in newly legalized states! Combining your shop with an online sales presence may also help. Just make sure you are following regulations for these type of sales outside your home state.
- ProMarijuana Fashion and Accessories. This type of business is not regulated like the actual drug, yet fans will happily represent their use and love. You also do not have the same worries about where your product goes as you would with a head shop. If you want in on the trend without actually investing in the use of the drug or all the regulations that come with it, why not just make it fashionable instead!
While the newly legalized local governments work on getting their footing on the new laws, be aware that head shops and edibles will not be easy businesses to start. You may run into more walls than you’d like, but once you get going the profits are more likely to roll in! Be prepared to invest a lot more time and effort than in a more traditional business.