5 Businesses Black People Should Know About The Cannabis Industry

Many years ago, during a late-night basement smoke session. Where we were passing blunts, sipping drinks, and talk about making money. My friend Damon made a profound statement. He said, “One day soon, New York State is gonna legalize weed, and when it happens, I’m gonna make some bread!” For a strange reason, his words remained in my mind as I witnessed several states, including California, Colorado, and Nevada, legalize marijuana for recreational purposes.

Fast forward to February 15th, 2021, when New York State Governor Andrew Cuomo stated that “Legalizing recreational marijuana is something we’ve tried to do for several years. It is overdue, in my opinion-you have people who are incarcerated for crimes that, frankly, they shouldn’t have a record on.” This news was music to my ears. I instantly thought of what Damon said. My next thought was, “How can I make money from this?.

Despite the problematic issues for many black entrepreneurs in this industry. My curiosity, interest in cannabis, and chance to enter a profitable & growing field inspired me to learn about the five ways black people can enter into and make money in the marijuana business.

Invest in Cannabis ETF’s:

Suppose you want to make cash from cannabis without growing it or owning a dispensary. You can utilize mobile investment apps to place your money into an ETF (Exchange Traded Fund), which puts various companies’ stock in a package that you can purchase for as little as five dollars.

You must be patient with ETF’s due to the uncertainty of the stock market. Your profits may take some time to show up in your bank account. Using this investment strategy is for long-term investors.

Stash & Robinhood app links to invest your money into Using the cannabis-related ETF’s (Exchange Trade Fund):

Stash: www.stash.com

Robinhood: www.robinhood.com

Become A Farmer:

For the people who enjoy growing crops and profits simultaneously, Marijuana farmers can earn a lot of money for their valued plants, despite the opportunity for you to make a decent living and smoke cannabis for free. There are several critical requirements for farming marijuana.

First, you need a decent land patch, warm weather climate, gardening tools, and soil to grow outdoors or unique lamps, increasing electricity, and a suitable space when growing indoors. If you still want to farm your weed, check out the Growers Network website:

Growers Network: www.growersnetwork.org

Start A Cannabis Strain Brand:

Here is where some entrepreneurs envision working in this industry. Several businesses have ventured into pre-rolled cannabis joints, CBD products, and brand merchandising items. Owning your brand will require a sufficient amount of startup capital, knowledge of the business, and the ability to network with farmers, trade organizations, and dispensaries to spread the word about your products.

Viola is a company started by former NBA player Al Harrington which sells marijuana-based goods to customers online.

Viola is continuously working towards the inclusion of African Americans in the cannabis industry by focusing on the impact of unfair marijuana laws that harm black people in America.

Viola: www.violabrands.com

Create Marijuana-Related Accessories:

Aside from cannabis itself, there are many products that pot smokers use to enjoy their favorite plants. If you like to be creative, you could show it off by selling various items such as pipes, oils, skin & beauty products, edibles, gummies, and beverages to consumers, if you would like to create your line.

You will need to do your research on which products you want to focus on selling to customers. Startup cost varies depending on your direct product costs. You will also need to have a sound marketing strategy and business plans to increase brand awareness and create revenue.

Leafly is a company that sells countless pot-based accessory items online.

Leafly: www.leafly.com

Open A Cannabis Dispensary:

Here’s another popular choice for most people who want to enter the pot industry. Many people can envision themselves making legal money from their weed shop. It sounds like a dream come true, right? Maybe so, if you want to make it a reality. You will have to move to a state where cannabis is legal to sell or until your home state legalizes it. Next, you will have to invest in a space to open the dispensary, register for a state license, network with weed farmers or legal wholesalers to purchase the product. You must also hire staff, manage accounting records, and have professional armed security to protect the location from thieves and armed robbers if you’re interested in opening your dispensary. You will need anywhere from $150,000 – 2 million dollars for startup cost and regular monthly & yearly expenses.

Moe Weed is a Trenton, New Jersey-based dispensary that offers an array of marijuana for its customers.

Moe Weed: www.moe-weed.com

Instagram: @moe_weed2

Several other entry points into this field include advertising & marketing, catering, event planning, and delivery services. As more states realize the positive economic advantages of legalizing cannabis, Black Americans must overcome any obstacles to take control of this opportunity to grow their financial portfolios and increase wealth in our communities.

Do your research, study the industry, find your niche and work your butt off to succeed as a black person in the cannabis industry.