If you are an entrepreneur who is ready to start a business out of the box, then running your own medical marijuana dispensary can be one such business. As this is not a common business hence you will not loosely find information regarding it and will have to do a lot of research to start your own business. We have listed below a step-by-step guide that will help you set up this business in the initial stages;
- Understand if It is Legal in Your State:
Many states have legalized the use of medical marijuana and a few have still not, hence before you even start making a business plan, find out if this business is legal in your area or not.
- Get Permission:
Even if it is legal in your state, still you cannot start a dispensary of your own, you will have to obtain legal permits to do so hence apply for it to get the right clearance to set up your business.
- Keep Your Permits in Order:
Getting a permit is not as simple as it sounds, and you have to pay fees and taxes for the license. Apart from that, there are many other documents that need to be inline hence make sure you have all legal papers with you. We suggest you hire a legal representative to do this for you as this is not like other businesses and is sensitive hence you cannot go wrong with your documentation in order to start your marijuana medical dispensary.
- Have an Insurance:
This goes without saying that you need to insure your business from thefts and fire. Keep this capital aside and do not skimp on it to save money as in case of occurrence of any such incidence, at least you will be covered.
- Draft a Business Plan:
No business can succeed without a proper plan in place and the same thing applies to this business. Medical marijuana dispensary business plan should be done considering factors like industry overview, market analysis, finance, and marketing plans.
- Hiring a Trained and Licensed Representative:
You cannot hire anyone to sell these prescription drugs, but licensed personnel only are allowed to be behind the counter hence make sure to check all the credentials before hiring your employee or else you will get into legal trouble. Also, keep reviewing the person to see if he or she is doing this job correctly as you are dealing with a drug that can be dangerous if in the hands of people who have not been medically advised to take it.
- Obtain Funding:
No business can function without enough funding, to start your business you will have to obtain investors who are interested in investing in this business. You can opt for loans or use your personal savings to start this business.
Running a medical marijuana dispensary is a complex business to start as you are dealing in drugs that act as medicine only for few who have been prescribed it but you will also see a lot of drug addicts approaching the dispensary hence you have to be careful about whom you are giving the drugs to so that it does not fall in the hands of the wrong person.