We’re going to guide you through the full process today, from getting your first funding to applying for a license to actually opening your doors for business. We’ll take an impartial look at both the possible advantages and the hazards associated with starting a dispensary. The truth is that starting a business in the legal cannabis sector may be quite successful. Cannabis is on track to surpass the NFL in terms of income in the near future with sales expected to reach close to $10 billion in 2018 and treble by 2023. Dispensary does have a solid profit margin, and the majority of new dispensaries turns a profit or at least cover their operating costs within the first year of business.
Constitutional
When it comes to following the law, dispensaries are held to a far higher standard than the typical company. You (and everyone connected to the dispensary, including investors! ), will need to meet some strict requirements in terms of residency and criminal background checks, and you’ll have to fight an uphill battle to make sure you always stay in compliance with the law because the cannabis industry is highly regulated in all states and provinces.
Economic
You’ll need to be able to raise a lot of green cash if you want to fully benefit from the green rush. To open the doors, even a small dispensary might easily incur initial expenditures of more than $250k. Additionally, due to federal banking prohibitions connected to cannabis’ criminal categorization, dispensaries frequently struggle to access financial services, which results in an excessively high amount of cash transactions.
Protection
Finally, as a dispensary owner, you need to address some serious security issues. You must be alert to internal and exterior theft, as well as robbery, when thousands of dollars of your money or merchandise may be put simply into a pocket. To comply with the legislation, you’ll also need to invest in a very robust security and monitoring system. The advantages for starting a cannabis shop are as great as the list of obstacles, which is undoubtedly long.
