It\u2019s important that you choose a location that meets all the requirements and laws of your state. There are many options (such as partnerships and sole proprietorships), so don\u2019t make this decision lightly. Because you\u2019ll need to hire employees (you need to obtain an Employer Identification Number), or EIN, from the IRS.<\/p>\n

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Commercial-scale cultivation of cannabis requires a very specific skill set, which may require hiring new staff you did not originally anticipate. You\u2019ll also want to verify that they can produce the quantities you\u2019ll need and that they are in good standing as far as their own licensing status with the state. When the time comes to evaluate potential providers (look for wholesalers with an established reputation in the industry), and those who grow the specific strains you\u2019re most interested in marketing.<\/p>\n

So, if you\u2019re planning on launching a cannabis retail store, you\u2019ll need to verify that it\u2019s allowed in the county, city, or town in which you want to do business. In Canada (traditional banks such as BMO and TD will issue a bank loan for a dispensary), and cannabis entrepreneurs are now eligible for funding from the Business Development Bank of Canada. Until cannabis banking reform passes, no major U.S. bank will loan money to fund a cannabis dispensary. After the state\/province approves your license, you may also be required to seek additional approval at the local level. This is usually fairly straightforward; ensure you are open and honest to the best of your ability, and double-check that you have every one of the required elements of the application. Sometimes this is because some entities don\u2019t want to be involved with those in the cannabis industry at all, such as financial institutions.<\/p>\n

Your inventory manager should monitor stock level and ensure popular products are on the shelf and ready to sell. Most provinces require you to detail your adherence to their security and surveillance guidelines as part of the licensing and application process \u2014 so you\u2019ll want to begin working with someone to help you design your security system as soon as possible. Most retailers will train their office manager into this role over time, though during startup you may require additional assistance from someone with more experience. Staying on top of your taxes and understanding everything you are responsible for from an accounting point of view is critical.<\/p>\n

Having a smart cannabis business plan \u2014 beautiful store, and great employees is important, but when opening your dispensary, you also need to consider your network, hardware, security, and technology partners. You\u2019ll notice the pay scales vary on location, or high growth areas, but also on experience. If your staff feel like they are cared for, compensated appropriately, and have opportunities for growth, they will stick around. The success of your medical marijuana dispensary or recreational retail store hinges on your team. Theft is common (so make sure if one employee creates a fake inventory discrepancy), another employee has to review\/approve that discrepancy.<\/p>\n

Beyond licensing, you\u2019ll need to research incorporation requirements, insurance needs, labor laws, tax obligations, and more. Regulations can vary significantly between states, cities, and municipalities, so a surface-level understanding won\u2019t suffice. How you\u2019ll scale the business over time through expansion locations (new product verticals), marketing initiatives, and more.<\/p>\n