If you’re thinking about opening a dispensary, there’s a lot you need to consider. One of the essential aspects you’ll want to figure out early on is where you’ll set up shop. The process is a bit more involved than simply choosing a location that appeals to you. Here, we’ve got your guide on how to choose the best place for a cannabis dispensary.
Figure Out What Kind of Dispensary You’ll Be
When starting a dispensary, you have a lot to consider. First, what kind of dispensary do you want to be? The answer may depend on your location. For instance, if you live in a state that only allows medical cannabis, you won’t be able to set up a recreational dispensary. If both are legal in your state, then you’ll need to decide which way you want to go.
Find Out Where You’re Allowed to Set Up
Even if your state has legalized medical and recreational cannabis, that doesn’t mean you can set up shop anywhere you want. Each municipality gets to decide whether or not cannabis dispensaries can open within their jurisdiction. Even if they allow cannabis operations, they may only permit certain ones. Before setting your sights on a specific location, make sure you’ll be allowed to set up shop there.
Assess Whether Your Dispensary Will Integrate With the Community
When you open a dispensary, you’re doing more than opening a shop; you’re becoming part of the community. The people, businesses, and trends of a specific location will influence how you build and run your dispensary. As the local economy thrives and grows, so do you. Investing in the community (donating to charities, supporting local organizations, etc.) is essentially just investing in yourself, and can help keep your business growing for years to come.
Take Stock of Your Competition
With the growing interest in using cannabis, more dispensaries are popping up to meet demand. No matter where you set up shop, you’ll likely have some local competition. Before you choose a location, be sure to scope out other dispensaries in the area.
You want to be in a spot that will get you noticed, but you also don’t want to be too close to an already established business. At the same time, you’ll want to have a good sense of who your competition is and what they sell. The more you know about your competitors, the better equipped you’ll be to set yourself apart.
Get Approval from Your Landlord
If you don’t have the available funds to purchase or build a shop, you’ll need to lease a commercial space for your dispensary. While you may have made sure that your municipality allows your type of dispensary, that doesn’t mean the building owner will. In other words, you’ll need to clear your plan with your landlord first. You don’t want to sign an agreement only to find out later that the owner of your shop space is opposed to cannabis.
Get the Funding You Need for Your Cannabis Dispensary
How to choose the best place for a cannabis dispensary is about more than picking a location you like. You have a lot to consider, including local laws, the community itself, and any competition in the area. However, with careful planning, you can find the perfect place to set up shop.
Are you in need of cannabis funding for your dispensary? Bespoke Financial offers several options for dispensary loans, including lines of credit, inventory financing, invoice financing, and more. The right solution can help you to run and grow your dispensary effectively, leading to lasting success. For more information, visit Bespoke Financial today.