According to the Pew Research Center, support for the legalization of marijuana is at an all-time high, with six out of 10 Americans supporting full legalization.
Furthermore, states that have already legalized marijuana, such as Colorado and California, are seeing major upticks in revenue. As such, you might find yourself mulling over opening a marijuana dispensary.
That’s not a bad idea! However, before you commit to your new business, there are a few things you should know. Keep reading for some important facts about opening a marijuana dispensary.
A Booming Industry Doesn’t Guarantee Success
Popularity doesn’t always translate to profit. We see it time and time again: business owners pour their heart and soul into the latest trendy industry only to close their doors a few years later.
Marijuana’s popularity is both a blessing and a curse. Yes, market trends suggest that there is a serious demand for marijuana dispensaries. However, simply existing isn’t reason enough for your business to flourish.
Come in with a strong business plan. Set yourself apart from other dispensaries and don’t get lost in keeping up with trends.
You’ll Need to Navigate Local and Federal Laws
As of right now, 33 states have legalized medical marijuana, while 11 states legalized marijuana for both medical and recreational usage.
Still, you won’t have carte blanche in these states. You’ll need to follow each area’s strict laws.
Do your research into local laws and make sure opening a dispensary is a wise idea in your area.
You Might Face Some Unexpected Obstacles
Though support for marijuana is increasing, it still carries a stigma. That stigma can make it difficult to obtain things like business licenses and retail space.
Keep track of all paperwork and document any communications you have with your local government. While we’d hope they wouldn’t keep you from opening a business, certain areas are more liberal than others.
Also, if your strategy relies on online sales, you may want to head back to square one. Sending marijuana through the mail is still deemed illegal by federal law.
The Little Things Can Have a Big Impact
There’s a lot to think about when opening a business. So much so that it’s easy to lose sight of the smaller things. However, even the smallest of details can make or break your business.
For instance, did you know that you can buy cannabis insurance?
Likewise, don’t overlook the significance of choosing a proper business location. Zoning laws may keep you from your dream location, as dispensaries can’t be near medical facilities, schools, and the like. Have a plan B ready just in case.
Thinking of Opening a Marijuana Dispensary? Don’t Forget to Account for These Factors
Opening a marijuana dispensary is still a good idea, but it’s clear that there’s a lot more to it than opening up any other type of business. The stigma surrounding weed combined with difficult zoning laws might make it a tough task to tackle.
With that said, if you keep your head out of the clouds and come in with a solid business plan, there’s no reason why you can’t succeed.
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