Whenever you want to break into an industry, having intimate knowledge of that industry is essential. Now that marijuana is legal in Colorado, we see dispensaries and pot shops pop up like weeds – pun intended. But just because you like to partake in recreational marijuana and consider yourself an entrepreneur, doesn’t mean that you are fit to jump into the pot business. If you do want to give it a shot, make sure you seek the advice of counsel to sidestep legal problems before you even get your business up and running.
Legal advice for opening a pot dispensary
Talk to a lawyer before you try to break into the marijuana business.
Just because it’s legal doesn’t mean that you can open up a shop and start selling. As with any industry, you need connections and some insider knowledge about all the legalities of running a dispensary. Understanding the unique legal considerations for the marijuana industry is a crucial component of your success. Seeking legal advice is a good start and will help you sidestep many costly mistakes.
Common mistakes
The marijuana industry is new and unlike other businesses. There are unique rules and considerations that you need to be aware of before you dive into the pot business. There are different rules and regulations when it comes to accounting, taxes, insurance, liability, compliance, security, and of course, licensing.
Get rich quick
A common misconception is that this industry is a “get rich quick” industry. It is not. You will need to have considerable capital up front before you even see your first sale. Although the marijuana industry has already raked in trillions of dollars since 2014, you will most likely not become a trillionaire yourself. At least, not for a long while.
Licencing for dispensary
To get a license for a dispensary, you need to be able to prove that you have a successful business plan. It’s not enough to say that you ran a successful side hustle in college or managed to grow plants in your dorm room without being busted by your RA. You need to show competence and a detailed business plan that covers all the bases, including how you are going to procure, secure, and store the products.
Cannabis and Industrial Help Law
Get legal advice from Sandstrum Law regarding the medical and recreational marijuana and hemp laws, legalization, including compliance, registration, distribution, enforcement and choosing the right business entity and establishing the right legal strategy for processors, growers, brokers, buyers, farmers, dispensaries, infused-product manufacturers, and testing laboratories.
