6 Important Things to Consider Before Opening a Marijuana Business

Cannabis business ideas

The legal cannabis industry is probably one of the most fastest growing industries in the entire United States. Within the next five years, legal marijuana is supposed to do a number of things. Right now it’s mainly used for sickness and pain but it’s going to really start taking off. So, if you are considered, getting into the industry, look up the marijuana business license regulations and get started. Now, before you go all gung ho and fill out your cannabis business license application and send it off, there are a few things you should know regarding medical marijuana business license regulations and other things about starting a business in this industry.

You have to have a license
It doesn’t matter what state you are wanting to opening your business in or whether you are providing cannabis for recreational and or medical purposes. And it’s not just an overall business license. You need licenses for almost every step of the way. Marijuana business license regulations and requirements are specific to your state so you’ll need to do your research and make sure that you have everything that you need to be legal. You’ll need to get a license from OLCC as well as OHA. OHA requires monthly reports so you’ll need to track your plants after you are all set up.

Use OLCC if you are a newbie
While the medical and recreational programs seem to be merging all over the nation, there are still different programs available. However, the OHA program has two year residency restrictions so if you are just getting into this, then you might want to consider going through the OLCC for you marijuana business license regulations. However, if at possible, it’s better to go both ways, when possible. You can register with OLCC as well as OHA if you follow certain marijuana business license regulations, so if that is something that is available to you, then buy all means, participate in both.

It’s not difficult
It’s not hard to get started in the business. Depending on where you are, there might not be capital requirements for getting started in the cannabis business. As with other business, you’ll be required to pay an annual licensing fee which is usually about $5,000. You will also have to pass a background check, simply so that the powers that be know that you are not doing this just to get your own hands on some pot and not get caught again. Really, the only obstacles and barriers that you are going to come up against and the same as what you would face in starting any kind of business.

Location is important
This is pretty standard for any business but for the marijuana business it’s even more crucial. Not only are you having to play your business in an area that will benefit from the demographic but you have to make sure that you are in a friendly marijuana jurisdictions. Most places have zoning rules and times or other restrictions. Another thing that you’ll need to submit is a Land Us Compatibility Statement. This shows that you are approved by whatever local jurisdiction to be able to operate your business. It might be had to find a good location that meets all of the requirements but it will be worth it if you can press in.

Banks might be in on it
Research shows that most banks have not really jumped onto the marijuana band wagon with much enthusiasm, but there are several that may back you in your start up costs. You may as well be able to get a bank account for your business, again, depending on which bank you go with. There was a law recently passed in order to encourage banks to work with marijuana businesses but it is not a requirement for all banks.

Compliance is ongoing
Because the whole legal marijuana thing is relatively new, it’s important to make sure that you are constantly in compliance. Bills and laws are still changing, sometimes on a monthly basis. Change is happening constantly for the time being so make sure that you stay up to date and informed about the legal goings on regarding the cannabis business and industry.

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