17 Cannabis Business Success Stories [2024]
Have you ever thought of starting your own cannabis business?
The cannabis industry has been continuously growing throughout the years. The legal marijuana sales are projected to reach $22 billion by 2022.
No matter your level of experience, the cannabis industry has a lot to offer. There are inspiring stories of entrepreneurs that made it big in this particular industry.
In this list, you'll find real-world cannabis business success stories and very profitable examples of starting a cannabis business that makes money.
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
How much did it cost to start: $150K
How many people on the team: 50
How Nate Lipton built a $35M plant-growing empire, with an e-commerce store generating $2.9M per month, a cannabis growers forum earning $100k per month, and a YouTube series gaining 100k views per month, all while navigating through regulatory obstacles in the cannabis industry.
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
How many people on the team: 3
Learn how Michael Berk founded and grew Cannabox, a monthly cannabis subscription box, to have an MRR of $350,000 and 11,000 subscribers, by being a pioneer in the industry, hiring the right people, staying humble, and using SEO, email marketing, and social media.
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
How many people on the team: 16
Plain Jane, an online CBD company founded by two college roommates, offers unique products and has generated over $20K a month in sales within five months, attracting and retaining customers through social media, authentic stories, and content.
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
How many people on the team: 11
Grobo, a smart hydroponic growing system company that creates boxes for growing plants, is making $165K per month and increasing quickly, with its flagship products enabling users to easily grow food and cannabis at home.
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
How many people on the team: 7
CBD oil brand Populum grew from $650K to $1.4M in annual revenue in just one year, with monthly sales of $220K and an ARR of $3M, due to investing in high-quality, trustworthy hemp products and stellar customer service.
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
How much did it cost to start: $10K
How many people on the team: 9
American Cannabis Company co-founder Ellis Smith shares how they started a $1.8M/year cannabis consulting agency, creating a successful launch strategy and attracting clients through SEO, with plans for acquisitions and expansions to reach 3600 employees within the next five years.
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
How much did it cost to start: $90K
How many people on the team: 8
21-year-old Jackson Jesionowski left college to build a CBD manufacturing company, FullBodyZen, which now generates $17K in revenue a month and has 14 products.
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
How much did it cost to start: $30K
How many people on the team: 2
Discover the journey of a cannabis entrepreneur who transitioned from opioids to cultivating some of the best indoor flowers in the nation, generating $30,000 a month, and expanding into a hemp-derived product line that already rakes in $15,000 a month in revenue.
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
How much did it cost to start: $60K
How many people on the team: 0
Modular bong company VITAE Glass, founded by Gordon Loi, has achieved $10,000/month in revenue for its first year and is on track to double that this year, with sales increasing by almost every quarter, despite facing marketing challenges in the industry.
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
How many people on the team: 2
Dope Dog, a CBD dog product company founded by Michael and Erin, went from 1 product to a full line of 9 products within a year, generating $18K in monthly revenue through organic growth and word of mouth marketing.
11. Gold Spectrum ($300K/year)
Yanet Caliz, CEO and founder of Gold Spectrum Lifestyle CBD Brand and Silk Bombs CBD Spa Products, came up with the idea for her businesses after experiencing the incredible benefits of CBD first-hand. After seeing the market flooded with low-quality products, she decided to create her own high-quality, all-natural CBD brand. Since launching in the middle of the pandemic, her businesses have seen impressive success, with an average monthly revenue of $20,000 and plans to expand to platforms like Facebook, Instagram, and Amazon in the future.
How much money it makes: $300K/year
How much did it cost to start: $135K
How many people on the team: 5
CEO Yanet Caliz discusses how she launched her health-focused CBD brand, Gold Spectrum, in the middle of the COVID-19 pandemic, with an average monthly revenue of $20,000 and plans for continued growth through digital marketing campaigns and influencer partnerships.
12. Tcc media ($264K/year)
Michael, a medical marijuana enthusiast, visited Arizona and noticed a gap in the market for reliable media featuring cannabis products. He decided to create a niche blog to fill this gap.
How much money it makes: $264K/year
How much did it cost to start: $50K
How many people on the team: 0
Cannabis Cactus Magazine, the only 100% independently owned & operated monthly cannabis publication in the US, has grown to a monthly revenue of over $20k with 90% customer retention, serving over 80,000 readers nationwide with a goal to educate and entertain cannabis consumers.
13. Popped.NYC ($240K/year)
Lauren Forsch, the founder of Popped.NYC, came up with the idea for her CBD business after opening an artist cooperative and realizing that people were willing to spend money on handmade, natural products like body butter. She saw a gap in the market for a topical CBD product and decided to create her flagship CBD body butter. Despite setbacks from COVID-19 and being in a stigmatized industry, Popped.NYC has had months where their sales revenue topped $20,000.
How much money it makes: $240K/year
How much did it cost to start: $1K
How many people on the team: 1
Popped.NYC, a handmade, all-natural, small-batch CBD products e-commerce business with sales revenue topping $20,000/month and customers suffering from inflammatory diseases, struggled to clear $2,000/month due to setbacks from COVID-19 and being in a stigmatized industry.
14. CBD Store of Michigan ($240K/year)
Rod Glupker, the founder of CBD Store of Michigan, came up with the idea for his business after experiencing firsthand the pain-relieving benefits of CBD. His wife introduced him to CBD, and after researching and attending seminars, he started recommending it to friends. As demand grew, he began wholesaling CBD products and eventually decided to quit his job and launch his own storefront and website. Despite challenges with advertising and regulations, the business has continued to grow and plans to open more stores in the future.
How much money it makes: $240K/year
How much did it cost to start: $4K
How many people on the team: 2
Learn how one entrepreneur built a successful CBD business (with over $100,000 in inventory and 60 brands) from scratch, including what worked for them to attract and retain customers, the challenges they faced (including advertising) and advice for getting started in the industry.
15. Parkdale Brass ($120K/year)
Shawn Santiago, the founder of Parkdale Brass, came up with the idea for his business while working as a web developer for a digital agency that created cannabis websites. He noticed that most existing cannabis products had similar designs and were made from materials that often arrived broken. This inspired him to create his own brand, focusing on classic, luxury, and durable designs using brass. Since its launch in 2019, Parkdale Brass has gained recognition from prominent publications like Forbes and Weedmaps and has seen an average of 10k in monthly sales.
How much money it makes: $120K/year
How much did it cost to start: $1K
How many people on the team: 1
Parkdale Brass specializes in mindful cannabis use and their high-end, vintage-inspired brass pipe, The Brockton Mk2, has been featured in Forbes and Weedmaps, with the company now seeing approximately $10k in monthly sales and focusing on expanding their product line and B2B sales.
16. elate ($36K/year)
Jake Meyers, founder and CEO of elate CBD, was inspired to start the business after realizing his passion for helping people live happy and healthy lifestyles. With his background in the corporate world and personal experience with cannabis, he saw an opportunity in the market and launched elate CBD to promote balance, clarity, and happiness through premium CBD products. Since its grassroots launch in September 2020, the company has achieved impressive success, closing out 2020 with $15,000 in revenue and a 50% bottom line.
How much money it makes: $36K/year
How much did it cost to start: $20K
How many people on the team: 0
Elate CBD's founder and CEO, Jake Meyers, shares how he launched a premium CBD brand with virtually no advertising and closed out 2020 with $15,000 in revenue and a 50% bottom line, relying on grassroots efforts, personal networks, and influencer partnerships, and utilizing platforms like Shopify and resources like Klayvio, Bundler, Poptin, and Quickbooks.
17. Brush Tokes ($30K/year)
After realizing she needed a real hobby, Kelly rediscovered her love for art and decided to sell her creations. Partnering with Natasha, they came up with the idea for Brush Tokes, a 420-friendly art class that combines their shared interests in art and cannabis. Since launching in January 2018, they have sold out classes and experienced steady growth, with monthly income reaching up to $2,500.
How much money it makes: $30K/year
How many people on the team: 1
Brush Tokes is a 420-friendly art business that combines the enjoyment of cannabis with artistic expression, offering various services including painting, plant, and art classes, and generates up to $2,500 per month through its word-of-mouth business.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
