Overview

Types of Marijuana Businesses The main types of marijuana businesses can be broken into three general categories: cultivation, infused product manufacturing, and retail sales. Other marijuana businesses include testing facilities, delivery services, devices for cannabis consumption, and software or online services. Cultivation: Business interests that grow marijuana tend to be heavily regulated, and these operations require large initial investments and horticultural know-how. Infused Products: Many patients or recreational users prefer to use edible marijuana, tinctures, salves, and other infused products. Retail Sales: These often are referred to as dispensaries or collectives, but are generally stores that sell cannabis-based products to authorized customers. These typically are the most difficult and expensive to start, but also the most lucrative. Starting a Marijuana Business: General Factors to Consider Opening a legal marijuana grow house or dispensary is more complicated than starting many other kinds of businesses, mainly because of the regulatory environment and its uncertainties. State laws tend to vary. The following factors should be considered before deciding whether the cannabis industry is right for you: Cost: Costs vary by location, state laws, and type of business. You will want to consider the costs of licensing, rent, utilities, equipment, supplies, marketing, security, and employees. Residency: Virtually all marijuana business licensees (and investors, in some cases) must be state residents. Colorado, for example, requires a two-year residency prior to getting a license. Criminal Record: Most states prohibit felons with drug crime (or violent crime) convictions from applying for a marijuana business license. Risk: The industry is very risky, due to its fledgling status and the ever-changing regulatory environment, but the rewards are potentially very high as well. Timing: Make sure you are willing and able to wait several months for a license. This can take between three and 10 months in California, but as long as 18 months in Washington. Investors and Partners: As with any other startup, you will need capital to get up and running; but keep in mind that some investors remain weary about investing in something that is still illegal under federal law. Most funding for marijuana ventures comes from private investors, not banks. For more information click on BUY BUTTON

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