When opening your marijuana dispensary in Colorado, there are a few things to take into account. It is a booming industry, with a lot of opportunity, but it also presents unique challenges to business owners as well. If you are one of these business owners getting ready to open some type of marijuana related business, you are going to want to explore a few different things before opening your doors.
- First, location matters as with all businesses, especially related to retail. Knowing your market and clients can help you figure out where best to position your shop. Specific to marijuana dispensaries and other related retail ventures, you are going to want to pick a place with a landlord who supports you and is not going to make life difficult for your store.
- Taxes can vary by city and county, but there is a substantial sales tax burden on marijuana products, so you will want to take that into consideration when picking a spot as well.
- It can also be a business that garners a lot of attention and can be at risk for theft or fraud, so you will want to take into account the budget for a proper monitoring and compliance system, as well as security systems and accurate accounting and reporting. This is a vitally important area for any marijuana related business, so it is worth checking with a cannabis compliance specialist to be sure you get this right.
- Because of the highly specialized nature of selling marijuana and marijuana infused products, you are going to need very specific lab equipment and set up as well, including a dispensary security system. If this is not your area of familiarity, do not worry. There are professionals who can help you ensure you get the highest quality service to ensure your products are up to standards, and reported properly at the same time. Consider reaching out to an operation such as Cannassist. They were some of the first to adopt new technologies specific to cannabis and to properly vet and develop those technologies. A completely unregulated industry before legalization, there is a lot that the marijuana industry has to accommodate for now that it is legal and more widespread. That includes adopting new technologies, new banking systems, new ways of reporting, and collecting new sales taxes that were non-existent before.
- These types of specialists can help you navigate the world of retail marijuana in a post-legalization landscape. This includes all of the above factors such as collecting and reporting new taxes, but it also includes the technicalities of walking a fine legal line with the federal government. That can have an impact on finances and banking, for example, and in response to that legal tension, there are a variety of cooperatives that have popped up to help address certain needs that must be met legally, but that still present a problem with the federal government’s stance on recreational marijuana. Check out your options with a professional today, and help avoid potential problems down the road.