You may have noticed how rapidly the country’s attitude towards pot has been changing. There are currently 23 states, plus the District of Columbia (DC), have approved its use for medical reasons. There are 16 states, and DC, where the use of pot has been decriminalized and two where it is legal for any reason (Colorado and Washigton state). Some people argue that it will be completely legal all over the country within the next few decades. This may interest you in stating your own marijuana business. Opening a marijuana dispensary is a complicated endeavor and you will need help from a marijuana business lawyer to get started.
Tips for Opening a Medical Marijuana Dispensary:
- Know the law. Every state that allows people to use marijuana for medical reasons has different laws and rules governing its sale. Marijuana business lawyers can help you get started on the right legal footing by getting you the right permits and authorizations to open your business. Even with a cannabis attorney, you can only help yourself by getting to know the law in your state. You need to know that what you are doing complies with local and state rules and laws.
- Keep an eye on the federal government. Remember that pot is still completely illegal federally. While no one running for president now has said they plan to go after medical marijuana businesses, that can always change. It also impact what you can take off of your taxes and what bankruptcy protections you have or do not have. If you are at all concerned about this, talk to your marijuana business lawyer.
- Find the right space for your business. Your marijuana business lawyer should be able to explain the zoning laws to you but they are pretty strict. Most areas have restrictions on how far away from school they want medical marijuana dispensaries to operate. You need to keep these rules in mind when you look at various places to rent or buy. Courts can refuse to enforce some lease agreements on behalf of medical marijuana businesses. Talk to your marijuana business lawyer about this.
- Find out about financing. If you do not have all the money you need to start your medical marijuana business, you still may be able to start one. Talk to people you know and your bank about the possibility of bringing in outside funding for your new business. Many people see the investment opportunities here so you may be able to get some interest from investors.
- Draft a solid business plan. One of the best ways to get investors interested in your medical marijuana business is to have a decent business plan. You can get input from a cannabis law group or marijuana business lawyer but you also need to research the other variables. You should include a marketing plan and media strategy. Most investors in any industry want to see a well thought out business plan before they commit any money to a project. If you have any pervious business experience, that will also help a lot in this areas.
- Factor in your security plans. Unlike some other businesses, a medical marijuana dispensary can be a crime magnet. You will be dealing with a lot of cash and a product that is very attractive to thieves. Depending on your situation, you may want to hire security personnel to protect your business, clients and staff. Everyone’s safety should be a top priority for you.
Medical marijuana has been found to be very effective at treating a wide variety of problems from post traumatic stress disorder to epilepsy. Despite what certain people and organizations have said, it is a lot less addictive than other substances. Fewer than 10% of people who try pot become addicted, according to the Institute of Medicine. About 32% of people who try tobacco become addicted and 15% of people who try alcohol meet the clinical definition of dependence.
Given how differently we now see pot, opening a medical pot dispensary may be a great business idea. You need to have a good eye for detail and enjoy working with the public, like any other kind of sales business, your customers need to see the value in buying their medical marijuana from you.