First I would ask why you want to open a dispensary? If part of your answer is the reward of helping people then go ahead. The day to day operations with customers will be the most rewarding, then the money. If you do it solely for the money, Karma will come back and kick you. Now let’s talk about the deets.
There are currently thirteen states who have legalized the medicinal use of marijuana. Each one of these thirteen states has different laws surrounding the purchase and distribution of marijuana. First you want to do all of your own research, but here is a quick break down of most states’ processes. Second you want to follow all state laws and don’t antagonize the feds who might still want to bust you, even though it is legal under state law.
- Get legal!This is just common sense plain and simple.
- Business Acumen. This can be a long process, for example, Marijuana dealers in Arizona and New Mexico must go through the state to obtain a license. They must also acquire tax stamps showing that they have paid the state tax requirements on all sales of marijuana. Enjoy the Process :-).
- Become a Patient. If you’re going to be in this field, your going to be around it so get yourself covered by Visiting a doctor, it’s easy. If you can, call around first to find one that will write you a script that will cover you for possessing more then the generally accepted legal limit if it’s possible. For example, if you live in California, you’re allowed to possess up to 6 mature and 12 immature plants in general but if a doctor recommends more then you’re allowed to possess more but never have more then 99 plants or 5 pounds because it brings federal charges.
- Incorporate. There’s a specific order of steps you need to follow. You need to create a collective as a non-profit corporation first, before you can get your licenses and permits. It’s recommended you form a collective and not a cooperative. legalzoom.com or hire a lawyer to make sure the paper work is right so their are no questions on liability.
- Sign a lease. You need to do this one last step before you can file for any licenses and permits. Why? The sellers permit and business license requires an address for your location; it’s no good anywhere else.
- Obtain a License. Ok, your finally ready to file for licenses and permits. Don’t skip this step, medical marijuana transactions are taxable by law. Usually, An annual fee of $100 is required to become licensed to sell marijuana.
- Pay Taxes. Tax stamps are $10 per every ounce you sell, don’t cut corners on this, pay your taxes, you will still be making money. All fees are payable to the Department of Revenue
- Open up for business!Don’t skimp out on security, it’s improtant. At least one security camera is required. Follow the law and keep a low profile, no matter what you do it’s still a risk in this business, but it is good to know that you are helping people. Good luck!
- Security. Watch your parking lot. Not enough people do and it leads to trouble. People loiter, roll up and sell bud to their friends and it makes you a target
For more information check out our Business Plans for Dispensaries at https://theweedbusiness.com/business-plans