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Have you ever been a patient in need of marijuana or been a caregiver? You’ve probably wondered how to legally make money and help other patients by opening a medical marijuana dispensary, cooperative, or collective. Here are some great ideas on how to run a profitable and legitimate marijuana business.

Enroll a Physician

Though not always required by law, it would be to your business’ advantage to sign up a physician to sit on your board of directors. Having one on your board ensures that patients are treated according to proper protocol and it assures the community that you are a legit business, not some gang-related drug shack. Though the physician will not necessarily be on-site, having someone for referrals with proper patient medical histories will also be an extra bonus.

Ideas on Opening Medical Marijuana Dispensary

Get Legal

You do not want to spend time in jail for something that is legal anyway, right? So go get your business registered and adhere to all legal requirements. This will protect you, your employees, partners, investors, and patients.

Business Structure

The best way to start is by first learning How to grow weed then forming a collective as a not for profit corporation. This will enable you grow your pants and sell some limited amounts of cannabis before getting your permits and licenses. At this point, a collective works better than a cooperative. Whatever the case, you will need to process your paperwork through a diligent lawyer to ascertain questions of liability.

Premises

Before you can obtain any permits or licenses, you need to have a physical address. Remember, you are opening a legitimate business, not becoming a street pusher. Sign a lease then file for your permits and licenses.

Taxation

You need to do right by the Department of Revenue or you will be inviting trouble. It is your civic duty to pay taxes and all medical marijuana-related transactions are taxable by state law. Most states levy an annual fee of $100 and a tax stamp of $10 for each ounce of medical marijuana. There is no need to cut corners since it’s a lucrative business and there will be enough left for your profits.

Opening a marijuana dispensary requires some know-how and adherence to state and federal laws. Keep it legal and your business will thrive.

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