How to make money off cannabis oil
As marijuana companies are beginning to invest in oil production, it’s starting to become clear that the potential for a lucrative revenue stream is huge.
A report from Cannabis Business Daily suggests that the industry could be worth $20 billion by 2035, with oil production accounting for $1.5 billion of that total.
The potential for an oil-based cannabis industry has also increased as companies such as Terrebonne, Canopy Growth and others have begun to invest heavily in production.
“If you look at the oil market, there’s going to be a big difference between the oil industry and the retail market, so you’re going to see a huge difference in the price of a cannabis product,” Marc Goodman, CEO of Terrebone told CNNMoney.
“I think there’s a tremendous opportunity for cannabis oil to be used in the oil marketplace, which is very attractive.”
Terrebone is a Canadian company that produces oil for the medical cannabis industry.
The company currently has about 250 employees in Colorado.
The price of oil is one of the factors contributing to its price, but Terrebones CEO says that’s largely due to the fact that it’s a very high-quality product.
“We’re very proud of the quality of the product that we produce,” Goodman said.
“We’re not selling it in the market.
We’re not even selling it for profit.”
For its part, Terrebondes CEO says the company has never sold any cannabis oil and that it would only ever consider doing so if it was profitable.
“Terrebonnes oil is a high quality product that is not subject to the same risks as the rest of the oil supply,” Terrebons CEO told CNN Money.
“It has been proven over time to be safe, it has been tested by independent researchers, and it is produced in a manner that has not been compromised.”
While the oil is still a long way from becoming a product that can be sold, Terrene is looking to become a leader in the industry by working with the likes of Cannacare, an oil company, to develop a cannabis oil alternative.
According to Terreberes CEO, the company is hoping to start using oil as a way to help address the problem of chronic pain in people with multiple sclerosis.
The Terrebrae oil is derived from cannabis plants grown in Colorado, which has been shown to have a number of other medical benefits.
One of those is the anti-inflammatory properties of THC, which helps treat pain, anxiety and depression.
Terrebolene is the same oil that is used in medical cannabis dispensaries.
“In a lot of cases, patients can’t get relief with a conventional pharmaceutical drug because they are not using the full potential of the drug, which THC does,” Goodman explained.
“In our case, we’re using THC to treat MS and it works really well.
We can have a lot more control over the dosage and we can actually get the benefits.”
Goodman says that Terreboons oil is very easy to produce and it’s only going to get more so as it becomes more accessible.
“The oil itself is extremely safe, so it is extremely low in contaminants,” Goodman added.
“And then we’ve made it very easy for people to get the product.”
There are other companies that are trying to compete in the cannabis oil market with TerreBone, as well.
Terrexe, an online cannabis oil marketplace that’s focused on producing cannabis oil for medicinal purposes, is also looking to grow its business.
Goodman told CNN that the company plans to expand in the next few years, but he said that he doesn’t expect any major changes in the company’s current operations.
“I think the next two years, we’ll continue to be profitable,” Goodman told CNN.
“Our current business model is not sustainable.”
For TerreBonds CEO, it seems like an ideal time to capitalize on the cannabis boom.
“This is something we’re looking to do right now, so we’re really excited about that,” Goodman agreed.
“If you’re in the medical marijuana space, you know the market is going to continue to grow.
There’s always going to come a time where you need to change your business model to take advantage of a different market.”
Goodwin told CNN he thinks the future of marijuana oil is in medical marijuana, and that the market could be even bigger than that.
“You could see this as a whole new category,” Goodman stated.
“Medical marijuana is going up in the sky, and there are so many different companies competing with each other.
There are so few companies that can produce something like TerreBonne.”