There has been an increase in the number of states that are legalizing recreational and medical marijuana. This has seen the unprecedented growth of a totally new industry with a lot of opportunities. If you’re thinking about opening up a marijuana dispensary, this post is for you. It should be noted that opening such a business is not a walk in the park. There will be a lot of hard work needed to get it off the ground. The whole process will need to be taken seriously if you’re to be successful. Here are some tips that will come in handy if you’re looking to open a marijuana dispensary.
Assess Eligibility
There is a lot of hypocrisy that surrounds the use of marijuana and you might only come to realize the full extent when you start a business in the industry. What a lot of people don’t know is that alcohol is far worse and addictive than the use of marijuana. For you to be successful with a marijuana dispensary, you’ll also need to assess your commitment. Being Mike’s World Wide Inc. Distributor | Wholesaler is just one part of the puzzle. There are a lot of moving parts that you’ll need to figure out even before the business can become operational. You’re likely to get burnt out if you’re starting the business solely for financial reasons. It could take a while before you start seeing any gains and there should be a motivating reason for getting in the business.
Do Research
Just as with any other business, doing research is imperative. A good example is with payments for your marijuana dispensary business. Not a lot of processors will be willing to provide their services for such a business even in states where the use of recreational marijuana has been legalized. You’ll also need to study the legalization requirements in your state and what is expected of such a business. The last thing you’d want to do is to run into trouble with the law when operating a marijuana dispensary. Since there are a lot of rules to adhere to, it is recommended that you’re getting a lawyer as you could be walking on a thin line.
Finding a Rental Property
You need to get a property that is compliant with state laws. Depending on where you live, there are strict compliance requirements that will need to be met. The dispensary should not be near a church, school, or residential area. These laws are ever-changing and it is vital that you’re up to date with the requirements in your state. You’ll also need to be upfront with the landlord about your plans with the property because not all of them will allow a tenant to open a marijuana dispensary.
Have a Business Plan
The medical marijuana industry has become saturated in a short period of time. In order to stand out, it is important that you’re doing things professionally. A good business plan will separate you from the competition. You need to have a thorough understanding of what you’re getting yourself into.
Getting Capital
The business plan should highlight how you’ll be getting the capital. This perhaps the biggest hurdle you’ll have to overcome before starting the business. The many barriers to entry mean that you’ll need a lot more money before the business can be operational. The fact there is a lot more competition doesn’t make it any better. Marijuana is still illegal at the federal level and it will be impossible to get a bank loan to finance the business.
Research Competition
When you open a marijuana dispensary, you’ll not only be competing against other legitimate businesses but also those that are unlicensed. Law enforcement might not be too bothered about unlicensed operators, especially in states where the use of marijuana is legal. It can be difficult to compete against such providers who are available 24/7 and offer low prices because the quality of their products is not guaranteed.
Get Licensed
The process to get licensed to operate a marijuana dispensary is one that is complex and expensive. You could spend up to $5000 in legal fees in order to get the operating license. In addition to getting the license, you’ll also need to figure out where you’ll be sourcing your products. There are different forms of marijuana that you can sell. All that is required is that the products are meeting the required safety standards. You can research wholesale medical marijuana providers to make your work easy.
