Updated: Jul 1
Marijuana dispensaries are one of the greatest opportunities at the moment for CBD/Cannabis business owners. It’s a smoking hot topic since many states have a process for marijuana to be legal. By opening up to the market, this is now a growing and relatively new industry to explore and innovate. If you’re thinking about taking a chunk in the CBD business, now is a perfect time.
A marijuana dispensary in the States!
What is a marijuana dispensary?
In the simplest words, it’s where they sell cannabis products, from edibles to flowers, concentrate, and other varieties. A marijuana dispensary is actually the retailer of the CBD industry to bring it out to the public. Since weed is now legalized in many states, starting a dispensary is a great chance to join the CBD market.
Yet due to part of the legal framework, dispensaries can only sell products that are legal and licensed. But apart from that, the opportunity is incredible. According to research in 2019, cannabis dispensaries generate nearly 8 billion dollars and the number will continue to grow in the following years. The industry still has a lot of room for you to play around and have fun with! So if you’re looking for a fresh business idea, this is what you need.
How much is the cost for a marijuana dispensary?
The price range might vary, due to location choices and staff hiring. However, we’re sure that it’s no less than $250.000, to begin with. Spend your money wisely. You should take some moment to figure out what is the most important to your business, then arrange your budget accordingly.
The average cost will apply for the following aspect, so you can calculate on your own:
Applying for licenses.
Store equipment & tools.
Taxes and insurance.
It may cost you around $500k0-$850k once everything is in place and luckily there are many investors out there looking for opportunities such as this to assist you financially. There are also wonderful resources with local SBA and startup, small business loans.
How to start a marijuana dispensary: step by step guide
We know as beginners, you’ll have a lot of questions about the process and everything. Don’t worry, we've got you! Here is what you should do before starting a marijuana dispensary.