All Of The Other Michigan Businesses That Will Profit from Legal Pot
Pot shops aren't the only businesses who are going to make money off the legalization of marijuana in Michigan.
If you've ever heard the phrase about the "gold rush," it sounded something like "the store that sold the pick axes made the real money." So basically, you don't need to be SELLING pot to make MONEY off of pot.
The effect on the Michigan economy will be more than just for pot shops, who will be charging a 16% tax on their products.
1. GROW SHOPS
You've probably already seen them pop up over the last decade when Michigan passed their medicinal program. But you, too, will be able to grow up to 12 plants, so expect more grow shops to appear and help you through the ups and downs of growing the green.
Yes, it's a lot harder than you'd think, and the professionals at these shops will be very valuable to you.
2. PRIVATE SECURITY FIRMS
Because of the absolutely ridiculous conflict between state and federal laws regarding marijuana, any transaction dealing with the plant itself will most likely have to be done with cash. Most dispensary owners cannot conduct business with banks, due to federal regulations, so there will be a lot of cash transported that needs protection.
There are now security firms that deal specifically with Michigan's marijuana industry. The great part? Most of them employ veterans.
3. LAW FIRMS
Even though we legalized marijuana, there will still be plenty of legal issues to deal with. If you, unfortunately, find yourself in the position of needing legal advice, there are law firms that are specifically dealing with pot issues.
Law firms will also see a boom in local business owners who are looking to navigate the state's guidelines while getting in on the green rush.
4. POT PRODUCTS
The world of cannabis is so much bigger than the plant you grow and smoke - from topical creams to relieve muscle pain to lube (yes, that kind). So expect boutique-esque products to start showing up.
Most of these will be developed in peoples' homes and ready for the market right when the shops start to open.
I'm sure after prohibition ended, there were a bunch of people who said, "Let's go open a bar!" And then there were the people like the Pabst family who said, "Let's make the beer!" If you choose to get involved, there are ways to profit from all different angles.
The best part about all of our pot entrepreneurs, it's going to be local. You're literally keeping your money right here in Michigan. So needless to say, shop local!
Have more questions? Click HERE.