Experts believe that by 2025, the legal marijuana market will be worth $66.3 billion. If you’re looking to get into the market, now is a perfect time!
Of course, starting any business is difficult enough as it is. But the marijuana industry faces some unique roadblocks that may make things more difficult.
Keep reading to find out how to start a weed dispensary and navigate the world of legal marijuana sales.
Research Your Local Laws
Brick and mortar stores live and die by their locations. But before you go scouting properties, you’ll want to consult local zoning laws.
While marijuana is legal in most states, it still carries a major stigma. As such, there are quite a few restrictions on who can open a dispensary and where they can open it.
In Chicago, for example, a dispensary cannot be within 500 feet of a school or 1,500 feet of another dispensary. Meanwhile, Summit County Colorado’s laws dictate that dispensaries have to be at least 1,000 feet from school and childcare facilities.
That’s only the beginning, however. Each area has unique laws dictating how many dispensaries can operate within county lines, and which counties are eligible to host dispensaries.
Get Your Finances in Order
As if finding a location for your dispensary wasn’t complicated enough, you should also know that finding funding for your business is going to be quite a challenge, as most banks don’t give out loans for dispensaries.
If it seems hypocritical…well, you’re right. But while we wait for national laws to change, banks are in a tough spot as marijuana, while legal in many states, is still classified as a Schedule 1 narcotic alongside drugs like peyote, LSD, and ecstasy. Should they fund a business that deals with Schedule 1 drugs, they could face hefty fines.
One solution is to turn to credit unions. Since they’re funded by members and not the government, they may be more lenient in their loaning.
Another great idea is to turn to crowdfunding or speak with a venture capital firm that specializes in marijuana.
You’ll also have to consider how you plan to pay employees. One great way to cut back on expenses is to use an online paystub template like thepaystubs.com to keep up with employee payments.
Market Your Dispensary
Once you’re ready to open your doors, it’s time to think about your marketing campaign. While marijuana is popular, you’ll need to set yourself apart from the competition if you hope to stay afloat.
Aim to find a unique angle for your store and capitalize on it through your marketing.
Likewise, you should make sure to have a strong online presence, including social media pages, search engine citations, and a website.
Going Green: How to Start a Weed Dispensary
Now that you know how to start a weed dispensary, it’s time to get a move on. Check into your local laws and see how viable the industry is in your area!
And remember, we have tons of great content aimed at helping green entrepreneurs! Make sure to check back with our blog for more great tips.