Around 44% of Americans who have tried cannabis once still use it today, which shows it’s a great market to cash in on.
Opening a marijuana dispensary lets you capitalize on your passion, meet like-minded people, and deepen your cannabis knowledge. Perhaps you’re eager to open your doors, but you’re unsure where to start.
Don’t worry. You’ve come to the right place. Here is how to open a marijuana dispensary today.
Understand the Law
One of the top cannabis business tips is understanding the law. Regardless of whether your state has legalized marijuana, you still need various licenses and certifications to trade.
Further, every state has regulations regarding how many cannabis products one person can buy and the amount of THC in a single serving. It’s also important to note that a cannabis dispensary is taxed more than other stores, so familiarize yourself with the tax laws to avoid any issues.
Entrepreneurs know that when you’re starting a business, you need funding.
Unlike traditional forms like the bank, you must seek alternative options to open your cannabis business. For instance, try crowdfunding and angel investors.
Find a Rental Property
You’ve got the cash for your marijuana business. Now it’s time to find the best spot.
Your store must be 1000 feet from a church, school, and a residential zone in most states. And because cannabis laws constantly change, choose a storefront that will likely be compliant in the next few years to avoid getting shut down.
Improve Your Cannabis Knowledge
It’s essential to expand your cannabis knowledge constantly.
Many clients will have little experience with cannabis. It’s your role to explain how each strain is different, so they’re reassured. And if you’re hiring, offer regular training, especially when you get new products, so your team can provide clients with excellent advice.
Market Your Dispensary
Around 36% of small businesses don’t have a website, which means business owners miss out on leads.
To prevent this, create a website that is easy to navigate so that you can reach out-of-state consumers. You must also regularly update your social media channels with the latest product launches so you can engage with your audience.
Further, learn tricks to attract more customers. For instance, send out informative newsletters and create a loyalty reward system to encourage repeat customers.
You could also hand out promotional swag like t-shirts or a branded ashtray. Not only does it show customers that you appreciate them, but it also acts as a free advertisement for your dispensary.
Time to Open Your Marijuana Dispensary
Hopefully, after reading this article, you’re ready to open your marijuana dispensary.
Ensure you understand the intricacies of cannabis laws, get funding from a reliable source and find the perfect property. You should also deepen your knowledge and prioritize marketing so you grow.
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