Medical cannabis is one of the cheapest and highest revenue generating practices you can start. I love my medical cannabis clinic for this reason. Medical cannabis is a growing industry throughout the country. States will typically have a medical cannabis program first before going recreational. More states are enacting medical cannabis legislation year after year while other states go recreational. This is a trend that will continue in this country over the next 10 years. When will it go recreational nationwide? Who knows… I would guess it will take another 5-10 years at least. Therefore, medical cannabis is still a side practice every nurse practitioner should seriously consider.
If your state still does not have a medical cannabis program or is in the process of having legislation legalizing medical cannabis, then you are sitting on an absolute goldmine of potential once it is enacted. Keep your eye on your states legislation so you can jump on the opportunity once it presents itself. You will make a fortune.
Many nurse practitioners are fearful of starting a medical cannabis clinic for 2 reasons:
- Once it goes recreational, they believe that business will dry up.
- They fear getting in trouble or participating in illegal activities.
Let me tell you, that these are 2 fears that you should not concern yourself over. What you should be worried about is how you are going to spend the easy profits! With all kidding aside, lets go over each one of those fears:
- Recreational use destroying the medical cannabis industry: This is a legitimate fear and one that concerns me as well. This is the issue though, there will always be a need for medical cannabis. Most states offer incentives to medical cannabis patients vs. recreational users. This can be tax free cannabis, increased THC content products, and an increase in the amount one can possess. From a patient standpoint, many people feel like there is less stigma associated with medical cannabis as well. Yes, business will slow down once it goes recreational, but it will still be a viable and profitable side business. I plan on operating mine for the long term even if it dwindles down to just 4 hours a week. It is still great side money.
- Legality concerns: It is your first amendment right to recommend whatever you want to a patient. The communication between a patient and the provider is protected information. You also cannot be held legally liable for the recommendation or discussion of medical cannabis with a patient. As long as you are following state guidelines, there is nothing to be concerned about. The federal government or the DEA does not care about a provider recommending or qualifying a patient for medical cannabis. If they decide to go after someone, it would be the dispensaries. They are the ones technically committing multiple felonies on a daily basis. You are not committing any crimes.
So why is medical cannabis great? It has high revenue potential, low expenses, and you are helping patients with an alternative treatment option that is often more effective at treating their chronic pain, insomnia, anxiety, etc.
I generate a higher amount of satisfaction with my work when I am seeing my medical cannabis patients vs. patients in the emergency department. I feel like I help more people… Why is this? Because I am improving their quality of life significantly. When these patients start medical cannabis, many of them are finally able to significantly decrease their chronic pain levels. Many can sleep better. Countless other patients finally can get their depression and anxiety under control.
I always ask my patients a year after they start medical cannabis “So, have you been able to stop any other medications since starting medical cannabis?” and the resounding answer is “yes!”
I have seen people stop their opioids, antidepressants, benzodiazepines, gabapentin, and NSAIDs once they start medical cannabis. What cannabis does for opioid dependence is truly amazing… It works wonders in helping these patients decrease or stop their opioid use. So, tell me, what is more dangerous? Opioids or cannabis? It’s not even debatable…
Medical cannabis has very few side effects if used in moderation. Is there a potential for abuse? Of course there is, it is just like any other medication or drug. I have found that medical cannabis users typically aren’t looking to get high, they just want relief.
What about the business side of medical cannabis? Opening a medical cannabis clinic is very easy. The expenses are minimal, and the revenue is high. What does this mean? High profit potential. I make more PROFIT with my medical cannabis clinic than any other side business simply because I have very little expenses with it. Remember though, this is active income, therefore you must work and see patients to make money. Therefore, this is a great active income source that can help you create a passive income source (like my men’s health practice). Creating a passive income source should be a serious priority of yours.
You know one of the best parts? It also carries MINIMAL liability. There has been no malpractice suit brought against a medical provider for the recommendation of medical cannabis. I have searched high and low; I can find nothing… When I was creating my medical cannabis clinic, my lawyer even brought up this point. It is very safe in the grand scheme of advanced practice and business.
If your state allows for it, you should seriously consider starting a medical cannabis clinic. If your state has stupid regulations that only allow physicians to do it, then consider partnering with one where they sign off on the evals and you do the bulk of the work. Make sure that this is something you can do though! I know physician assistants that do this in Florida, for example.
If your state does not allow NPs to provide evaluations for medical cannabis, or you want to do this via telemedicine, you could possibly create a clinic that integrates the science and principles of treatment with medical cannabis into it. You do not perform the actual evaluation, but you can assist patients with dosing, decreasing side effects, etc. You essentially just offer recommendations and advice to those using medical cannabis legally. To my knowledge, this does not exist! It could make for a great niche side practice.
Remember, The Medical Cannabis Clinic course will be released on April 30th at midnight EST! I am offering this course for just $287 until May 6th at midnight EST… After that, the price will go up to $347 indefinitely. I am also including 2 free bonus materials: how to structure the visit and how to partner with dispensaries. Stay tuned if medical cannabis is an interest of yours!