Living in the city has its advantages, but having bugs is not one of them. In the next few sections we’ll take a look at some of the initial research and planning that needs to be performed prior to taking your first steps towards opening a dispensary business.The Phoenix Bug & Weed Mart store is located directly across from Uptown Plaza Shopping Center, and between State Route 51 and Interstate 17, making it easy for Phoenix residents to drop in and pick up their pre-emergent granules, scorpion black lights, and all their bug and weed supplies. While the list of challenges in opening a cannabis dispensary is certainly formidable, so are the rewards for successfully doing so. You’ll also have to spring for a pretty heavy duty security and surveillance system to stay compliant with the law. When thousands of dollars of your cash or product can easily be stuffed into a pocket you’ve got to be on the lookout for theft, both internal and external – as well as robbery. You’ll also want to pay attention to the attitudes and perception of your landlord, neighbors, and the community at large.įinally, as a dispensary owner you have some significant security concerns to deal with. Make an honest appraisal as to whether this might create any personal friction for you with friends or family (though these days, you’re probably more likely to be congratulated or admired). Just because cannabis is increasingly legal doesn’t mean that the social stigma against it has disappeared. Additionally, dispensaries often have difficulties obtaining financial services due to federal banking restrictions related to the criminal classification of cannabis, which leads to an overly heavy balance of cash transactions. Even a modest dispensary startup costs can easily be upwards of $250k+ to open the doors. To take full advantage of the green rush, you’re going to need to be able to raise a lot of green currency. The cannabis industry is highly regulated in all states and provinces, and you (and everyone associated with the dispensary, even investors!) are going to have to satisfy some stringent requirements when it comes to residency and criminal background checks, and will face an ongoing struggle to ensure you remain legally compliant at all times. Broadly speaking, these challenges can be categorized into four groups: legal, financial, social, and security- related.ĭispensaries face a much higher standard than the average business when it comes to legal compliance. Unfortunately, the grass isn’t entirely green when it comes to the landscape for starting a new dispensary there are a number of significant challenges and risks that dispensaries must successfully navigate and overcome. Dispensaries do enjoy a healthy profit margin, and most new dispensaries are in the black within their first year of operation, with over 75% profitable or at least covering their operating costs. With sales in 2018 nearing $10 billion, and projected to triple by 2023, cannabis is poised to soon pass the NFL in terms of revenue. ![]() The fact of the matter is that entering the legal cannabis industry can be incredibly profitable. Today we’re going to take an objective look at both the potential benefits as well as the risks involved in opening a dispensary*, and walk you through the entire process we’ll cover everything from obtaining your initial funds, to applying for your license, all the way through opening your doors for business. New businesses in the industry are springing up quite literally like weeds - grow operations, processing facilities, and dispensaries, to name just a few. population lives in an area where marijuana is legal to some degree, over 25% in states where recreational use is permitted, and Canada has ended prohibition and federally legalized recreational cannabis. ![]() ![]() states and the entirety of Canada now permitting the usage of cannabis, a new green rush is sweeping the nation.
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