The "green rush" has been sweeping across the nation as more states move to legalize medical and recreational marijuana. The burgeoning industry has paved the way for thousands of new jobs to be created and the opportunity to own a successful new marijuana related business has been an enticing idea for many. Opening a cannabis dispensary is one of the businesses that holds appeal for industry veterans as well as newcomers. In many states, customers have been lining up to purchase goods from dispensaries so it makes sense that entrepreneurs have been excited. But what does it take to open a cannabis dispensary? It very much depends on what state you're in but here are some things to keep in mind.
Are You Eligible to Apply?
Each state has its own criteria for eligibility when it comes to opening dispensaries. You will need to be sure that you are eligible before you apply for the dispensary license.
- You must be at least 21 years old.
- In many cases, you’ll need to be a resident of the state in which you are applying for at least a year.
- You can't have a criminal history that is deemed to show a negative moral character.
- You must be able to prove that you have the funds necessary to open the business.
Each state will have its own particular variations on these requirements so it's important to do your research before beginning the next stage.
Apply for Marijuana Licenses
It's important that you do your research and apply for the retail marijuana license and/or medical marijuana licenses required in your state. Before you can legally open a dispensary, you need to get a license. In many states the number of licenses that can be issued is limited, so you need to be sure there are licenses available for your desired location. Then you will need to apply and pay the license fees. This can be an involved and costly process so be sure to do your research first. Make sure you are eligible and there are licenses available.
Apply for Local and State Licenses
If you are approved and receive a license you may also need to apply for a State Tax License in order to operate your business within the state. Likewise, you may need to receive a license to operate from the local government of where your business would be located. You will need to register the business name in the state so that you can operate in a functional way.
Once you have taken care of these preliminary steps, make sure you are completely up to date with marijuana law in your state. Hiring legal counsel may be helpful in this regard. Open shop with all legalities taken care of so you can get on with the business of being
a business. Find a location, get stock via distributors and take care of advertising needs. A business plan is essential for providing you with a map of your dispensary and how it will run.
Opening a cannabis dispensary can be an expensive, arduous process that requires commitment and passion. For those with the stamina to pursue this direction and the risks involved, the rewards can be well worth it.