In 2020 alone, states with legal cannabis for medical or recreational use average 2.1 billion dollars in profits from marijuana sales. This new year is shaping up to provide the industry with record-breaking profits.
With all of the money to be made in the cannabis industry, many are developing business strategies to get a cut of the profits.
The most lucrative way to engage the cannabis industry is by starting a medical or recreational dispensary. A marijuana dispensary is licensed to sell THC or CBD products in smokable, edible, and topical forms.
If you are interested in a great way to earn money in one of the fastest-growing industries in the country, follow these five steps to starting a cannabis dispensary.
It is essential to know what dispensaries already exist in your area. You’ll want to open in a location that isn’t already over-saturated with dispensaries that have had more time to build customer loyalty and brand awareness.
In order to secure loans or attract investors, you will need to develop a solid business plan detailing:
· Operational Goals
· Marketing Strategies
· Profit Predictions
· Overhead Costs
Every state has its own unique regulations regarding the operation of a dispensary. However, every state will require that you go through the process of applying for a dispensary license. Failure to obtain the proper licensing will bar you from ever operating or opening.
Choose a location that adheres to local zoning regulations and guidelines. Also, consider locations with room for growing equipment in addition to retail space.
Once you have everything you need to open your dispensary, the final step is selling THC products!