If you are thinking about opening up your own cannabis dispensary, it’s probably not going to be as easy as you might think.
First of all, just because you have smoked cannabis for years or you have owned a business, this doesn’t mean it’s going to be easy to be successful in the cannabis industry.
You really need to be smart and get counsel from people who are familiar with the business from the very beginning. This will help you to avoid costly mistakes. You really want to get contacts who have successfully owned and operated successful cannabis dispensaries in order to do well in this business. Getting a license to run your business will be a challenge. You really have to prove that you are going to be a good business operator in this business with a solid business plan. You have to have solid plans for security and product storage, and if you don’t have the right answers, you will not get the license to operate. You also need to have plenty of capital to get your business started. It can cost anywhere from $250,000 to $750,000 just to get started. This is a very sizable investment and you are not necessarily guaranteed to make huge profits. It can take new business owners years to start making actual profits. When you do get things rolling, it’s important to get with a good bank who will accept your business. A majority of the big banks will refuse to work with you, so you probably want to go for the smaller banks who accept your business model. A lot of them are afraid to work with this type of business because cannabis is still illegal on the federal level.