Find a Hole in the Market And Fill It: Before the legal marijuana movement really took off, Kush Bottles’ co-founders, Nick Kovacevich and Dallas Imbimbo saw an opportunity. If marijuana was going to one day be legal, there would need to be child-resistant bottles to package it. These two entrepreneurs, started a company that sells FDA-approved child resistant marijuana products. Now, Kush Bottles has sold over fifty million bottles, nationwide. Other companies are finding ways to fill holes in the market as well. Sage Analytics, for example, a Boulder, Colorado based company, saw that there was no way to accurately and efficiently measure the potency of cannabis products on-site. They developed a desktop device that measures THC, CBD, and CBN. And yesterday, marijuana vending machines hit the market in Seattle. If you want to be a part of the boom, find a unique way to add to the mix!
Invest: It’s pretty obvious by now–the marijuana industry is the next big thing! If you’re a venture capitalist, join others who are putting their money in startups and hoping to cash-out big! According to CrunchBase, in 2014 there were 29 venture investments made in cannabis startups totaling close to $90 million in capital.
Attend a Conference: Sometimes, before you can do, you must learn. Marijuana conferences are popping up all over the country to teach those interested in joining the industry all the ins and outs. Check out the Marijuana Business Expo this spring.
Open A Dispensary: Have you always had an entrepreneurial dream? Opening your very own dispensary could be the way you fulfill it! Although it’s tough right now (with lottery systems in Washington, for example, only granting a certain number of licenses) getting a license will soon be easier to come by. If the prospect of owning your own dispensary interests you, check out our blog on how to operate a successful one.
Write Your Local State Representatives: If marijuana is not yet legal in your state, and you’re passionate about seeing it get there, reach out to your state representatives. Write them letters explaining why legalization matters to you. The more voices they hear, the more likely they are to advocate for legalization in the months to come.
Find a Company You’re Passionate About and Join The Team: Ben Wu, president of Kush Bottles, worked as an investment banker at Bear, Sterns and Co. and then served as Vice President at Wedbush Capital Management, before getting in on the marijuana boom. He saw opportunity at Kush Bottles and was passionate about working with a company committed to moving the industry in the right direction by supplying it with child resistant packaging. The marijuana industry has created tens of thousands of new jobs. So follow Ben’s lead. Find an existing cannabis company you love and join their team!