Category: Medical Marijuana

How To Start A Medical Marijuana Business In Massachusetts

The Northeast has a considerable population, including the state of Massachusetts. Any successful operation that can put down roots and hang in for the long haul should someday profit …

The Northeast has a considerable population, including the state of Massachusetts. Any successful operation that can put down roots and hang in for the long haul should someday profit handsomely in the state. What’s more, being successful there carries prestige. But don’t think it will be an easy path ahead. Getting started in the Old Bay State’s burgeoning industry is pricey, time-consuming, and difficult.

50 entities are currently candidates in the second round of licensing. Who gets one will soon be decided by the state’s Department of Public Health. Many have committed hundreds of thousands to their enterprise without even knowing whether they will be able to do business. Of course, any startup is vulnerable. With medical marijuana, the risks are substantially higher, since you may end up with low-quality products as you buy weed online. For those considering a leap, here are some ways to start such a business in the state of Massachusetts or any marijuana market in its infancy.

First, just like any startup, you need to build a solid team. A dispensary has to be a nonprofit under state law meaning the motivation should be to bring medicine to sick patients, not turn a profit. Besides acquiring team members with skills in business, accounting, legal, marketing, or what have you, you’ll need someone with specific knowledge or experience in the cannabis industry. This is a difficult and ever-changing landscape to navigate. Consultancies exist today in Colorado, California, and Washington State.

Someone with agricultural experience, a medical professional, and a security expert would also be needed, though you can hire a security consultant as well. Make sure no one has any criminal background issues on your team that might set off red flags. Now you need a location. Look into local laws and zoning laws in the places that have the square footage and fit your needs. You’ll need somewhere far from a school or places where children congregate.

Try to plan things right. You can spend tens of thousands on rent and other related items before even getting a license. Make sure to acquire sufficient capital or you will be done before you begin. Lastly, get legal advice on your application before turning it in. With this advice under your belt, you’ll have as good a shot as anyone. Good luck.