How to Start a Medical Marijuana Dispensary in Chicago?


For entrepreneurs who aren’t afraid to roll up their sleeves, cut through a decent chunk of bureaucratic tape, and hand over some cash up-front, opening a medical dispensary is a great opportunity. A medical marijuana dispensary in Chicago will allow you to be a pioneer in what is soon to be a massive, national industry. Marijuana projects revenue generated by dispensaries and retail stores to reach between $6.5 and $8 billion in 2019.

When considering this type of business, you are sure to have a lot of questions. People often ask: How much does it cost to start a dispensary? What are the legalities of starting a dispensary? Is marijuana a profitable industry? Where can I open a dispensary?

Here’s the ultimate step guide on how to start a medical marijuana dispensary in Chicago.

Research the risks and eligibility factors
Despite the increasing number of states that have legalized medical and recreational marijuana use, there are risks. Marijuana is still considered illegal at the federal level. Medical cannabis is classified as a Schedule 1 drug under the federal Controlled Substance Act.  This means that it’s classified as a potential drug use product, and it can only be suggested, not prescribed. There’s not much case law on this topic so the true legal status of dispensaries when it comes to federal law is cloudy. This can make it difficult for a dispensary to know how to stay within legal parameters, which in turn can expose your business to legal risks.

Financial risks
It’s not news that opening a business takes a substantial financial investment. When considering cannabis retail, there are some additional challenges to obtaining the financial backing needed. Securing funding in the cannabis industry has proven to be very difficult through traditional methods, and due to risks, most banks won’t even allow you to transaction your cannabis business through them.

This can mean having to operate your business on a cash basis, which can make you more susceptible to theft. It will take some creativity on your part, and perhaps the entire contents of your savings, to get the ball rolling.  The capital required to open a dispensary can be upwards of $250,000 – $750,000.

Eligibility
Are you qualified?  Local governments have a series of “must-haves” in order to apply to be a dispensary owner, as well as red flags that will disqualify you immediately. Owner, investors and license holders may not have any felony convictions. Dispensary location must be more than 500-1000 feet away from schools, churches, and other restricted locations (varies by state)
Must have a complete business plan with an outline of property ownership, costs, business licenses, etc.

The cost of opening a medical marijuanadispensary in Chicago really vary depending on the county, city, and state requirements. Startup investment averages between $250,000 to $750,000. This sum can include everything from securing insurance, hiring employees, and renting a storefront. If you’ve been fortunate enough to find an investor to hand over this kind of cash, congratulations! If not, don’t fret there are other options!



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