The medical marijuana industry is expected to reach an estimated worth of at least $148 billion by 2026. Now is the perfect time to open up a dispensary!
But before you do, make sure you have everything in order.
Here are five things you must have before opening a medical marijuana dispensary.
A Business Plan
Sure, medical marijuana dispensaries aren’t viewed as a traditional business. But when push comes to shove, opening a dispensary isn’t that different from opening an antique shop or restaurant.
You’ll need to plan to succeed.
Before you even begin shopping for a location, make sure you have a business plan that you can show investors. It needs to include your plans for funding, info on your demographic, milestones and deadlines, and your projected growth.
The more thorough your business plan is (ie, the more data you have) the easier it’ll be to fund your dispensary.
It makes sense that you’d need certain licenses like a business permit to open a dispensary. But that’s only the tip of the iceberg.
Since marijuana regulation is such a new topic, store owners can expect to jump through many hoops to secure proper licensing like making sure their store is a certain distance away from schools.
Aside from a basic business permit, you’ll need to look into your state’s individual requirements for obtaining permits.
Contact your area’s branch of the U.S. Small Business Administration to see what you’ll need to open shop.
The great news is that there’s never been a better time to get into the industry. However, that popularity can come back to bite you if you aren’t careful.
Before opening, make sure you have enough product. And not just for the first few days of operation.
You’ll need a constant stream of new strains to make sure customers leave your dispensary satisfied time after time.
While the bulk of your customers will pay for their purchases with either cash or credit, some people will attempt to pay by using their insurance.
Though this is far less common than your standard medical marijuana transaction, it’s important that you’re still prepared to accept their business.
As such, it’s wise to invest in medical billing software so you can easily manage your reputations with insurance companies. You can find cheap medical billing software easily through a quick online search.
Video cameras are a fine enough start, but you can’t keep your eyes on the monitor at all times. You may find yourself in situations where you have to assist customers while others shop.
Since you can’t be in all places at all times, do the next best thing and hire security personnel or two.
Some states require ID checks before purchases, so this is also a great way to expedite the purchasing process.
Have These Five Things Before Opening a Medical Marijuana Dispensary
If you have these five things, you should be good to go! Opening a medical marijuana dispensary does require a ton of time and effort, and you might expect some pushback from certain members of the community.
Just remember to treat it like any other business and you’re golden! For more info on opening up your dream business, make sure to check out our blog.