Sometimes, it can seem like the cannabis industry is constantly introducing new terms – and when you consider that legal cannabis in America is still fairly young, it makes sense that the industry is still coming into its own.

One of the most recent terms to become popular with cannabis consumers, business owners, and industry leaders alike is cannabusiness, sometimes referred to as “cannabiz” for short.

Odds are, you can probably make a solid guess as to what the word means (hint: it’s the combination of the two words, “cannabis” and “business”). But beyond its basic definition, “cannabusiness” is an exciting sign of just how far the cannabis industry has come.

Definition of a CannaBusiness?

In simplest terms, a cannabusiness is any business that deals in the legal sale of cannabis or related products and services. There are a wide variety of ancillary cannabis businesses within the industry, many of which don’t necessarily sell marijuana.

We’ve also seen “cannabusiness,” said and spelled as: cannabiz, canna-business, and even CannaBusiness.

Types of CannaBusinesses

There are many different types of cannabis businesses, and the number and variety of ventures aren’t slowing down anytime soon. A dispensary isn’t the only type of successful cannabis business out there; in fact, a surprising amount of cannabis entrepreneurs aren’t actually dispensary owners.

From packaging and insurance to software and accounting – and of course, cannabis for sale – here are some of the many types of cannabusinesses out there.

Retail dispensary

This is probably the first type of cannabusiness that comes tomind for most cannabis consumers. Dispensaries can serve medical marijuana patients, recreational adult consumers, or both. The dispensary types depend entirely on the state laws; for example, Arizona dispensaries can operate as both medical and recreational dispensaries due to the legalization of adult-use cannabis.

Retail dispensaries operate out of a brick-and-mortar location, providing varying selections of cannabis, cannabis products, and accessories for sale.

Online dispensary

In a select few locations, online dispensaries have become one of the newest trending cannabusinesses. As cannabis legalization becomes more widespread, it’s definitely possible that we’ll see online dispensaries expand considerably.

In Canada, the federal legalization of cannabis has allowed for the creation of online marijuana retailers. There, you’re able to order cannabis online and have it shipped directly to your door.

Here in America, we aren’t there quite yet. However, there are currently a few online cannabis dispensaries operating in California, which permit customers to order cannabis online and schedule delivery.

Marijuana growing & cultivation supplies

Because many states allow cannabis enthusiasts to grow their own cannabis, there has been an increased demand for related supplies and equipment. Add that to the overall growth of the cannabis industry, which is welcoming new professional cultivators and growing operations all the time, and you can see where the growing and cultivation niche is experiencing such a meteoric rise.

Marijuana funding & investors

Just like in any other industry, cannabis entrepreneurs need investors and funding to launch their new startups. There are now capital firms that specialize in the cannabis industry and exclusively invest in cannabusinesses.

Cannabis consulting

Business consulting is a lucrative field in general, but especially so in the cannabis industry. As the industry continues to evolve at a rapid pace, many businesses are investing in consulting services to secure their long-term success. Cannabis consultants can work with a cannabusiness owner to set up a new business/brand, scale their operation, establish a supply chain, and more.

Marijuana product packaging

Think of all the different types of cannabis products available for sale: edibles, flower, topicals, vape cartridges, concentrates, accessories, and so much more. Every single one of these items needs a well-designed container and packaging, both for practicality and branding purposes. Cannabis packaging is especially important because it’s used to inform consumers about the content of a certain product so that they know exactly what they’re purchasing.

Marijuana attorney

Even if cannabis is legal in your state, there is probably a certain amount of gray area to navigate. Plus, marijuana is still considered illegal on a federal level. For this and many other reasons, cannabis attorneys are a major asset for any cannabusiness. Aside from avoiding potentially sticky situations, a cannabis lawyer can assist a business owner in obtaining their license, operating in accordance with local regulations, and other important details.

Cannabis CPA/bookkeeper

No matter what kind of business you’re starting, a reliable CPA/bookkeeper is a must. There are CPAs that have gained experience in the marijuana industry, making them a valuable resource for tax laws and other cannabis-specific issues.

Marijuana software

When you think about the cannabis industry, your mind might not go straight to the tech sector. But as it turns out, cannabis software and technology are expanding at an impressive pace. Some of the best marijuana software programs include cutting-edge POS (point of sale) systems and automated growing programs that track and optimize every detail of a plant’s growth and development.

Cannabis insurance

Although insurance might not seem like the most glamorous of investments for your cannabusiness, it’s a necessity. A marijuana insurance provider can work with a business owner to secure coverage for general and product liability, stock and inventory, workers’ compensation, and more.

Marijuana marketing

Like any business, a cannabusiness must have an effective plan for marketing if they want to achieve sustainable growth. However, cannabis marketing can be significantly more complex than typical advertising. Luckily, there are cannabis marketing agencies that specialize entirely in digital marketing for cannabusinesses, utilizing their extensive experience to develop effective strategies and adhere to regulatory guidelines at the same time.

There are cannabis marketing companies that specialize in just one area of advertising, but the better option is typically a full-service agency that can create a comprehensive strategy that includes:

• Cannabis SEO
• Cannabis social media marketing
• Cannabis web design
• Cannabis programmatic ads

How Successful Cannabusinesses Use Smart Strategies for Marketing

Every single type of cannabusiness has to implement some sort of marketing strategy, whether they’re an ancillary business or a cannabis brand/dispensary. But even though the legal cannabis industry can operate freely (within certain states), cannabusinesses face more than a few challenges when it comes to advertising.

Unfortunately, the delay in the federal legalization of cannabis has led to a considerable amount of confusion surrounding advertising regulations for marijuana. Many sites, including search engine giant Google, restrict the ad options available to cannabusinesses. But with a little creativity, some professional support, and plenty of expertise, it’s possible for cannabusinesses to use digital marketing to help their business flourish.

For example, an effective approach to social media for dispensaries doesn’t have to involve direct advertising in order to produce measurable results. Instead, the dispensary might focus on building a community of loyal brand advocates and providing education on their social media platform. There are also innovative options like device ID targeting (DID), which taps into digital location services to target the right customers at the right time.

Ultimately, even though marketing a cannabusiness can come with a lot of challenges, there’s also an incredible amount of potential for growth as well.

Cultivate a Plan for Cannabusiness Success with Help from Marijuana Marketing Xperts

If you’re a current or prospective cannabis entrepreneur, you need a marketing team with a proven track record for success. Marijuana Marketing Xperts is here to collaborate with you to develop tailored strategies based on your goals, so you can see your business thrive.

Learn more about how to make cannabis marketing a foundational part of your cannabusiness plan when you connect with the Marijuana Marketing Xperts team today!

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Featured Image: The Cannabiz Agency, TonelsonProductions, narikan/Shutterstock