What You Need to Start a Cannabis Dispensary


Liability Insurance / Thursday, April 9th, 2020

The growing number of states allowing cannabis continues to grow. This has become a growing business industry for the last several years with more growth in sight. To start a dispensary, you need items such as cannabis dispensary insurance.

Insurance

As seen on https://www.canngenins.com, some states allow for onsite consumption, which may also be covered by insurance. Dispensaries need general liability, product liability and worker’s compensation at a minimum. In addition, some may want a crop, motor truck cargo, and excess liability to help in the event of a lawsuit.

Property

Since a dispensary is a retail location, you need to rent a commercial property that allows for cannabis. Not all properties allow for this type of business. Before signing a lease, make sure you read the fine print and ask questions.

Plan

Create a business plan that includes all the research you’ve done about the industry and local competition. Establish an initial budget you can tweak as necessary. This budget should have all licensing fees, rent costs, employee costs, security prices and various product costs such as storage.

Opening up a cannabis dispensary is not much more difficult than starting any other type of business. The biggest hurdles may come with understanding local laws and regulations as each location is different. Cover the liabilities associated with your new business with cannabis dispensary insurance.

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