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How to open my own dispensary in Colorado?

How do I open a dispensary in Colorado? 1 - Create a business plan. Your business plan should encapsulate the requirements for starting a dispensary in Colorado, for example: 2 - Generate funding. Opening a dispensary is costly. 3 - Select a store location. 4 - Apply for a license.

How much does a dispensary owner make in Colorado?

Generally, a dispensary should not make less than $500,000 annually. The amount of profit a cannabis dispensary makes depends on the volume of sales and the expenses incurred. The expenses include salaries to employees. The amount people earn in this industry depends on their jobs.

How long do you have to live in Colorado to open a dispensary?

The licensing and regulation of the medical and retail marijuana industries is overseen by the Marijuana Enforcement Division (MED) of the Colorado Department of Revenue. All applicants must demonstrate at least two years of Colorado residency when applying for a license, and pass criminal and credit background checks.

How much does it cost to start a dispensary in Colorado?

The startup capital of a dispensary in Colorado ranges between $150,000 to around $2,000,000. This amount covers the annual advertising fee, renting fee, license application fees, yearly staffing, and security.