Setting up a Marijuana Dispensary to sell medical cannabis and edibles to marijuana card patients can be a tricky process. Each state has different processes for applying, opening and operating marijuana dispensaries, as well as, having an in-house grow room, selling clones, amounts of medical cannabis each patient can buy and many other small detailed items. Finding Investors, lawyers, employees, growers, wholesale supply partners are just some of the things you need to think about prior to starting a medical marijuana dispensary.
Marijuana Dispensary Business Plans
A business plan/prospectus is required prior to applying for a business loan to start up a medical marijuana dispensary. There are many factors that need to be thought out in detail if you are thinking about owning a dispensary. Some of the most important things are:
-Locations, size, hours
-cost per sq. ft.
-lease agreements, CAM’s
-build-out (cabinets, furniture)
-phones/phone systems, alarm systems
(project these costs out for the next 5 yrs)
-employment – salaries/bene’s
–taxes (accountants, etc.)
–lawer fees to incorporate
–tradmarking your business name
Next, you have to decide who you want to sell your medical marijuana to, what you want to sell the medicine for, and then break down your costs down to the last screw so you can have a good idea how much marijuana you have to sell to make ends meet for several years. Figure what your profits will be in 1 year? and then in 5 years? How do you intend to build business and bring in customers?
These are just some of the main things you need to think about prior to applying for a marijuana dispensary loan.
Business Loans for Marijuana Dispensary
Since medical marijuana is still illegal according to the Feds, Banks are not allowed to loan funds to start up a marijuana dispensary nor can they invest in any aspect of the business. You will need to find private investors, lenders or venture capitalists that are interested in looking at your business plan before you can apply for any loans. One of the biggest mistakes being made is that investors are charging such high percentages on interest rates that its forcing some dispensaries to use their only profit to pay the loan. This usually results in more loans being used or the dispensary owner is forced to sell out or close down for good.
We are part of the largest network of Private Money Investors for Marijuana Businesses that are looking to Invest in your business.