Planning to open a marijuana dispensary? You’re not alone. According to the latest data, Colorado is home to 529 licensed marijuana stores, as of July 1, 2016. And even though most people consider it a lucrative business, setting up your own dispensary isn’t necessarily easy.
From permits to fees, it’s imperative to meet state-mandated rules and regulations to set up your business.
Here is a simple guideline to help you venture into the medical marijuana industry:
First and foremost, you will have to understand Colorado’s medical marijuana laws. There are certain requirements for owning and running a dispensary in Colorado. These include being 21 years of age, being a resident of Colorado, among others.
If you have met state requirements, you can proceed with filing an application. You will be asked to hand over all paperwork, so make sure you have all documents ready prior to your appointment.
Thereafter, you will be asked to pay the state application and license fees to the state’s Marijuana Enforcement Division.
Focus on product quality
In order to run a successful business, you need to sell high quality medical marijuana. You can grow it yourself or hire an expert. Whatever manufacturing method you choose, it’s important to create pure stock, which is free from containments. Factors such as weather changes and sunlight can affect your plant.
Choose a dispensary location
Once you are done with all the legal work, develop a business plan. This should focus on your dispensary goals, budget, etc.
Next step, buy or rent a location. Of course, the property cost varies, depending on the location. It’s better to rent a property, especially if you’re new to the business. Medical marijuana dispensaries are profitable, yet risky investments. Thus, rent a property to be on the safe side.
Other factors to consider for choosing the dispensary property include competing dispensaries in same vicinity, household size, etc.
In addition, invest in enhancing the dispensary’s visual appeal. An attractive, spacious and clean dispensary attracts customers.
Promote your business
Market your business. From a website to referrals, there are plenty of methods to spread the word about your dispensary.
Provide efficient customer service
Focus on providing efficient customer service. Train your staff to deal with customers in a courteous, professional manner. At the end of the day, no business can survive without a solid customer base. Moreover, every satisfied customer will tell others about your dispensary. Word of mouth advertising is a powerful tool to take your business to the next level.
Invest In a marijuana ATM machine
Lastly, install an ATM machine at your dispensary. Your customers want convenience and ease when buying marijuana. You can meet their expectations by offering an ATM facility at your dispensary.