How do you start a dispensary business legally in your state without having to worry about the boys being on your back? ( code for cops)
Now in this video, I’m going to break down the start-up cost, expenses, and, most important, the profits of getting into the cannabis industry.
Questions I’m going to answer
– Is worth it
– Is it hype
– Is it a long term thing
Ps: Some articles say 500k-2million ( however that’s just crazy) is kind of like people that think it takes a million to get into real estate; it’s all about how creative you get legally.
How to start cannabis dispensary business | legally
First Thing Legal states:
Medical Use: 24 States
Medical and Recreation Use: 9 states
Understanding the laws
Start-Up Cost:
– License: However, states limit the licenses they give you, so you want to talk to a state regulatory agency.
– If none Available: you can always buy an existant retailer and get their license ( tactics used by some people to get bank licenses also)
– Retailer License: 1500-6000 and could require a requiring annual fee
– Location/Retail Spot: ( cant be around a school and as to be approved by the state)
– Inventory: Prices range by distributors
– Employees: Minimum wage or how much you choose
Expenses:
– Space: $2000-16,000 or more depending on the location
– Employees: Minimum wage which is $12 you’ll probably pay more
– Inventory: $1,464 per pound which around 453 grams
Average Dime weighs: .5 grams which are ( 906 dime bags)
The volume of what you do
– Legal fees to make sure you stay within the laws: ( compliance officer)
Profits:
Medical Prices: are actually higher than Recreational ( Insurance pays vs. individual pays)
Cannabis Price: you have Normal Cannabis and Then Brand Cannabis ( like the difference between Gucci shirts and Hanes shirts, they all fit but it’s different)
Average Price: California Example ( don’t forget about the Tax)
1 gram: 10.82-$13.52 ( calculate Profits )
1 Pound 1700-1816 ( calculate Profits)
Challenges: Biggest
– It’s getting a license ( you’ll need connections)
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