Dispensaries typically offer a level of growth that is much greater than other industries. The cannabis industry is projected to reach $80 billion by 2030, which makes it an exciting industry to invest in.
Small businesses can access the market for cannabis just as easily as larger ones, the industry offers a wide range of possibilities and with minimal barriers. However, there are specific challenges that you have to think about such as handling process
Businesses in the cannabis industry are heavily regulated. This can be a tall order if you’re new to the space and aren’t sure what is appropriate to your area. The compliance program your business will need will depend on which state laws are in play as well as municipal laws that apply within certain cities/towns.
With all of the different strains and products now on sale, consumers need more transparency. That’s why we can expect this trend in changing how cannabis is legalized to continue as long as consumers want it. Here is a checklist for you to follow in order to make sure that you are fully compliant.
Get all documents in order to get your dispensary’s licenses in order
If you want to own a marijuana dispensary, it’s important to have the proper licensing in place. Each state and local jurisdiction has different requirements so make sure to consult them before any action!
Each state has their own requirements for obtaining your dispensary licenses and permits. The order in which you complete them can vary depending on location.For example, if you want to work with cannabis in California, you need a state license but also a municipal license before submitting your paperwork!
KEEP ALL LICENSES AND PERMITS UP TO DATE.
Getting your license and permit is easy; it’s staying on top of things that can pose a real challenge. However, make sure to check in on time — you might need your five-year renewal!
Always be aware of the licenses & permits that you’re relying on, and renew them every year! There are a lot of licenses and permits associated with many different jobs; while they’re typically valid for 12 months, always make sure that you know the relevant deadlines.
MAKE SURE YOU’RE IN COMPLIANCE WITH SEED-TO-SALE PROCEDURES.
Every state has a different set of regulations and rules regarding the cannabis dispensary industry. While each state’s rules might vary, every organization is required to document all products from planting and watering to selling.
Keep meticulous records of inventory, sales, and disposals to submit them to the state in order to make sure that you are fully compliant. It is easier with a proper marijuana tracking system in place.
A cannabis dispensary compliance management system will help you automate the process of tracking your products and submitting any necessary documentation to your state’s tracking system.
Do research on what you need to find best fit for your shop.
ALL PRODUCTS MUST BE PROPERLY LABELED.
Labeling requirements vary from state to state but all labels must clearly display the amount of THC in the product.
Packaging for manufactured products like cartridges, edibles, oils, and topicals need to have a label that includes total dosage information and serving size information. Because cannabis stores don’t/can’t sell these products directly, the packaging needs to be brought in by the retailer & upon arrival at retail facilities these labels are scanned into the system.
It is important to be fully compliant with all laws and regulations. Use this list to make sure that you do not forget anything.