The South African Constitutional Court has passed down a judgement that now makes it legal for adults to grow and smoke weed in the privacy of their own homes. There are, however, quite a few legal loopholes that will hopefully be cleared up in 24 months by parliament.
Until then, there are legal business opportunities available to you. Retailing and mass-producing marijuana are still illegal but there is more to the weed market than selling and growing.
Snapshot of the global cannabis industry
Projections indicate that the American cannabis industry could be worth more than $47.3 billion in 2027. Resulting in American entrepreneurs finding ways to capitalise on the cannabis industry, while still staying within the law.
The rest of the world is projected to grow from $52 million in 2017 to $2.5 billion in 2027, according to Forbes. With Europe’s $1.3 trillion in health care spending, it will dominate the medical marijuana market.
South America has one of the most liberal medical cannabis approaches, with Uruguay being the first country to legalise recreational weed use. The South African medical cannabis market is predicted to grow from $125 million in 2018, to $776 million in 2027.
If you’re looking to invest on the ground floor of one of the potentially biggest markets globally, now’s the time. You can support the South African marijuana industry without commercially selling or growing weed. Here are a few legal cannabis-related business ideas that you could launch:
- Cannabis public relations firm
- Invest in a marijuana department
- Cannabis event planner
- A cannabis bed-and-breakfast inn
- Cannabis painting classes
- Cannabis guided tours
- Website, app and platform development
- Start a pot-friendly podcast
- Child-resistant products
- Cannabis yoga sessions