Throughout the years, more and more states have started legalizing cannabis. While it can be a great opportunity for growing business, the cannabis business is still one of the most highly regulated because it requires constant planning, permits, paperwork, and inspection.
Four Steps of an Ideal Cannabis Dispensary Business Plan in Michigan
Michigan legalized marijuana in 2018, leading to a major boost in the market and making way for many businesses to set up their shops in the Great Lake State. Before you plan to set up a dispensary in Michigan, here’s a structured business plan for planning, licensing, and attracting potential investors.
Step 1: Create a Strong Business Plan
Making decisions related to what you want for your business includes a lot of planning and without a rock-solid business plan, you would not be eligible to acquire a license. The business plan should include the structure, niche, ancillary services, and creation of short- and long-term goals for your business.
Creating a cannabis dispensary business plan should include content that’s easy to understand — which can be done by using simple to-the-point language as well as bars and graphs that highlight the business’s investments, revenue, and budget.
Step 2: Acquire a License
The Michigan Medical Marijuana Act regulates and permits the use of medical marijuana in the state. The Medical Marijuana Facilities Licensing Act provides regulations to acquire a license to open and sell cannabis products through dispensaries. The Michigan Marijuana Regulatory Agency (MRA) is responsible for providing a license, to obtain it, you would need to complete the 2-step qualification process.
Step 3: Locate an Ideal Area and Meeting Zone Requirements
To open a dispensary in Michigan, it is important to choose a location from the Michigan Green Zone Map. An ideal location should be decided with the help of a local since it can help you to pinpoint specific hotspots around the state.
According to Michigan state law, a dispensary cannot be located in any residential or school area. Therefore, it is important to consult the local authorities when you choose your preferred area.
Step 4: Apply for a State Facility License
To build your facility, it’s essential to acquire a state operating license. MRA recommends that you apply for it 2 months after you obtain the facility license. After the MRA and Bureau of Fire Services complete their inspection, you have to pay the license fee, and soon you will be ready to open your facility.
Establishing Yourself as the Best in Market
The procedure for creating a cannabis dispensary business plan and working through the whole process might seem intensive, but it is important to remember that these regulations help the government to make sure that people get fair business opportunities. The government benefits also through the sales and taxes of these dispensaries. If you’re in need of funding and wish to have smooth sailing while setting up your dispensary, Bespoke Financial offers many services including inventory financing, line of credit, and option for loans in order to support our clients as they grow their business. For more information, visit our website.