Today’s edibles experiences are nothing like those of just a few years ago. From chips to chocolates to chews to beverages, T.H.C.-laced products are now widely available in roughly 60 percent of the United States where weed is legal to some degree. According to Daniel Yi from MedMen—the largest publicly traded cannabis retailer in America—edibles consumption is growing exponentially. “The joints and the pipes—that’s been pretty steady at a little over 50 percent of the market,” says Yi. “But edibles and vaporizers were about 40 percent last year, and are gaining quickly.”

Research suggests that by 2024, the legal spending on cannabis would reach close to 63.5 billion US dollars. Gone are the days when pot brownies served at frat parties were the most fascinating (and only) cannabis edibles we had. The cannabis market now has a wide range of edibles from gummy bears to pastries, laced with your preferred strain of marijuana. In fact, a report by ArcView Market Research and BDS Analytics suggests that the marijuana edibles market alone will reach 4.1 billion dollars by 2022. That’s a huge leap from the estimated 1 billion dollars that was predicted for 2017. Marijuana edibles are a hot favorite, and this market is all set to reach the skies.

 

Edibles, By the Numbers

  • In Colorado, 64 percent of adult-use marijuana customers tried an edible; the number is 55 percent in California
  • Edibles are projected to grow from 12 percent to 14 percent of the total cannabis market by 2022, while flower drops from 50 percent to 36 percent
  • Edibles’ share of the total cannabis market has already more than doubled, from 5.4 percent in 2011 to the current 12 percent
  • Worldwide sales of cannabis-based products are expected to reach $32 billion by 2022 (it was $9.5 billion in 2017)

If you are planning on starting your own cannabis edibles business in this industry, now is the right time. Here’s what you need to do –

Go All Out With Your Ideas

You need to stand out right at the start. If you want to be a differentiator in this industry, you need to have an idea that is different from the rest. A unique idea that meets the needs of your customers will be the first step to success. Make your business a pioneer in this industry. We know the magic of pot – it can be used for pretty much anything. Want to start a bakery that smells of fresh bread and cannabutter? Go for it. Or maybe you want to offer some therapy with cannabis oils and a massage? You can do this as well. There is no end to the number of ideas you can come up with to start a business in this industry.

No One Is Above The Law

Sure, marijuana is legal in most places. People are more welcome to the idea of rolling a joint. You don’t have to really score weed in a shady street, planning a rendezvous with an equally shady cabbie. However, you need to also know that we have only just stepped into the legalization of cannabis. There are people who are still skeptical to the idea of this plant. And the laws are tight, for good reason. You need to follow the rules and regulations. Make sure you set shop only in states where cannabis is legal. Get yourself an attorney who will guide you down the legal path. The last thing your business needs is trouble with the law.

The Golden Rule – Raise Enough Investment Capital

This applies to every business. You need to have enough investment capital to launch your business. Since we are talking about marijuana, banks won’t be too forthcoming to fund your business. As mentioned before, cannabis has not completely done away with the social stigma attached to it. Chances are you will have to fill your own piggy bank. You can look out for some private investors as well.

Finally, put your heart and soul into your work. Brace yourself for highs (no pun intended) and lows – it’s all part and parcel of the big game that we call business.

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