Medicinal vs RecreationDepending on your state of residence, your only option may be medicinal. However, if you live in a state where recreational marijuana is legal, you will have to decide if your dispensary is focused on medicinal, recreational, or put in the work to cater to both. Some of these decisions require working with health insurance companies and the products that you carry. It will be a big factor in what kind of customer base you attract.
Savvy MarketingThere are a variety of ways of marketing a dispensary, but the market is moving in a professional direction. While some companies decide to market using stoner stereotypes, many are opting for an image that is more sophisticated to encourage a wide spectrum of adults that marijuana can be a substance that they can enjoy. Marijuana marketing is as specialized as many other demographics. You want to make sure your creative is research based.
LicensingThere are state-specific licensing requirements you'll have to procure before opening the doors to your new dispensary. Requirements may vary not only by state, but also by the types of products you plan to sell. Ensure you have all of the proper paperwork before opening the doors and have a full understanding of all of the rules you have to abide by. With the federal status of marijuana legality, staying on the right side of the law is more important in this business than possibly any other.
ExpertiseIf you only want a dispensary just because you're an avid smoker, this is probably the wrong business for you. Regardless of personal usage, you are likely not an expert. Making contacts within the industry is likely the most profitable thing you can do for your dispensary. These people can help you learn to navigate the ins and outs of the business aspect as well as give you people to exchange business ideas with. Business requirements for a dispensary are different than other businesses as well so the only people who can properly teach you what you need to know are those specifically familiar with the marijuana industry.
Navigating the industry of marijuana may be the most difficult field. There are obstacles in place making it hard to break into and fully understand. However, if you work hard, you will be rewarded with your dream dispensary that will help people from all walks of life.