Your ability to claim victory with an approved dispensary application in hand comes down to a handful of effective strategies that require consideration, planning, and education.
Completing a dispensary application is not a solo endeavor; you need to know who to turn to for expert advice along the way. After all, professional support is not just the cherry on top – it’s the foundation of your success.
Here’s how to decide whether a dispensary application is right for you and how to gain the upper hand when filling one out.
Is a Dispensary Application Right for You?
Running a dispensary is a fairly cut-and-dry operation. Your capital investments will zero in on your point-of-sale systems and the product you are selling.
Manufacturing and cultivation operations, on the other hand, require not only investing in pricey equipment but also adhering to complicated Occupational Safety and Health Administration requirements.
It’s not surprising, then, that many aspiring cannabis business owners will opt for the dispensary route. Those who are willing to put in the extensive time and energy that it takes to fill out a dispensary application and grow a successful cannabis business will come out on top.
Once you’ve decided a dispensary is the right choice for you, you’ll need to fill out your dispensary application.
Filling Out Your Dispensary Application
A dispensary license is more accessible than a cultivation license, but more accessible doesn’t necessarily equate to an easy dispensary application process.
An unforgiving rating from the rigorous scoring process can prevent you from breaking into the cannabis industry altogether. But with the right support and preparation, the business opportunity may be within your reach.
Surrounded by ambitious participants at a convention geared to educate applicants in Illinois, Medical Marijuana Program Director Joseph Wright gave insights on how best to approach the dispensary application process.
According to Wright, a dispensary application will ask for “business plans, who will be involved and what their expertise is, how records will be kept, and how employees will be trained.”
Making new contacts is especially important given the challenges you will face in this fresh industry. Refrain from approaching a dispensary application on your own and instead seek professional guidance from a cannabis consultant like Higher Yields Consulting (HYC).
Our team of experts can help your business gain a foothold from the competition and put its best foot forward on your dispensary application.
Define Your Challenges
Like any business, a dispensary will face its own challenges, such as market saturation, market demand, and employee turnover. By anticipating your potential hurdles early on, you can address them before finalizing your dispensary application.
Notably, location can make or break a cannabis business, so investing the time into finding the perfect spot – while keeping in mind your local zoning laws – is an absolute must. Ideally, you’ll have a space selected before you even start your dispensary application.
We’d also advise making connections with pillars in the community and ensuring they are open to a cannabis business setting up shop in their town.
Screen the Market Regions
When choosing the most profitable path for your business, the state you are in can make all the difference. If you’re not sure where to set up shop, here are a few states worth considering:
For applicants interested in putting down business roots on the east coast, Massachusetts is a lucrative hot spot for its low-barrier entry and robust cannabis market.
Michigan is another prime location thanks to its steady customer traffic. Yet, there are far more roadblocks as many of the state’s municipalities frown upon the cannabis industry.
Illinois dispensaries that would normally be up and running are at a standstill with their applications, so consumer demand has skyrocketed. That said, expect to face many dead ends and litigation issues because the social equity section of the application tips the scales, often resulting in an unfair tally system.
Compared to those of other states, Oklahoma’s dispensary application is easy. The catch, however, is that the market is only open to medical marijuana dispensaries.
Wherever you choose to open your cannabis business, a dispensary application is just one target of many that you need to meet to get your dispensary license. It’s not an overnight process, but if done properly, you’ll be joining a growing industry in its early years of development.
If you are seeking support in completing your dispensary application and acquiring a license in your state, reach out to us to schedule a consultation.