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Guide to Developing a Marijuana Dispensary Business Plan

Few industries have ever experienced the meteoric rise of the cannabis sector. From complete prohibition to a multi-billion-dollar business – it’s nothing short of extraordinary. In fact, it’s estimated that overall retail sales could increase between $32.5 billion and $35 billion annually by 2024.

Such extraordinary growth has, understandably, attracted the attention of entrepreneurs hoping to make their next million. But starting a marijuana business isn’t as easy as it seems. 

While there’s a lucrative market available, there’s also plenty of competition – as everyone vies for a piece of the pie. You’ll need an impeccable marijuana dispensary business plan to make a genuine impact. Or, if you’re interested in entering cultivation, a rock-solid business plan for growing marijuana.

We know the challenge ahead; we’ve helped many marijuana businesses through their growth pangs. That’s why we’ve put together this guide to developing your marijuana dispensary business plan.

Let’s get started.

Developing a marijuana dispensary business plan

Generals often remark that no plan survives first contact with the enemy – that’s true in business too. Rather your plan guides your objectives, providing a method to the madness. It should describe your product, marketing, hiring, financing options, and more.

Here’s what your marijuana dispensary business plan needs to include:

Business plan for growing marijuana

The more adventurous – and cash-rich – entrepreneurs may decide to open a marijuana cultivation business instead. (Or, if they’re a fan of stress, create a dispensary and cultivation business in one). 

Some steps in a business plan for growing marijuana are the same as for dispensaries. You’ll need funding and a license as a minimum. However, the cultivation business can need more seed funding – as the cultivation area is typically bigger, at least with indoor facilities. 

Ask yourself these questions:

Follow these steps and answer the questions above to begin developing your marijuana business plan.

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