How Much Can You Actually Earn By Growing Marijuana? (2020)
Welcome to my "How Much Can You Actually Earn By Growing Marijuana?" article!
Dubbing it the "Green Rush", the trade of cannabis is now seeing an unprecedented growth. The demand for cannabis and cannabis-based products is very high.
With legalization of the marijuana being signed in many corners of the world, this is now the best time to venture into business in marijuana.
Growing marijuana is quite easy. As an amateur enthusiast, a hobbyist or a home gardener, growing marijuana in your own backyard is actually very easy. All you need is the willingness to give your time and energy to grow your crops.
Of course it will help a lot if you know which are the best strains of marijuana you can start your little garden with. Visit Weekend Gardener to know more about some common strains to consider in starting your garden of marijuana.
Opportunities in Marijuana
Spending only a few hours a week to tend on your garden, you can be assured to get a great harvest in the end of each planting season.
As someone who wants to grow marijuana as personal hobby, you can start your own marijuana garden by purchasing a starter kit. It cost around $80.
But what if you want to build a business in growing marijuana? How about if you want to work in a company that grows marijuana? Suddenly it is not so easy anymore when you have to consider the profit.
They say the demand for marijuana is high, but does this demand really translate into profit?
If you are still in the process of planning to grow marijuana to make profit, you need take into consideration whether the return is high. You need to know whether your efforts will be fruitful.
In order to help guide you in making the decision of growing your own garden for profit or starting a career in the marijuana industry, we comply below the salaries of prominent careers in marijuana companies.
We have also added a discussion of the cost of running a garden and the profits to make from this garden. Hopefully, we can help you decide on building a career in marijuana through this article.
Without further ado, here is a preliminary discussion on the profit that you can expect in setting up a garden of marijuana. We have also included the list of potential career paths and salaries if you are interested to work in this field.
How much can you actually earn by growing marijuana?
Some things to consider for your profit
As a business owner of a farm of marijuana, you will need to rely on yourself to ensure that your business venture will be profitable.
With growing marijuana, there are many things that contribute to the profit. This include the size of the garden, your technical know-how, and the value chain available to you. Of course, the bigger your garden, the more you can harvest.
However, a bigger garden will also require you to spend more on the operations and utilities. Aside from the profit, you will also have to take into consideration the cost of running the farm and the salaries of your workers.
This will be, of course, subtracted from the gross profit of your business so you can get the net amount of profit that you will earn.
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Other important things
Your technical know how is also very important. Without any knowledge in gardening marijuana, you risk yourself to destroyed crops and low yields to harvest.
The value chain available is also very important. After harvesting your crops, where do you sell them.
Do you have a market at hand to sell your marijuana? Can you make any delivery? All of these contribute to the success of a business in growing marijuana.
To give you an idea, we can illustrate how this work by computing the revenue you will receive in starting a marijuana farm of 10 by 10 feet in surface area.
In this demonstration, you will be working with an indoor farm and as such you need to invest in equipment to ensure that your farm will run smoothly.
Cost of running a garden
A 10 by 10 feet indoor garden for marijuana will require operating expenses for the soil, fertilizers, flowerpots, water, and other miscellaneous items. A total cost around $500 per planting season.
For a garden this size, you will also have to pay around $750 per planting season for the utilities. After harvesting, you will pay $350 for the processing, packaging, and delivery of your goods.
To get the cost of running your garden by yourself on the very first year, you will have to add the cost of operating expenses and the utilities. Then multiply the total to 4 planting seasons in a year.
Adding up $500, $750 and $350, you get $1,600 per quarter. Multiply that by 4, you will be paying a total of $6,400 for running the entire garden. Please take note that the salary for workers is not yet included in this computation.
Computing your profit
To compute for your profit, you will have to subtract the cost of running farm to the gross amount of your sale
On average, for a garden this size, a grower like you can get around 6 kilograms of harvested leaves. During the processing of the leaves, the weight of your crops will decrease by 25%. So you will end up with around 4.5 kilograms of marijuana.
For a price of $6 per gram, you will earn a total of $27,000 per planting season. Multiply that by 4, you will get $108,000 of gross profit a year.
In order to get the actual earning of your garden in a year, you should subtract the annual cost of operating your garden with your annual gross profit.
To do that, subtract $6,400 from $108,000. You will get the net profit of $101,600 per year.
How much will you earn working for a marijuana farm?
As illustrated above, growing your own marijuana garden is a very profitable venture. An annual net profit of $101,600 for a ten by ten-foot garden is not bad.
But there are gardens out there that are much bigger. These gardens are run not just by one person. But by a multiple number of staff who all have incredible talents and skills.
If you are not ready to start your own marijuana garden, perhaps you should try working in one. Here is a list of specific positions found in many gardens for marijuana and their respective salaries.
Consultants, in any kind of industries, are well-paid professionals who provide important industry guidance and support to businesses.
A cannabis consultant is someone who provide professional advice in various aspects of doing business with marijuana. This includes farming, processing and marketing of the plant.
As a cannabis consultant, it is imperative that you have both technical and experiential expertise of the business.
You may be asked to give a more general advice or a specific advice on certain parts of the value chain in the business. This includes obtaining licenses, bookkeeping and tax requirements.
A consultant can earn six figures in providing service depending on the contract. It should be noted that consultants are hired freelancers and not employees of a company.
Therefore, you need to be able to go out and sell your expertise out there.
CHIEF FINANCIAL OFFICER (CFO)
A CFO is responsible in the management of state-licensed medical marijuana dispensaries.
As a CFO, you are tasked to run all divisions of the farm including the operations of the garden, accounting, and processing and distribution of products produced by the company.
Your specific expertise should be in accounting and finances because your biggest task would be to supervise the cash flow of the company.
You need to monitor financial reports, analyze costs of operation, and budget the company’s finances. As a CFO, you can expect to annually earn as much as $125,000 a year.
CANNABIS EXTRACTION TECHNICIANS
The legalization of trade of marijuana has made one specific change in the industry – ensure quality.
It can be argued that the quality of marijuana now is way better than it used to.
Before, marijuana trade solely falls under the black market. People cannot be bothered by quality and standard if the whole thing is illegal.
But right now, the whole industry of marijuana is running under a rigorous set of quality and standard guidelines. As a cannabis extraction technician, you would be tasked to conduct the product testing of the company.
You will have to ensure that the products of cannabis that you produce comply to the regulatory standards for the quality of cannabis that the government has set.
You need to have a degree in chemistry or similar fields to have this job.
As a cannabis extraction technician, you may be able to earn around $75,000 to $125,000 annually.
A company cannot just leave their crops to mother nature. Like in any farm, cannabis companies have to make sure that all aspects of farming are rightfully and accurately managed to ensure optimum growth of their crops.
This where a cannabis botanist comes in. Botanists are actually responsible for all the technical sides of growing marijuana.
From planting to harvesting, the botanist ensures that everything about the plant growth has been carefully tweaked for optimum yield.
As an expert in the science behind marijuana growing, a cannabis botanist can around $80,000 to $100,000 annually.
Bon Appetit! Marijuana has been known for being processed into foods. In fact, there is an industry that solely caters for cannabis edibles. There are many companies that exclusively produce edibles.
However, it is more common for companies to grow marijuana and also produce edibles.
No matter which company you work, as the marijuana chef, you need to have a background in industry baking or culinary arts in order to land this job.
As a marijuana chef, cooking food is only half of your responsibility. You should also know how to process marijuana and extract the cannabinoid oil and incorporate the oil in your cooking or baking.
Of course, you can learn this at work, but it will help if you have prior experience in this. Marijuana chefs can annually earn from $40,000 to $80,000.
Overall, the salary of someone working in the cannabis industry is a bit higher than their counterparts in other fields of work.
This makes marijuana growing a very lucrative career for someone with the capability to do the tasks at hand. If you are someone who is looking for the right career path, perhaps this industry is the line of job for you.
In any kind of business or work, there are many disadvantages and advantages. However, in terms of profit or in terms of salary, taking your chances in marijuana growing industry is actually a sound decision to make.
As discussed above, this industry offers a hefty sum for those who are willing to dabble in the business.
As long as you have the passion, the perseverance, and smart business mindset, you will surely be able to carve a career in the marijuana industry without any difficulty.
Thank you so much for reading my "How Much Can You Actually Earn By Growing Marijuana?" article! If you have questions or comments, please leave them on the comment section below!
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