So far in the U.S., there are four states that have completely legalized cannabis, and nearly two dozen more have allowed medical marijuana. And more are on the way to approving cannabis sales, with New York currently considering allowing medicinal cannabis. In order to begin operating, however, businesses have many steps to go through. Learning to how to get a marijuana business license and working with other professionals in the industry are important steps toward opening your own enterprise. Here are some tips to get you started:
Decide what kind of cannabis business you want to open.
Believe it or not, there are more than simply dispensaries and other retail businesses on the cannabis supply chain. Cultivators and wholesalers also play important roles in the industry, and these businesses can be just as profitable as the retail side of things. In addition to those who directly work with these products, there are also marketers, consultants, and other professionals in the cannabis industry.
Work with cannabis consultants to get a marijuana business license.
Normally, getting a business license doesn’t take a long time, unless a restaurant is also applying for a liquor license to serve alcohol. Licensing a marijuana business, however, takes much longer because the licenses must go through the state. While some people may view the cannabis industry as a “get rich quick scheme,” the licensing process can take up to a whole year or longer. This is due to the stringent requirements that all businesses must meet in order to operate legally, and the applications often require lengthy business proposals. Not filling these applications out can mean that an entrepreneur won’t get a marijuana business license, so working with a consultant can speed up the process.
Perform market research (or get someone to do it for you).
Is there a need for your business in a particular location? This is something you can find out when you do a bit of research. For instance, if there are hospitals or doctor’s offices near the location you want for your store, then you can work with those medical professionals. If you’re looking to start a medical marijuana business, you may need to work with someone to focus on your medical marijuana marketing campaigns. There are several advertising agencies and even business consultants who work specifically with recreational and medicinal marijuana businesses.
Have more questions about getting a marijuana business license? Make sure to talk with a cannabis consultant today.