The recent boom in marijuana dispensaries in Mexico has inspired many enthusiastic entrepreneurs to join the industry. But how do you start a medical marijuana dispensary in New Mexico? There are many reasons why medical marijuana is a lucrative industry:
- Marijuana is one of the fastest growing industries in the state
- Starting your own business gives you the freedom to create your own schedule
- According to experts, the cannabis industry is expected to grow by $10.2 billion in 2018
Steps for starting a marijuana dispensary in New Mexico
- Hire a marijuana attorney
The first and most important step that you need to keep in mind when starting a marijuana dispensary is to hire a marijuana attorney in New Mexico. It is important that you hire one that specializes in medical marijuana as this will help you to navigate all the legal procedures. You don’t want to spend years of growing and expanding your business only to be caught up in a legal problem which could cost you a lot of money or even lead to the failure of the business
- Check city ordinances
Medical marijuana laws different from one state to another. This is the main reason why you want to make sure that you know the restrictions that your state may have medical dispensaries. You will find that most cities have certain zoning requirements that require your medical dispensary to be a certain distance from churches, schools etc. You may want to contact the State Department of New Mexico for guidance on how to run your medical marijuana dispensary in the state
- Write a business plan
Writing a dispensary business plan is one of the most important steps on how to open a dispensary in New Mexico. Just like other businesses, you need to include all the necessary elements of a business plan in your marijuana dispensary business plan, such as executive summary, financial projections, marketing plan etc. Determine your start up expenses such as incorporating your business, buying supplies, opening a bank account and getting experts to work for you. This will help in the smooth running of the dispensary.
- Design a website
You need to get an expert web developer to design and develop a website for your dispensary. A well designed and clean dispensary website can make or break your business. Remember that first impression really matters and your website reflects the quality of marijuana you are selling. Ensure that you have a professional and clean website
- Marketing and advertisement
Now that you have everything in place, including licenses, location and supply, you need to let people know that you have started a medical marijuana dispensary, and the only way to do this is through marketing and advertising. You can conduct internet marketing to increase your online visibility.
Starting a medical marijuana dispensary is easy, but you need to follow the right procedures to make sure that you are legally running your marijuana dispensary. Most importantly, you need to market your business.