5 Things to Know Before Starting a Marijuana Dispensary in Canada
The cannabis industry is booming globally. The market value is massive. Since cannabis has been legalized in Canada for medical and recreational purposes, people can open their marijuana dispensary.
This business certainly does not require too much investment and has been shown to bring a lot of income. Either way, no company is easy to start. There are legal standards that must be met. An essential thing is also a business plan before getting involved in any business.
If you do not know how to operate dispensaries and want to start from scratch, it is essential to be well informed. If you are familiar with how retail business works, it will be apparent that the principle is similar to dispensaries.
Either way, some things are different and some other factors that need to be addressed. Here are some information and tips that will help you if you are planning to start a business opening a marijuana dispensary.
Check the Law
Although cannabis is legalized in Canada, you need to find out about the specifics of the law. The law in each province is different. Don’t think that substance legalization is all it takes to start your business.
It is also essential to know that the laws are different even if you have an online dispensary Canada has regulations on how and where you can promote your marijuana sales business. Depending on which province you are in, the law will be different.
So be well informed about all the specifications and provisions related to the law on the sale of marijuana.
Operate Legally With a License
To get into business at all, you need to make a license application. LCRB has created an online platform where all retailers who want to sell cannabis must apply. You need a license because, without it, your business becomes an illegal marijuana sale.
Anyone can apply because there is no limited number of licenses that can be processed unless local government regulations limit it. You will need money for this license, and you will need to be willing to pay a fee during the application process.
After that, you will pay for the renewal of the license on an annual basis. This amounts to about $ 1,500. In some provinces, local authorities have limited the number of licenses, so think carefully before choosing a location to start a business.
Find a Good Location
Since we have already mentioned the location, it is essential to find an excellent place to open your dispensary. Every business thrives mainly because of a well-chosen location. So it is with cannabis sales.
First of all, focus again on the law. The state has laws related to zones where a medical retail shop can be opened. Look for a location under this law so that you do not have problems with the license application.
Try to find a location where people walk a lot and preferably a place closer to the main streets.
Business and Financial Planning
To start a business successfully, you need a good business plan. This is essential if you want to avoid getting into unpredictable situations. This way, you will have the ultimate goal with all possible strategies.
The marijuana sales business may not require too much investment, but it is certainly not inexpensive. Many banks will not grant you loans to start a business. So you will need to have investment money to start up.
Like any business, this one requires precise financial planning. It is best to find a financial advisor and do all the necessary preparations and financial planning if you are able.
Good Marketing and Exterior View
If you are starting a new business and opening your dispensary, you must also engage in marketing. You need to promote your services and products to find your place in the already large cannabis market.
The point is to be as unique as possible and to offer good service. Like finance, marketing is done with an elaborate plan. This is the part of the business that needs to be invested the most. There are also some regulations when promoting cannabis products.
In Canada, it is illegal to promote cannabis products. Also, online promotion is not allowed unless you sell cannabis-related accessories like vaporizers or rolling papers. If you opt for online promotion, the site must have mandatory age verification.
The same goes for the exterior of the dispensary. No obvious promotional material may be at the entrance. The only thing buyers can see is the Canadian government’s permission that the dispensary has the license to sell marijuana products.
Everyone needs some knowledge before starting a business. Regulations and the law must be respected, so you must process them well. The beginning is always difficult, but in the end, the effort is mostly worth it. Take another tour over those tips we have given you, and good luck with starting a business that is perhaps one of the strongest on the market.