In recent years, the United States has seen a dramatic increase in cannabis use. The drug is now legal at the state level in 33 states and Washington D.C., while recreational marijuana is legal statewide in nine states. This creates an opportunity for people to work for themselves as entrepreneurs within this burgeoning industry by opening their own eco-friendly dispensary or cultivation center. In this blog post, we will provide you with all of the information you need to get started on your entrepreneurial journey into the cannabis industry!
The Drug Enforcement Administration (DEA) includes hemp (a type of cannabis plant that contains less than 0.03% THC), its derivatives, extracts from these plants and resin from some species of Cannabis sativa L – the plant from which marijuana is made – in the Controlled Substances Act of 1970.
The DEA notes that cannabis preparations have been used for medicinal purposes throughout recorded history, and are still commonly prescribed today. Cannabis use has grown not only as a result of its potential therapeutic benefits but also because it is illegal and therefore provides people with an opportunity to work for themselves as entrepreneurs within this burgeoning industry by opening their own eco-friendly dispensary or cultivation center.
In order to open your own business plan you’ll need to contact your state government office responsible for issuing licenses/permits related to growing hemp products: ____ (Insert State). If you decide on cultivating medical cannabis instead, here are some tips we recommend following before applying:
You can apply for a cannabis cultivation licence through ____ (Insert State). To be eligible, you must have $500 000 of net worth and not currently own any other licences to grow medical marijuana. You will also need:
an application form;
a detailed business plan that includes information about the size of your proposed operations as well as how much product you’ll distribute each year; and
proof of residence in Canada or proof that you are authorized to work in Canada if applying from outside the country.
The government typically takes between two months and six months to process applications but this could take up to one year depending on volume so make sure it is filed before March 31, 2019 if possible. Once licensed by Health state municipality for approval , your application will be reviewed by the Federal Minister of Health and then sent to the police for a background check. Once you get approval, you are then expected to set up operations within 180 days or risk losing your licence!
The full process is detailed on this website but it’s important that applicants have enough time to make their applications before March 31st 2019 as they won’t be able to apply after that date.