Did you know that there are now more than seven thousand cannabis dispensaries in North America? An increasing number of states are legalizing marijuana, which has been creating huge growth within the industry.
Thinking of opening your very own cannabis dispensary? Then you’ll need a dispensary license, permits, and compliance with state requirements to make sure your business meets all legal regulations.
But what do you need in order to get a dispensary license? Read on to find out everything you need to know before dipping your toes in the marijuana business.
Getting a License
You might be preparing your business plan and getting ready to apply for funding, but you’ll first need to ensure you have all licenses and permits in place. The legalities will be different depending on your state and the local jurisdiction, so make sure you do your due diligence here.
Licenses also don’t come for free and will vary by state, so expect to have some cash ready when making your application.
For any type of business including a marijuana dispensary, you’ll need to follow a basic set of legal requirements. This is in addition to the cannabis licensing regulations, so to get started you’ll need to do the following:
- Register your business with your state
- Apply for a business license (this is another license that you’ll need on top of your cannabis license)
- Your tax ID number
- File your business name (DBA)
- Permits for sales tax and any additional permits that are related to your business i.e. food businesses, land use, etc
The more organized you are, the faster you’ll be able to get through the application.
Safety and Compliance
Keep in mind that you’ll be undergoing some thorough background checks. Do you have plans on cultivating and growing your marijuana? Then you’ll have to make sure that all products go through vigorous testing.
You can do this through a lab, where they will do the testing and come back with a full report of the results. It’s important that you do this, as you will need the information for the proper labeling of your cannabis products.
Alternatively, you can buy equipment and do the testing yourself. Professional equipment will allow you to accurately take cannabis readings that are safe and compliant, which you can learn more about once you’ve set up your business. You may want to start using a lab first and then move the testing in-house once you’ve got your bearings.
Renewing Your Dispensary License
After your first year of business, you’ll need to renew your dispensary license annually. The number of licenses and permits up for renewal will depend on the nature and size of your operation.
It might seem like a lot of work now to get your fledgling business up and running, but it will get easier as you familiarize yourself with the industry.
Looking for more information on marijuana? Then be sure to visit the rest of our blog for the latest industry news and more.