What makes the medical cannabis industry alluring is its profit margins. Of course, like any other business, if you can find a way to make money, you’ll be successful. When it comes to opening a weed online Canada, though, there are eight things you should consider first.
1) Security
This is a good start if your building has fencing or secures walls around it. If you have access to armed security, even better. When it comes to medical cannabis dispensaries, no news is good—the fewer robberies, the better for business–and your life.
2) Utility Bills
Most states require medical marijuana dispensaries to have 24/7 surveillance of their facilities. This means that you’ll have to pay for installing cameras, recording devices, and storage space large enough to hold months’ worth of video footage. Be sure that you’re ready for this upfront cost and the energy it will take to power your security system.
3) Insurance
Depending on your state and local laws, you may or may not need insurance to operate a marijuana dispensary. If you opt for armed security, it’s a must.
4) Business Plan
At the most basic level, having a business plan will be helpful if you want to open a medical marijuana dispensary. Having a clear idea of your target audience, what they want from you, and how you plan to deliver those things will help keep your business on track as it grows.
5) Location
Before choosing a place for your dispensary, check the local zoning laws that affect cannabis businesses in your area. Most states won’t allow you to locate your dispensary within 1000 feet of places like schools, churches, or daycares, for example. It’ll also be important to know how much foot traffic comes through the area where you’re opening shop–you don’t want to invest in security cameras if no one sees them!
6) Regulations
Every city and state will have unique regulations for medical marijuana dispensaries. It will be your legal responsibility to know, understand, and comply with these laws–don’t bring a lawsuit against yourself by breaking them! Additionally, some states will expect you to track every gram of medication that leaves your dispensary. If you aren’t ready to invest in a hefty computer and software system, you might want to rethink starting a dispensary.
7) Financing
If you don’t have the money on-hand or through traditional loans, there are alternative forms of financing for your medical marijuana dispensary. There are crowdfunding websites like Indiegogo and others where you can sell “shares” in your business in exchange for cash. Some private investors may be willing to contribute–be sure you understand the pros and cons of each method before accepting money from them!
8) Licensing
Different states require different levels of licensing to operate a dispensary. You’ll need licenses to grow, extract, and sell cannabis in some places, while others expect you to have just one. You’ll also have to worry about state taxes, local licenses, and more. So make sure that your dispensary is properly licensed before opening its doors!
In conclusion, there’s a lot to consider before opening a medical marijuana dispensary. If you’re not ready for the headache and risk of running this type of business, try selling CBD edibles or other cannabis products online until you can save up enough money to start your dispensary.
