As you well know, Colorado has led the charge on marijuana legalization in the United States. back in 2000, it was the first state to legalize medical marijuana. And in 2012, it was also one of the first to legalize recreational marijuana.
So, as of right now, there are two sides to the industry: recreational and medical marijuana. In either of the cases, you can choose to cultivate and grow your own, but you can also purchase it from specialized farms. Whatever you choose to do, opening either a medical or recreational dispensary requires quite a few things.
Firstly, you’ll need to be a current resident in order to open up a dispensary. And even if you are, you’ll need to have lived there for at least 2 years before going through the application process. However, there’s a bit of wiggle room for foreign investment of businesses. Even so, the state prioritizes making their marijuana industry home-grown.
How To Open A Marijuana Dispensary In Colorado With 6 Easy Steps
As of right now, you can open a medical or recreational marijuana dispensary in Colorado. However, a lot of it depends on either the city or county you’re in. Not all of the cities and counties allow for marijuana dispensaries. And with the way Colorado state law works, they are completely within their legal right to ban or prohibit operations.
Step 1: Have A Business Plan
When it comes to opening a medical or recreational marijuana dispensary, you need to have a business plan. It’s not only good for you, but also something lenders will look at when deciding to give you a loan or invest in you. And let’s be honest, opening and running a business is expensive. So, if you want to finance it, you’ll have to look into some loan options.
Step 2: Find A Location
As we talked about above, not all cities and counties in Colorado allow for dispensaries. You’ll need to find a place that allows for it, but you’ll also need a location that isn’t already saturated with other businesses– but also still gets a lot of traffic.
Step 3: Make Sure Your Infrastructure Is Rock Solid
Even though you can now legally sell in Colorado, it doesn’t mean it’s completely easy. You need to make sure your business will operate 100% legally and compliant with recreational and medical marijuana laws in the state. There are quite a few regulations to meet, so make sure you’re fully prepared.
Step 4: Get Licensed
You need to apply for licensing with the state of Colorado for medical and recreational distribution. However, you’ll also need to apply for a state tax license, local authority license, and a growing license if you choose to grow as well.
Step 5: Have Access to Marijuana
Whether you’re growing it yourself or purchasing it from cultivators, you need marijuana in stock for your dispensary to actually have a business. Make sure you have a contract with any outside cultivators or manufacturers that produce marijuana-based products.
Step 6: Switch The Sign To “Open”
Once you’ve put all the operational infrastructure in place, it’s time to open your doors. Remember, though, stay in line with the state regulations.
To Wrap It All Up
The marijuana industry is a fast-growing field. So, it makes sense that you want to get in on the opportunity. There’s a great deal of money to be made, but to do so, you need to get the proper licensing. Make sure you find a good location and have a good way to refill your stock.
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