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Opening a medical marijuana dispensary is every cannabis enthusiast’s dream. For one’s business plans to com
Shinji's insight:
In states where medical cannabis businesses are legal, the general upfront cost for an application is $5,000 (non-refundable). Licensing fees vary, depending on your location (for example, in Colorado the initial licensing fee is $3,000, while in Louisiana it’s $150, and in New Jersey it’s a whopping $20,000).
“Medical marijuana business license holders say the process to receive state and local medical marijuana certificates is grueling,” said Andrew Jolley, a Las Vegas dispensary owner.
Most applicants fail to meet the startup capital requirements needed to ensure smooth operations. When applying for a permit, individuals must prove that they have substantial amounts of cash on hand. Again, this varies from state to state. In Arizona, $150,000 is needed for startup capital; and in Nevada, $250,000 in liquid assets is the prerequisite. However, for most dispensaries, the actual capitalization costs are higher than the minimum threshold set by the state.
Individuals who want to grow their own weed in addition to opening a dispensary should know that there are separate startup fees on the table. Growers must pay for an application fee and a license that is to be renewed annually. Some states, like Nevada, charge cultivators a yearly growing fee, which for producers residing in the state is $3,000. By comparison, Connecticut demands $25,000 for the grower’s application fee and a staggering $75,000 annual license maintenance fee.
The average seed round in the nascent cannabis industry in the U.S. hovers around $1 million, according to hemp and cannabis-focused investment research by..
Shinji's insight:
Congrats to BAKER on its capital raise, which included Poseidon Asset Management, LLC as an investor
Baker in TechCrunch today: "Denver-based Baker Technologies Inc. has raised $1.6 million in seed funding for software that helps marijuana dispensaries win new customers, eliminate long lines in stores, and retain and reward their best customers for loyalty."
#trybaker #cannabisculture #mmj #cannatech The perfect recipe for a successful dispensary. We make smart products to help top dispensaries keep their customers happy and loyal.
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