The cannabis industry is evolving at a breakneck pace. As more states open their doors to recreational weed and new technologies transform the ways people consume, there has never been a better time to capitalize on a unique product line or industry trend. Here are just a few sectors that have a lot of traction right now.
1. Solventless Extracts
The solventless concentrates market is red hot. Between June 2021 and June 2022, the solventless sector shot up more than 1,400% in value—and it shows no signs of slowing. What are solventless concentrates? They’re a concentrated form of cannabis, similar to popular dabs like wax, shatter, and budder. The difference is that they’re made entirely without the use of solvents.
Traditional solvents are made through a chemical dissolution process. A solvent like butane, propane, or ethanol is used to melt away the plant material. Then the cannabinoid-rich oil is collected and processed into a high-THC dab. But ever since the vape illness outbreak of 2019 and 2020, consumers are more cautious than ever about the chemicals used in their favorite extracts. As a result, the solventless market is now in high demand.
One great thing about solventless extracts is that they’re much easier to produce than traditional BHO extracts. There are fewer regulatory restrictions, and there’s far less equipment required. All you need to get started is a rosin press, like the kind produced by Lowtemp Industries. Using only heat and pressure, you can transform whole-plant cannabis into highly potent, dab-friendly extracts. It costs a fraction of what BHO costs to produce, and yet consumers will pay more for it.
2. Nanoemulsions
They say that oil and water don’t mix. But nanoemulsion allows cannabis oil to be processed in such a way that it’s absorbed into microscopic water particles. As a result, THC is absorbed into the body much faster and more efficiently.
The implications are huge. Nanotechnology has paved the way for better-tasting cannabis beverages (remember the days when cannabis-based drinks all tasted like oily bong water? Not anymore). It also allows processors to produce edibles that take effect as quickly as vape oils (hence the nano gummies trend). These are just some of the reasons why nano products are flying off of dispensary shelves.
3. Waste Management
As more states legalize cannabis, we’re facing a nationwide waste problem. There are strict protocols for how to dispose of cannabis waste. It needs to be placed in specialized bins, and it needs to be weighed on site. It also needs to be rendered unusable and unrecognizable prior to being sent to a landfill. Standard waste management providers simply aren’t equipped (and typically aren’t licensed) to handle waste on behalf of dispensaries, grow facilities, and extraction labs.
There’s a huge need in the marketplace for waste management providers who specialize in the challenges of cannabis waste removal. If you’re able to meet that need in one of the many emerging cannabis markets, you should have no trouble finding scores of eager clients.
4. Cannabis Delivery
The laws regarding cannabis delivery can vary significantly from one state to the next. Some states, like Washington, strictly forbid it. Other states, like Arizona, allow delivery for medicinal patients only. But a growing number of states, like California and most recently New York, are embracing the delivery model. In fact, delivery is anticipated to be the primary method of cannabis commerce in New York as very few licensed retail establishments have storefronts.
If you operate in an area where delivery is permitted, now is a great time to break into the market. There’s very little overhead required (especially if you partner with local dispensaries and just handle the transport), and the demand is sky-high.
5. 420-Friendly Vacation Rentals
For the savvy real estate investor, there’s a lot of money to be made in cannabis-friendly vacation rentals. According to one estimate, tourism accounted for up to $4.5 billion in cannabis sales in 2021, and those same tourists poured an additional $12.6 into lodging, dining, and other services.
Most hotels don’t allow cannabis consumption on premises, so cannabis tourists rely heavily on vacation rentals to get the most from their experience. And they’re specifically looking for 420-friendly lodging, as not all Airbnbs will accommodate cannabis consumption. As a result, we’re seeing a rise in cannabis-friendly vacation rental websites, bed-and-breakfast facilities, and boutique hotels. Now is the time to jump on board.
6. Infused Pre-Rolls and Blunts
Pre-rolls and blunts are still hugely popular, but specialty blunts have really taken off in the age of ultra-potent extracts like THC distillate. If you want to distinguish yourself in a market where pre-rolls are ubiquitous, develop a line of pre-rolls infused with distillate, diamonds, live resin, or other premium extracts. The user gets a much more potent blast of THC, and you get a major market differentiator.
If you really want to provide buyers with a VIP experience, you might opt for premium gold blunt wraps and top-shelf cannabis strains topped off with an ultra-pure concentrate like live hash rosin. There’s no limit to the creative ways you can customize your pre-rolls.
7. Subscription Boxes
Subscription boxes have become popular in just about every industry, and cannabis is no exception. While you cannot ship cannabis through the U.S. mail, you can still ship plenty of items that stoners love: rolling papers, pipes, dugouts, lighters, dab supplies, apparel, industry magazines, and so much more.
Create a unique experience every month with custom packaging that truly shines. Make it a point to ship the kinds of items that connoisseurs didn’t even know they needed. If you partner with other cannabis brands, you might even score some free stuff that you can give out as promotional items to help build brand recognition.
Find Your Own Business Venture
If you want to find your own best canna-business venture, consider your strengths. If your background is law, the industry desperately needs cannabis lawyers and legal consultants. If you have a chemistry background, you might find your niche making cutting-edge concentrates or nanoemulsions.
Explore the possibilities, and get in on the ground floor while the industry is still growing. With so many emerging trends, you have many opportunities to stay ahead of the curve.
