Overview

"When starting a business in any industry, having a unique idea that fills an unmet need is crucial to becoming a success.First, you'll need to decide which sector of the marijuana industry to go into. Generally, when someone thinks about types of cannabis businesses, dispensaries and grow operations usually come to mind.Many see huge dispensaries in Colorado, for example, raking in big bucks. But this can actually be the riskiest business area to choose, with the tightest profit margins. As the legal use of marijuana continues to grow across the U.S., the price of weed will continue to go down, leaving those with grow-ops and dispensaries with fewer profits as time goes on. They're also the ones to be hit hardest with a sea of strict rules and regulations. On top of all of that, banks still refuse to work with businesses that grow or distribute marijuana because it is still illegal under federal law.This is sure to change eventually, but for now, you will still need to fundraise enough capital without any loan assistance. How much? Many states require proof of at least $1 million in available cash to obtain a dispensary license. You should also keep in mind that you won't be able to keep your profits safely stored in a bank account. All businesses that directly deal with cannabis are forced to keep their capital in cold hard cash, which is obviously highly inconvenient and dangerous-though some have been getting around this issue using cryptocurrencies like bitcoin to keep their funds more secure.But the cannabis industry is much more than just grow operations and dispensaries. If you're a foodie, perhaps look into making a unique edibles line. There are even people opening up ""bud and breakfasts""-cannabis-friendly lodging (some even provide marijuana-infused oil massage-sign me up!).But truly, the least risky kind of cannabis business to start is one that doesn't directly touch the controversial plant at all. According to the Controlled Substances Act, the bulk of the regulations for businesses in the cannabis industry are only applicable to cannabis growers, processors, and sellers. This is why ancillary marijuana businesses are doing so well-they aren't burdened with all the red tape and high taxes. From hydroponics and cultivation products to professional training and education, consultancies, media companies, the plethora of new technologies-the list is endless, and so are the opportunities."

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