Marijuana is big business these days, and it seems like everyone wants to get in on this billion-dollar industry. Successful dispensary owners and managers can make six figure salaries, but they’ve likely had to jump through lots of hoops to get there. If you are considering getting into the cannabis business, there are a few things you should do before you make a firm decision. Owning and operating a dispensary is not for the faint of heart, and while it can come with big payouts, it can also create a lot of headaches too.
Here are four things you should consider before deciding to set up shop:
If you want to get into cannabis purely for financial gain, it may not be worth it. Given the legal gray areas, wavering public opinion, and regulatory red tape, it can take years before a dispensary is successful, and you will have to deal with lots of oversight and potential backlash in the meantime. Make sure you have a good reason why you want to get into the business, and are committed to the long haul.
Depending on your state and city, marijuana may or may not be medically or recreationally legal, and it is subject to heavy taxation and regulation. Don’t jump into a dispensary plan just anywhere, but be sure to consult with a qualified cannabis attorney about where you can open a viable business, and know the tax costs up front too.
Since cannabis dispensaries must meet specific location requirements, it may take longer than you think to secure property. These laws are different in each state, outlining minimum distances that your dispensary must be from schools, churches, residential areas, and other dispensaries. Plus, if you are going to rent property, you have to make sure the landlord is okay with a cannabis company, and many are not.
Because the cannabis industry is so saturated, it takes more investment capital, more connections, and more resources than ever before to open a successful company. This is not the kind of business you can open on a shoestring budget, so make sure you have ample funds and investors lined up. Don’t forget to factor in specialized costs like licensing, taxation, and regulatory fees, too.
When you want an experienced cannabis attorney to help you open your dispensary, get in touch with our firm today!