Since 2016 I have had the pleasure of meeting many Millionaires in the Marijuana Industry and I found that all of them had 3 things in common. A lot of people think that becoming a millionaire in the cannabis industry is a matter of opening a dispensary and watching the money rolling. Well, nothing could be further from the truth. In most cases, cannabis retail stores such as dispensaries or provisioning centers are the hardest businesses to open and run in the “Green Rush”. However, there are 3 key components that every Marijuana Entrepreneur with a Millionaire Mindset has.
I think we all suffer from a little ADHD, but the most successful cannabis owners are extremely focused. I am not sure if it is the CBD or what, but all of the Marijuana Millionaires that I have met have been invested in building one business model at a time. These entrepreneurs have dedicated years into their craft and got into the industry at a time when there was a lot of struggle. Most of the Marijuana Millionaires wrestled with building wealth, but remain laser-focused on their business model and plan. This resulted in the building of strong brands, overcoming the hurdles of licensing, raising capital, and training the right employees.
Create Passive Income
I love the quote “Your Network Is Your Networth”. This is true in Cannabis Space. Building relationships and strong alliances can open the door for several streams of passive income. Many Marijuana Millionaires generate passive income simply by teaming up with other cannabis businesses as investors or partners. These entrepreneurs invest there time, money, and expertise to establish businesses that can run without them. Many millionaires also look for other sources of passive income, for example, investment properties that are rented out. They invest in real estate that has been zone in cannabis zoning areas to create rental income opportunities. Lastly, they see the growth in the market and recognize the opportunity of investing in the stock market. Investing in the right stocks can earn interest, income, and capital gains.
Millionaires are made in emerging economic situations. The pioneers and calculated risk-takers seem to generate the most wealth. Individuals who wait until any industry is booming have missed the opportunity. The bigger winners are the ones who have taken the risk and made the sacrifice early in the game. But what stops us from making the first step? It is usually fear, the fear of failing. Many people will talk for days and even years about taking advantage of a great money opportunity, but when it comes time to invest their time, energy, or money they can not pull the trigger. Remember, if it was easy everyone would be doing it. Most of the recent financial reports would have you believe that POT STOCKS are a scary investment and yet investors who bought real estate and stocks during the economic downturn of 2008 are now some of the richest individuals in the country. We also saw this during the Tech Boom. Many investors rode the wave and purchased shares in companies such as Amazon and eBay making record-breaking gains.
What’s holding you back from reaching Financial Freedom? This industry is not for the weak, but individuals with grit and passion can find themselves creating generational wealth.