You will have likely noticed the rapid growth in the medicinal and recreational cannabis industries in the last few years. The relaxation of legislation in many states across the US has provided an opportunity for many to create a new business and satisfy the growing demand for cannabis in their area. So, it could be argued opening a dispensary in your area can be a great idea.
As the number of cannabis jobs grows as a result of all these dispensaries opening up, local lawmakers are starting to become a bit more relaxed with the rules, as they can see the economic benefit of these jobs being created. This means it is now easier than ever to own a dispensary.
Before you begin, it is important to note that not every dispensary makes a lot of money to begin with. But, if you build up an excellent reputation in your local area, you will be on course to be successful and make a hefty profit.
Let’s take a look at Harborside Health Center. It was recently revealed that they had revenues upwards of $20 Million. Of course, they should be considered an outlier with these revenues, but it just goes to show that if you can gain some momentum and construct a loyal customer base, success will follow.
The findings of a recent survey were published, which asked the owners of over 1000 dispensaries about their earnings. It showed that six in ten of the dispensaries had a turnover of less than half a million dollars, but over a quarter had revenues of over $1 Million, with the rest having variable figures in between these two amounts. To get to over $1 Million in turnover, you will need to have multiple locations, but the fact that one in four have turnovers of 7 figures shows the potential out there.
There are plans to conduct the survey each year, so the survey will act as a measure as to how the dispensaries are performing. Will this level of growth be replicated for the coming year? It is hard to say. If the submissions remain anonymous, we will be able to see an accurate representation of the dispensary business each year.
If you have money to invest and if you feel like owning a dispensary is for you, we would recommend working in a dispensary for a few months to help you build up experience.To search for opportunities in your local area, you can use the cannabis jobs near me tool on Cannabis.net.