Studies show that global medical CBD sales are expected to touch the $130.4 billion mark by 2024. This rise has prompted many entrepreneurs to open a cannabis business and become part of a massive industry.
However, industry experts suggest budding entrepreneurs to study the landscape and recent market conditions thoroughly before starting a cannabis dispensary. This will help analyze the market demand and offer products and services that relate to their customers.
Likewise, there are a lot of things to consider before inaugurating a cannabis dispensary, and some of them are mentioned below. Use this checklist and take notes if you are planning to open a CBD dispensary in the near future.
- Start by researching the laws and eligibility criteria
Many states have legalized the sale and use of medical CBD, but there are still many laws that you need to follow so that your dispensary stays within the legal parameters to mitigate the potential risks. Here are some laws and regulations your dispensaries need to comply with.
- You are legally responsible for retaining your customers’ personal information to the delivery orders and having a detailed record of all your sales.
- None of your customers should be below the age of 21.
- You would also need to adhere to the series of government “must-haves” to prove that you are eligible to become a dispensary owner and have sufficient working capital.
- To apply for a cannabis dispensary license, you must not have any history of felony convictions.
- Your dispensary must not be located under 50-100 feet from schools, churches, and other restricted areas.
- Use technology to your advantage
Once your dispensary is licensed, and you are all set to make the sale, it is now time to bring in the latest technology to add value to the business. Integrating the latest software and tools will allow you to skyrocket your sales graph, reach out to a larger pool of customers and streamline your business operations.
For instance, investing in the best cannabis debit processing services and then integrating these point of sale tools with online menus can help you track inventory and make up-to-date deliveries. According to the experts at posabit, CBD wholesalers and retailers should integrate innovative payment solutions to their business plans to scale their operations and make seamless purchases. Such tech solutions can help you keep compliant, ensure revenue growth, and simplify things for customers and merchants.
- Focus on branding
Regardless of the size and nature of the business, branding plays an integral part in generating qualified leads. Since the cannabis industry is witnessing high growth, staying ahead of the competition is crucial now more than ever.
The only thing you need to keep in mind is that your marketing plans align with the federal laws. Thereby, it would be best to contact branding professionals specializing in CBD advertising for the safer side. They will help you with branding and marketing without exposing your business to potential legal risks.
- Learn how to manage inventory
Industry experts suggest excelling at inventory management to stay compliant in the competitive cannabis industry. And here are some tips that can help you ease things. Some of which are:
- Set up a reliable supplier network: As you get started with your cannabis dispensary, you will need to get in touch with suppliers to generate an inventory. Make sure you have enough information about the products and pricing before closing the deal with prospective suppliers. This will help you associate with trusted partners and build a reliable supplier network for your dispensary.
- Prioritize compliance no matter what: Needless to say, compliance is the biggest challenge faced by dispensary owners. So, make sure you find easy ways to audit your inventory and build a culture of compliance with your entire team.
- Try to master the standard operating procedures: Now that you’ve decided to open a cannabis dispensary, you need to have strong and reliable dispensary SOPs perfectly aligned with store processes. Keep a detailed record of document rules and procedures for everyone to follow. Review your inventory policies and ensure everyone in your team have a clear understanding of them.
- Incorporate integrations: Suppose you want digital menus so that your potential customers can order online and avail services of your dispensary. In that case, you will need to integrate the necessary tools and software to streamline your dispensary operations. You can also outsource industry professionals who are well versed in providing IT solutions for Cannabis businesses.
Entering into a CBD industry can be challenging at the initial stages. But with the checklist mentioned above, you can ensure success for your cannabis dispensary.