What Marijuana Licencing Costs Should You Consider?
People who get paid to do what they love or work in an environment that makes them happy are in a privileged position. Earning money for doing something that you may do anyway, as a hobby or side project, for example, is what many folks strive towards. It can provide great job satisfaction, which in turn can reduce stress and change a person’s whole outlook and demeanor. For cannabis enthusiasts, this could involve opening and running a marijuana dispensary. Many people see a personality change when doing something they love. For marijuana lovers, what could be better than capitalizing on the ever-increasing demand for cannabis across the world due to the legalization of medical marijuana in more and more places?
Where do I start?
The cannabis industry is thriving and will inevitably grow as laws and policies on medical marijuana continue to change and evolve to suit patient needs and requirements. There is money to be made in the efficient ownership of a dispensary. Ultimately to set up a successful dispensary business requires a dispensary license before anything else. Location is pivotal, and the ongoing elements of having a reliable and trustworthy professional team operating Seed to Sales Software are of equal importance to maintain returning custom and profit.
Estimated Rundown Of Costs To Open A Dispensary
The cost of opening a cannabis dispensary ranges from $150,000 to $2 million. Opening a marijuana dispensary can be likened to starting any small business, but there are slight differentials. Specific state regulations and financial hurdles become unforeseen obstacles if you don’t prepare and research them. They can be tricky and can turn out to be more expensive than one might think. Budget sizes fluctuate, but the many variables of capital requirements inevitably mean that some costs are in your control while others are tied to the jurisdiction you find yourself.
We have compiled a rough breakdown of what it could entail for you below;
- $250,000 for annual staffing,
- $100,000 in yearly rent
- $50,000 for up-front renovations
- $5,000 for your license application
- $1000 to $10,000 annual license fee
- $100,000 Expenses
- $50,000 to optimize store flow by remodeling the space to meet regulations and match your brand identity
- $2000 p/m to join credit unions or private marijuana banks (Holding fees)
- $25,000 electronics
- $1,500 per pound of flower shop stock
- £25,000 for advertising
- $50,000 in insurance
This, of course, is without the purchase of a modern high-tech POS system and the installation of security, be it in person or via CCTV and alarm systems, respectively. Other fees might come in the form of medical marijuana license costs if you were to register and be authorized to store, distribute and sell medical marijuana upon application. This will bring extra revenue into your facility but will come with specific legislation of its own and the relevant registration fees that accompany the accreditation. The cost will vary, of course, depending on location and the scale of each project; it is worth consulting with people that have been through the process and get accurate measurements from contractors before you can truly gauge a more realistic final cost of opening your own cannabis dispensary.