How to Make Money Legally Selling Cannabis Edibles in Michigan
Disclaimer: This information will not get you rich quickly in the cannabis industry. These are just some strategies and concepts I’ve learned from studying the cannabis edible industry for the last decade. Although I have seen this work with my own eyes remember I am just a woman with a blog, take or leave this advice!
Taking the leap into the Michigan Cannabis Edible Industry
Now that it is possible to sell legal edibles in Michigan dispensaries, I want to share with everyone what I’ve learned over the years. Keep reading to find out the basics of what it takes to make money selling cannabis edibles in Michigan!
You need a license from the state of Michigan to make edibles. OR your business needs to make cannabis edibles in one of these licensed processing facilities.
You won’t be able to make any money selling edibles unless it’s approved by the Michigan Cannabis Regulatory Agency.
Also, the location of the processing license will also have to have city-level approval and license availability. These city-wide approvals can cap the number of licenses in their area.
Read more on my post: How to Legally Sell Edibles in Michigan.
Or you can search for an already licensed cannabis processing center here.
Basics of Cannabis Edibles
Type of Cannabis in your Edible
There are all different kinds of extracts you can use in your edibles. Having a basic level of understanding of the cannabis you are using is going to make or break you, especially if you are trying to convey your message to your employees or your customers.
How to Make edibles
You need to create edibles in order to sell them. You can’t make money with edibles without knowing how to actually make them.
Here is a little Weed Edibles 101 blog post I wrote.
Edible Branding and Marketing
The question that you need to answer is whether your product is one that no one else has or if it is something that people will actually buy if you have it. All edible companies these days seem to be making gummies! Will your edible be compelling enough to break into the market? The balance between products can be especially challenging to achieve.
Your Edible Cannabis Brands Story
“Our goal is to get rich” isn’t a relevant brand story.
You’ll need a story that is compelling enough to make people want to buy your product over all the others out there. Yes, stories sell cannabis edibles.
Your “why” in business is going to move people from a different brand to buying your brand. The better story you can tell the more products you can sell.
Your Cannabis Edible Brand Designs
Your logo and your graphics play a HUGE role in making money with edibles. Since all packaging must be opaque, you can’t sell your edible on its own appearance. You’ll have to have some good graphic designs on your packaging and social media to really wow your audience. This also ties into the legal aspect below, keep reading!
Social Media, Website, & SEO
You’ll want your edible company to have an online presence to be able to make money. You’ll want to start cultivating fans of your designs, stories, and of course showcasing your awesome product.
Getting your information online, having a website that shows up for keywords (cannabis SEO), and telling your story on social media will make sure you have a steady stream of people interested in your edibles.
Want to know more about cannabis SEO? Read: What is Cannabis SEO?
Networking & Relationships
Before you can get those raving fans you’ll need to make sure dispensaries are buying your product. Going to networking events and talking to the Michigan cannabis community will help you break into the industry.
Use your favorite social media platform and find events, follow influencers, and of course the dispensaries. Create relationships and cross-promote!
Business relationships are really important in the legal cannabis industry. But you have to make sure that those relationships stay that way. ALWAYS cover your ass! Never do something because you trust the other person or company. This is a true-fire way to get screwed over.
Always have legal representation AND work on making sure those legal guidelines are carried out and not gaslit and looked over so the other party makes all the money!
Your company culture will say a lot about your edible products. If you are running a Disney villain kitchen, your products will be just as foul.
Please don’t be like this:
You’ll probably have the same vibe in your products if your employees are being used, abused, and taken advantage of. People don’t want a crappy edible high and a stoner hangover. If you run your business ethically, you’ll sell more edibles.
The only way for you to make money selling edibles is to be able to actually sell them. If you master branding, marketing, and company culture, you will be able to make sales more easily. All of these things working at their peak will allow you to earn money from edibles.
To actually make money selling edibles you’ll have to keep an eye on your finances. You can’t just throw a ton of money at the wall and hope that your edible products will turn you into an overnight millionaire.
My #1 suggestion is to make sure you hire people who know how to produce your edibles without losing money. This means that the people who are producing edibles know how to produce them. As well as accountants who can keep an eye on the money flow. It’s really easy to dump a ton of money into the cannabis industry and not see any results. This is only getting more difficult as the years pass.
When you are in the legal cannabis edible industry – you’ll have a lot of chances to mess up!
There are many Michigan cannabis edible rules and regulations and if you are not careful, something may get missed. As mentioned above the graphics and designs have to be a certain way due to the rules!
Make sure you have legal representation that will look over your processes and audit your edible products for anything that might trip you up with the CRA. If you get fined you could be losing a lot of money!
Can you make money legally selling edibles in Michigan?
Yes, it is possible! All you have to do is make sure you have the licensing, great branding, marketing, finances, and legal representation. Then you’ll be on your way to making money. The road will be long and hard but if you do these things it will be easier. You can make money selling edibles in Michigan!