Much like starting any business out there, opening a marijuana dispensary can be pretty hard in the beginning. Of course, you are going to need initial capital and a well-constructed business plan in order to be able to succeed, but in order to help you gather information of importance easier, in this article, we are going to talk about four different aspects that you need to know first.
First things first – licensing
So, you have decided to open a marijuana dispensary – what should you do first? Well, you need to register your cannabis business and get licensed before doing anything else. If you have any experience with entrepreneurship, you are probably familiar with how the process of legally registering a business looks like.
The problem is though, when it comes to marijuana dispensaries, licensing can be an extremely timely and costly process. Experts in this field explain that opening a Marijuana store is not as easy as just filling out a form. A lot of states require thousands of dollars upfront for a license application alone, and that is without considering all of the costly renewal fees. That being said, you need to be aware that you might end up spending $5,000 or even more before you even start your business.
2. Benefits of Opening a Marijuana Dispensary
Now that we have covered the financial aspect, which is never all that positive when we’re talking about initial funding, let’s talk about more positive things. As of 2020, marijuana is, in general, still illegal under federal law, but more and more states are starting to allow regulated forms of marijuana use. At this point in time, 33 states allow marijuana dispensaries to sell, and five more have voted to legalize marijuana in the 2020 elections.
This basically means that the cannabis industry is a growing one, and it is growing exponentially. So, it will surely end up as a huge source of income and it is definitely worth investing in.
3. It’s all about the location
One of the most important things when it comes to opening a marijuana dispensary is choosing a good location, as it heavily impacts how successful your business is going to be long-term. Now, we aren’t just talking about the best state or the city for such a business, but also the area in which you are going to launch your business.
For instance, if you’re opening a recreational dispensary, opting for a college town is your best bet, but if you are opting for a medical dispensary, it would be best for you to locate it in an elderly community. This is also going to help you focus your marketing strategies!
4. What about rules?
Being aware of all the rules that you need to follow is absolutely vital for cannabis businesses. Even if you have experience in running a business and all the things that come into it and you might think that you have this in a bag – the truth is that there are many specific rules and obligations that come with opening a marijuana dispensary, most of which you have probably never even heard about.
There are various laws on different topics about what you can and can’t sell, how much you can sell, and to who exactly. Laws are extremely strict when it comes to things such as marketing, labeling products, and licensing as well. All of that being said, it might be best that you seek out cannabis compliance experts or lawyers that are able to help you ensure that everything runs smoothly.
In the end, it all boils down to doing your research properly since the marijuana industry is a relatively new one, and if you want to stand out in a good way, you need to be aware of all the aspects that are important.