The cannabis industry has been growing in leaps and bounds over the past few years in Nevada, including the generation of over $750,000 in taxable sales in the 2022-2023 fiscal year.
This is largely because of the tourism market, which thrives in Las Vegas every year with over 40,000,000 people visiting annually, and the law being favorable for cannabis dispensaries.
Dispensaries in Las Vegas are the main source of this revenue, which makes Nevada a prime location to open up a cannabis dispensary.
In this blog, we’ll take a look at how to open a cannabis dispensary in Nevada and what steps you should be taking right now to get you on the right track.
Nevada is a relatively hospitable place for the cannabis industry, including the fact that they legalized medical marijuana all the way back in 2000 and then approved recreational use in 2016.
The main regulatory body you’ll need to be mindful of is the Nevada Cannabis Compliance Board, which oversees everything dispensary-related in the state of Nevada.
According to the current law in Nevada, you can possess up to 1 oz of flower or ⅛ oz of concentrate at once, as long as you are over the age of 21. However, it is still illegal to transport cannabis across state lines or use it in public places.
In order to get your license approved, it’s important that you pay attention to and comply with all state and local laws.
From here, we’ll want to make a comprehensive business and marketing strategy to eventually get financed and work with investors.
You’ll want to do some important types of market research, including: figuring out where the currently successful dispensaries are operating, what they’re selling, who they’re employing, etc.
As of 2023, Nevada had 85 officially licensed dispensaries, which makes the landscape somewhat competitive but still doable. Your startup cost here is going to be a bit pricey given that it is Nevada, but as long as your budgeting is done thoroughly and carefully, you should be able to launch your dispensary for under $500,000-$1,000,000.
Remember that annual sales in Nevada are greater than $750,000,000 which is an astounding amount of growth potential for a new dispensary to enter.
When scouting out a location for a new cannabis dispensary in Nevada, there are a few pieces of information to keep in mind.
There are a couple of zoning regulations you’ll have to think about, including ensuring that dispensaries are at least 1,500 feet from schools/daycare facilities. They also have to be at least 300 feet away from community facilities.
Remember that we’re going to want to find a location that gives us either a decent amount of foot traffic or drive-by traffic, as well as somewhere that can be easily optimized on map-based applications like Apple Maps or Google Maps.
The majority of the cannabis dispensaries in Nevada are in Las Vegas, which makes it one of the perfect locations to open one up. Las Vegas has a fantastic mix of tourism and native strip enjoyers who are always looking for new dispensaries and smoke shops.
It’s good practice to contact local zoning departments ahead of time to make sure the location is compliant with city and state regulations. You’ll oftentimes have to lease or purchase a property before applying for the license.
The next step in your plan to open up a cannabis dispensary in Nevada is to acquire your necessary licenses and create a security plan.
The first license you’ll need is a detailed dispensary license which is given out by the CCB. You will also be background-checked and have your finances reviewed to ensure you’re legitimate.
When applying for these licenses, make sure you have a detailed operational plan, pay the non-refundable application fee, and have funding in place for the annual licensing fee.
The non-refundable application fee starts at $10,000 or higher, and the annual license fee starts at $30,000 or higher.
While licenses are limited, you’re most likely to be approved if you have a clean record, solid finances, and some kind of previous experience in regulated industries.
You’ll then want to make a security and compliance plan that uses some kind of Marijuana Enforcement Tracking Reporting Compliance software to manage and track your cannabis inventory.
You’ll also want to conduct routine audits, and put 24/7 security cameras inside and outside the store.
Ultimately, based on the current tourism and legal opportunities available in Nevada right now, you have a prime opportunity here to open a cannabis dispensary.
Make sure you do your due diligence, stay compliant with the law, and put the necessary measures in place to ensure you are legally, legitimately, and effectively able to open a new dispensary in the state of Nevada.
The guidance you need to take your dispensary to the next level.
Let us show you why Toke is the POS your dispensary needs.
.svg)