My answer to In terms of a business and an emerging industry, what is business like for the new marijuana dispensar…
Answer by Raad Ahmed:
I think the main thing you have focus on with this industry (and really any industry) is to create a solid plan from the very start and have a clear understanding of the basics of operation.
There are certain criteria you have to meet in order to obtain licensing. Such requirements include:
- You have to be at least 21 years old
- You must be a resident for at least 2 years
- You must have no drug-related convictions for 10 years
- You must be in “good moral standing”
- You have to file the proper paperwork and pay the associating fees (I believe the most updated average cost is $3,000 for Colorado)
Beside proper licensing, you have to also establish a business plan. You will have to determine a lot of the day-to-day operations by researching the market and understanding the science behind the product. It takes a lot of understanding when it comes to growing and cultivating that many people don’t even consider from the start.
Your best bet? Seek the advice of a skilled cannabis attorney—someone who knows the ins and outs of the business and can help you move forward. If you’d like to be connected with an attorney, check outWe offer affordable services and our attorneys are specialized in the cannabis industry specifically. Reach out if you’d like to set up a consultation.