Within only a few decades, the general attitude towards cannabis, state legislation, and use have changed dramatically. Now, we’re looking at an industry estimated to be worth $33 billion at the end of 2022. Given the popularity and growth of this industry, many may wish to participate and start their own dispensary. The problem? Those who want to open up shop likely don’t know about the many obstacles they’ll need to navigate moving forward. There’s a lot of cannabis troubleshooting to take care of as you plan, start your own dispensary, and maintain your business over time.
Are you looking to brush up on common issues so you can open up your own dispensary with confidence? If so, let’s take a look at the four problems facing today’s dispensary owners.
1. Cannabis Is Still Illegal at the Federal Level (Even If It’s Legal in Your State)
Cannabis federal law is always a problem, even if cannabis is legal in your state. Should cannabis come under scrutiny for any reason and the federal government decides to act, your business won’t be protected by the state laws. Legal cannabis businesses operate in somewhat of a gray area, which can complicate things for those who are considering opening up a dispensary of their own. Of course, the cannabis troubleshooting surrounding laws doesn’t stop there.
There are also state laws and regulations prospective dispensary owners need to know about ahead of time. Many places have their own rules in place, and you have to be careful about where you conduct business. Make sure that you have legal support and you do your due diligence before you begin taking any further action on your dispensary dream.
2. The Cost of Owning a Dispensary
Every physical business requires upfront investments and continued operational costs. However, dispensary owners may not be aware of just how much it can cost to enter this industry. On the low end, you may be looking at $150,000 per year. On the higher end of the spectrum, this number can quickly grow to $2 million. Dispensary ownership costs are another cannabis troubleshooting focus that you will need to have ahead of time.
Why does a dispensary cost so much? Some of the reasons why dispensaries are so expensive to run include the cost of real estate, hiring employees, dealing with license fees, and hiring security, just to name a few. This is why so many smaller players are often priced out of the industry before they can even get off the ground and running. After researching cannabis federal law and state law, set aside some time to figure out how much it will cost to run your business. With the right plan and tips from those who have succeeded in the business, you might very well be able to make your vision a reality.
3. Difficulty Accessing Banking Resources
Traditional businesses benefit from being able to access business banking resources and loans. However, this isn’t the case for canna-businesses. Another issue that requires cannabis troubleshooting, many dispensaries struggle with having to manage cash. Because these types of businesses are often riskier and still illegal under federal law, banks aren’t able to offer their services.
This creates one of two issues. Either dispensaries have to be savvy with cash and navigate the obstacles that come as a result, or they have to sign up for a credit union account or cannabis-friendly bank and deal with the higher account fees. Both choices come have advantages and disadvantages, so it’s best to weigh these before choosing either one for your business.
4. The Learning Curve That Comes With Running a Business
Not all of the problems you face will require cannabis-related troubleshooting. Some of the difficulty of owning a dispensary comes from having to run your own business. There are many skills that you need to learn or seek help for after you open up shop. Do you want to draw in customers? You need to have solid marketing campaigns. Are you looking to make a profit? You need a deep understanding of where your money is going and how you can boost sales. Business in any capacity is a challenge. It’s important to understand what you’re getting into!
Dispensaries Require Determination and Perseverance, But You’re Not Alone
From cannabis federal law to business costs, there’s a lot of cannabis troubleshooting that needs to be done as a dispensary owner. Fortunately, you’re not alone. If you’re ready to start a dispensary and you need help with branding, prerolls, and packaging, The Cones Factory is here to help. We’re the one-stop preroll shop offering all the above and factory direct pricing, premium quality, and excellent customer service. Shop today or contact The Cones Factory if you need any help with your order. We’re ready to help your dispensary succeed.
