My answer to What do I need to know to start my own marijuana dispensary?
Answer by Raad Ahmed:
It’s great that you have the drive and passion to follow your dreams in business. But, it’s true that it takes a bit more than that to really get things up and running. Here are a few considerations you should think about:
- Make sure that you have an understanding of the marijuana laws in the location that you choose. They vary slightly. Especially consider local zoning laws as those apply as well.
- Make sure that you have verified a bank will work with you. Some banks are hesitant to work with marijuana businesses.
- Make sure that you are a good candidate for this type of operation. It’s a good sign that you are studying business, but make sure that you understand the complexity of growing and maintaining in this type of industry. If you don’t know how to grow on an expert level, then consider bringing in someone who does.
- Prepare a business plan. This will help you find quality investors and really flesh out the foundation of the entire operation.
- Secure the proper funding. It takes cash to get any business off the ground. Think of the type of investors you can approach and even reach out to family and friends to get the minimum funding required.
- Keep solid records. You will likely need to do annual reporting and you will be able to track your own success with solid record-keeping.
There is much, much more that goes into setting up this type of business. It would be beneficial for you to bend the ear of a cannabis attorney. They can help you with the earliest steps of development and counsel you throughout the process.
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