The marijuana industry is booming. From producers to marijuana-specific marketing companies and dispensaries, the opportunities to benefit from this rapidly-growing industry by launching a business are endless. Legal recreational sales could double medical sales by 2022 and rise to as much as $22 billion. What are the best choices available for funding a marijuana startup? What are the top marijuana startups to bet on in 2020?
How to get funding for a marijuana business
The marijuana market is rife with opportunity, but starting a marijuana business is expensive. Startup expenses alone are about $725,000 for a dispensary. Also, there are endless hurdles that marijuana companies have to overcome. As a Schedule 1 controlled substance, credit unions and banks are forbidden by law from funding a marijuana company. The best options available for funding a marijuana company are through private equity or alternative lending.
What are the top marijuana startups in 2020?
Here’s a list of the top cannabis startups for investors in 2020:
- Green Thumb Industries is a U.S.-based national marijuana cultivator, processor, and dispensary company. The company was founded in 2014 and has grown to about 600 employees.
- Nirvana Spirits is a Tampa-based company that produces marijuana-infused beverages.
- Leaf Trade has come up with a platform to streamline connecting customers and dispensaries instead of cultivating and processing marijuana.
- CannaFundr is a crowdfunding site that helps startups receive funding for their marijuana-related business ideas.
- Surterra Wellness is an Atlanta-based medical marijuana firm founded in 2014.
- Kannatopia is a 21+ marijuana social network for adult and medical customers to connect, explore, and share.
- Cloud Creamery created a marijuana-infused ice cream that should take the market by storm.
How to open a marijuana dispensary
Right now, there are marijuana investment opportunities all over the U.S. in cultivation, processing, and dispensing marijuana. Here’s a guide to how to open a cannabis dispensary:
- Study the cannabis industry, risks, and eligibility factors.
- Study legalities, policies, licensing, and costs.
- Write a business plan.
- Plan your financials.
- Find the correct location for your dispensary.
- Build a team.
- Market and advertise your marijuana dispensary.
- Open your dispensary door.