by Lina Martinez
The legalization of cannabis in certain US states has opened up so many new business opportunities. An entire criminal industry has been legitimized and so many people are opening up their own dispensaries and cannabis growing businesses and they’re making a lot of money. Legalization is gaining more support and it seems likely that more states in the US and countries around the world will move towards a legal cannabis industry.
If you were one of the people that were sensible enough to start your own cannabis growing business, chances are you’re performing quite well right now. But there is so much competition out there and getting ahead can be tough. As more places push for legalization, the market is only going to get bigger and your number of potential customers will grow massively. If you’re going to succeed in this business, it’s important that you grow with the industry and become one of the big players, rather than a small company that gets left behind. If you’re looking for ways to grow your cannabis business, here are some of the best ways to do it.
Increase Your Output
As the market grows and there are more places where cannabis is legal, your customer base is going to expand rapidly. If you’re only a small operation, your output won’t be anywhere near high enough to meet the increased demand. That’s why it’s a good idea to start expanding the operation and increasing the amount that you’re growing now, so you’re prepared for a big influx of sales in the future.
You need to start thinking big and move into a much larger premises than the one that you have now. There are companies that specialize in professional grow operations and extraction labs for the cannabis industry. A lot of them are modular which is ideal because it means that you can easily up production if you need to. It will take a lot of investment and you may need to take out a business loan to do it, but you should see a good return on that investment over the next few years.
Age Specific Advertising
Right now, millennials are probably your main focus when advertising your product. The younger generation tends to be, on average, more in favor of legalization and more likely to buy cannabis. However, that doesn’t mean that older people don’t buy cannabis and people from all age groups are potential customers. That’s why it’s a good idea to consider age specific advertising for your business. A lot of people in the older generation use cannabis for medical purposes so this is a good angle to take. If you’re only marketing to millennials, you’re missing out huge sections of your potential market.
Expand Your Range Of Products
Legalization means that people have more freedom to create different cannabis products and the range that some companies offer is huge. A lot of people don’t like the idea of smoking so there is liquid for e-cigarettes available and a wide range of edibles as well. If you don’t already offer those types of products, you need to start expanding your range.
These are all important strategies if you want to expand your cannabis business and meet increased demand as legalization becomes more widespread.