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How Much It Costs To Set Up A Cannabis Dispensary

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Marijuana industry continues to flourish and many people are considering starting a business in this lucrative industry. If you are a cannabis enthusiast and you thinking of commencing a dispensary, then you need to know various factors that can influence the cost of opening a dispensary.

Dispensary Set Up Fees

The application process is tedious and costly in a way that it defines a serious applicant form those who are not committed to indulging in business. As a result, there are various requirements that one should meet before commencing the business.

Generally, the application fee for medical cannabis businesses costs $5,000 (non-refundable fee). Furthermore, there are licensing fees that vary depending on the location of the business and state. Most applicants fail to meet the startup financial requirements necessary to run the business operations. In addition, the business permit requires one to have some substantial amount of cash at hand, for instance, in Nevada one need to have $250,000 in liquid assets before setting up the business.

The Costs Of Operating Business

There are also the costs involved in running the business such as rent or purchase of space, inventory, interior design, professional fees, employing workers, designing website and logos, security system and much more. However, there are ways that one can reduce these costs. For instance, one can decide to grow weed to save the amount spent on suppliers.

There are also the indirect costs for opening a marijuana dispensary. For example, in Colorado, one has to be a local resident of the area for about two years and should meet other requirements before being allowed to set up a business. In some states such as Connecticut, a grower is supposed to part with about $75,000 license maintenance fee annually and an extra $25,000 the application fee alone.  Nevada charges the cannabis growers a growing fee of $3,000.

If you are planning to start a business in the cannabis industry, then it’s good to consider your current financial powers and capabilities.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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