The recent explosion of the marijuana growth and dispensary industry is something that can’t be ignored. Based on valuable factors like loosening of federal regulation, increases in demand, and growing societal acceptance; it looks like the marijuana dispensing industry is here to stay in the United States.
Having a marijuana dispensary license is one of the most foundational steps in the process of growing your business.
One of the most useful concepts to familiarize yourself with in the process of understanding cannabis law is the differences between federal vs. state law.
From a federal standpoint, marijuana is still illegal.
For many years, this has caused complications for the dispensary industry and thrown roadblocks in the way of aspiring growers.
From a state standpoint, things are a little different.
Certain states have become extremely hospitable towards the cannabis industry, with some even going far enough as to promote recreational use in their state.
This makes things a little easier, especially if you’re in a state like Colorado that is generally hospitable towards the industry.
The process of earning a marijuana dispensary license boils down to forming a sound business model, and essentially finding a way to prove that model to the government.
You should start by identifying competitive market angles, as well as figuring out who you’re actually selling to. Building an idea of your target customer is one of the most important steps in creating your business plan.
You then should start to formulate a business plan which has specific goals laid out, as well as includes information about how you’ll operate. The more organized and well put together you are, the more likely it is that your application gets accepted.
Before submitting your application, you should be well-versed in local zoning law and see if there are any restrictions or limitations in your way.
When applying, you’ll need to send in some documents and security plans. They’ll also want a background check to make sure your record is clean.
The main goal with this application is to demonstrate a few different things:
After you submit your application, you’re going to need to allocate some funds for licensing and application fees. These aren’t major, but might include some baseline costs before getting your business off the ground.
Once you submit it, your facility is likely going to be scheduled for inspection. Be ready to answer questions the inspectors might have, as well as be sure to keep your facility safe and secure.
Avoid having hazards and health violations, as that will likely get your application immediately shut down.
Once you’ve completed these steps, you should be all set and on your way to being granted a marijuana dispensary license. It’s important to remember to stay organized, have a sound business model, and be compliant with any inspections or future renewal audits.
It’s advisable to write down the day in which you’ll need to renew your license, and internally regulate your business to ensure you don’t have any violations.
Ultimately, it’s not particularly difficult to get one of these licenses, it just comes down to dedication and diligent planning.
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