Starting an Ohio Cannabis Ancillary Business
Ancillary companies also produce big profits in the Marijuana Industry. These companies usually sell the following items:
- Accessories & marijuana paraphernalia
- Growth products
- Vaporizers and bongs
Ohio Cannabis Ancillary Business
1. GOALS
2. ROAD MAP
3. OBSTACLES
4. EXECUTE
In 2016, cannabis sales in North America grew by a massive 30%, and sales are projected to reach $20.2 billion by 2021. This is a huge deal, especially considering the industry is still in its infantile stages.
We want to focus on Ohio Cannabis Ancillary Business, but there are countless marijuana-based businesses out there, with more startups forming every day. It’s not just cannabis farms that are reaping in the profits, but all kinds of ancillary businesses that never actually touch the plant.
From hydroponics and cultivation products to professional training and education, consultancies, media companies, the plethora of new technologies—the list is endless, and so are the opportunities.
Ancillary businesses are doing especially well because most of the legal and financial risks that apply to directly working with weed don’t affect them. The bulk of the regulations for businesses in the cannabis industry are only applicable to businesses that actually “touch” the plant. This consists of cannabis growers, processors, and sellers—according to the Controlled Substance Act.
It is still federally unlawful to grow, process and sell marijuana, and thus these businesses are denied bankruptcy protection and are discriminatorily taxed, among many other heavy regulations. These businesses are still doing quite well for themselves, but they do come with higher risks.