Cannabis Business

How Much Money Do Cannabis Businesses Make? (2024)

Pat Walls

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Updated: June 23rd, 2024

TL;DR:

Based on our data, cannabis businesses can make between $2,500-$3,100,000 per month.
The average revenue for a successful cannabis business is $272K per month.
The highest grossing cannabis business in our records makes over $37,200,000 per year.
Cannabis business owners salaries can vary wildly depending on industry, niche, and size of the business

So you're thinking about starting a cannabis business?

And now you're wondering how much cannabis business owners actually make...

Well, let’s dive in!

Here are example of real cannabis businesses and how much money they make - as reported by the founders themselves:

1. Growers House ($37.2M/year)

Nate Lipton, the founder of GG Growth, a group of cannabis and hemp companies, came up with the idea for his business after working for various cannabis-related companies and recognizing the potential in supplying equipment and services to the industry. With $150k in investments, Nate opened GrowersHouse.com in 2011 and focused on both an e-commerce store and a walk-in store to serve the growing market.

How much money it makes: $37.2M/year

2. Cannabox ($4.2M/year)

Michael Berk came up with the idea for Cannabox when he saw a gap in the market for a subscription box for cannabis accessories. As a daily cannabis user, he wanted a convenient solution to purchasing the items he needed. With an initial investment of $1,000, Berk launched Cannabox in 2013 and has since grown it into a successful business with an MRR of $350,000 and 11,000 subscribers.

How much money it makes: $4.2M/year

3. Plain Jane ($3.3M/year)

Plain Jane, the ultra smooth and low odor Hemp CBD flower and cigarette company, was started by college roommates Evan and Duane. The idea came from their desire to create less smelly weed products that don't cause coughing. Within 5 months of starting to sell, the company is generating over $20K a month in sales and has customers in 47 states and 12 retail locations.

How much money it makes: $3.3M/year

4. Grobo ($3M/year)

Bjorn Dawson, Co-Founder of Grobo, was inspired to create smart hydroponic growing systems after experiencing the joys of growing his own food in gardens at his rental property. He saw a gap in the market for indoor growing systems and began prototyping different ideas. After pivoting into the cannabis space and launching a successful crowdfunding campaign, Grobo has grown steadily, now making $165K per month and attracting both beginner and advanced growers.

How much money it makes: $3M/year

5. Populum ($2.64M/year)

Gunhee Park, the founder of Populum, came up with the idea for his direct-to-consumer CBD oil brand after experiencing a poor shopping experience in the CBD oil market. He recognized the opportunity to create a high-quality brand that reframed how people view CBD, offering trustworthy products with stellar customer service. Through manual strategies like word-of-mouth and engaging with individual blogs and forums, Park organically grew his business, which now boasts a monthly sales of $220K and an impressive $3M ARR.

How much money it makes: $2.64M/year

6. American Cannabis Company ($1.8M/year)

American Cannabis Company, founded by Ellis Smith, started as a consulting firm in the cannabis industry in 2012. With Smith's background in cannabis cultivation and the emerging market in states like Colorado, they quickly realized the need for professional support in the industry. They launched their website with a strong focus on SEO, which helped them generate leads and become the first consulting company in the space. They have since grown their revenue to over $1.8 million a year and have plans to expand through acquisitions and operations in the coming years.

How much money it makes: $1.8M/year

7. CannaFacturer ($888K/year)

Jackson Jesionowski, the founder of FullBodyZen, came up with the idea for his CBD/HEMP manufacturing company after experiencing a serious snowboarding accident that left him with cognitive impairment. Through his research, he discovered the potential benefits of CBD for reducing swelling and decided to create CBD Pods compatible with the Juul. The initial success of these pods led him to expand his product line and generate $17K in monthly revenue within just 8 months.

How much money it makes: $888K/year

8. Utokia ($504K/year)

After overcoming a wrist injury and opioid dependency, Holly Hillyer discovered cannabis through her parents' homemade edibles. This, combined with Oregon's newly legalized cannabis market in 2016, inspired her to leave her project management job and launch Utokia, now generating $30,000 monthly.

How much money it makes: $504K/year

9. Vitaeglass ($360K/year)

Gordon Loi, the founder of VITAE Glass, came up with the idea for his modular bong company while cleaning his own bong under a tiny bathroom sink. Frustrated with the difficulty of cleaning and transporting traditional bongs, Loi saw an opportunity to create a modular design that was easier to manage. Despite facing immigration issues and being unable to physically be in the US to run the business, Loi chose to continue with the idea and has since achieved an average of $10,000/month in revenue within the first year of launching.

How much money it makes: $360K/year

10. Dope Dog ($360K/year)

Michael and Erin, the co-founders of Dope Dog, came up with the idea for their business when their dog, James, needed a natural alternative to the medicine he was prescribed after ACL surgeries. They started supplementing with CBD and saw incredible results, which led them to create a line of CBD products specifically designed for dogs. Since their launch in 2017, they have grown organically and are currently generating $18,000 in monthly revenue.

How much money it makes: $360K/year