Tips for Making Money in Cannabis Industry

Tips for Making Money in Cannabis Industry

An advocate for marijuana legalization Kevin Lamb has been around the cannabis industry for a long time. He knows the main rules of business promoting in this sphere. You should set your business apart from the others, only then you will receive a chance to become a “big fish” on the market. He and his partners set their mind on creating a company that will produce cannabis cartridges for vape pens.

Considering the fact that the market is constantly changing, you need to produce valuable products and provide something different. Of course, all companies also need to strictly abide by the set regulations.

Extracting oils can be a very profitable business but, you should keep in mind, that it is also very expensive, so many businesses prefer to buy them from outside companies. To extract cannabis oil, you should buy the equipment that is very expensive. So, it really depends on your business—if you use marijuana oil just to add it to some dishes, it would be very unprofitable.

In addition, you should get a permission to even enter the business and this procedure will take a lot of time. That is why The Bud Depo company does not make medical edibles anymore. They purchase extracts from other companies to keep costs low. Plus, this kind of approach allows the staff to concentrate on their primary work.

Moreover, the extraction of oil demands plenty of knowledge—it can be dangerous for amateurs. There were a lot of cases when the improper use of butane caused explosions or fires. The most recent one happened in New Mexico in the dispensary where two people were injured during the accident.

Despite these tragedies, Hofner still thinks that the oil-making companies can provide many opportunities. He should consider one more issue—whether to only make edibles or extract oil as well. The scale of his production is also important. If he chooses to deliver products in small batches, he can lose a lot of money. Only the companies that work with a large scale and have marketing channels and a famous brand will make it in this sphere.

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