Cannabis Dispensary

How Much Will I Need to Open a Cannabis Dispensary?

What’s the best way to enjoy your work life? Simple. Do what you love. If you’re a cannabis enthusiast, you may want to start a cannabis dispensary. But how will this affect you financially?

Basics of Setting Up a Cannabis Dispensary

Owning a cannabis dispensary typically means finding an ideal location, sourcing premium cannabis products, getting a top-tier point-of-sale, assembling a solid team, and – of course – acquiring a cannabis dispensary retail licence.

Needless to say, setting up a physical cannabis dispensary will cost quite a lot, but you don’t have to take that route. You can use cannabis dispensary opening services by top providers like Dr. Green to set up an online weed dispensary effortlessly.

As a plug-and-play dispensary with a global reach, you don’t have to worry about setting up your dispensary right or sourcing high-quality products. Dr. Green supplies premium strains backed by icons like Rick Ross, Fredo, and Eddie Hall.

Still, What’s the Cost of Opening a Physical Weed Dispensary?

Not everyone will prefer to have an online cannabis dispensary, or some will want to open both online and physical establishments. So, what will be the cost, if that’s the route you want to take? Well, it’s not always easy to give an exact figure, considering there will be various factors in play, from preferences to the location you choose.

However, such costs typically fall in the $250,000 to $2,000,000 range. As mentioned before, the figure keeps changing from one depending on what you choose to include in your setup, as well as the size of your facility. Industry estimates place the price of opening an average-size facility at roughly $700,000. That’s quite a lot, especially if you’re just beginning.

Bear in mind, however, that the $700,000 quotation includes approximately $250,000 for annual staffing, $100,000 for your yearly rent, and about $50,000 for interior design and renovation, where applicable. Most factors such as the wholesale prices of cannabis will vary greatly depending on where you live, so that’s something you want to take note of.

How Much Will You Be Charged for the Licence?

The other main factor affecting the overall cost of setting up a weed dispensary is the initial licence application fee. While this varies depending on where you live, as well, the fee can go up to $5,000 for the application alone.

This simply means you will have to spend quite some money just to get your green light before you can even sell the first gram of your product. Additionally, you may encounter additional charges such as a non-refundable fee in some places. These charges can fall anywhere in the $1,000-4,000 range.

What Are the Real Estate Costs and Challenges?

You will also have to brave the challenges of locating a brick-and-mortar (B&M) location. For a normal business, such properties aren’t typically difficult to find, but the same can’t be said for cannabis dispensaries, since there will often be zoning rules, even though cannabis is legal in your region. For instance, you may be limited in terms of how close your business can be to a school or other regions where minors will frequent.

Even if you find a retail space that allows you to set up a weed dispensary, you will have to make sure it’s located at a place with good visibility and high foot traffic. All this means one thing. You will, more than likely, pay a premium for being in this business. In most cases, the annual real estate expenses for running a marijuana business can run from $100,000 to $250,000. At this point, you’ve not added the yearly miscellaneous costs, including advertising, banking fees, and others that will come up once your business is operational.

So, What’s the Best Approach?

Having a physical cannabis dispensary will have its assortment of benefits, but these are accompanied by a fair share of challenges as far as cost is concerned. Not to say that setting up an online dispensary won’t come with some cost challenges here and there, but it’s more practical if you don’t have a huge budget.

However, you can navigate most of these challenges quite easily by leveraging online cannabis dispensary opening services from a top provider like Dr. Green. Want to learn more about this? Visit drgreennft.com today to get started.