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Cannabis is one of the fastest growing industries in the US, following marijuana legalization in many states. It has opened more opportunities for entrepreneurs who want to offer unique products to a specific group of consumers. Additionally, the growth of cannabis product patrons continuously exceeds expectations.
Due to the high profitability in the current market, many aspiring business owners are eyeing the cannabis industry. Although a promising venture, considering its current status, cannabis can still be as risky as every other business. Hence, you need all the data available to predict its success in the next decade.
Dispensary Operating Costs
One of the first factors to consider when diving into the cannabis industry is the operating costs. It includes setting up a facility to grow and process them into various products. The capital you’ll need to launch a cannabis dispensary may range from USD$150,000 to USD$2 million, depending on its scale, location, products offered, and legal license fees.
When opening a dispensary, one of the essentials to invest in is modern equipment. New technological advancements have streamlined the operation of the cannabis business, increasing profits. For instance, automated bud trimmers, like the Mobius M108S trimmer, can give you 70% to 90% annual savings on production costs without compromising quality or wasting produce.
Another major factor is the location. You must consider the market opportunity, ease of market entry, and the tax climate. Oregon, Michigan, Colorado, Alaska, and California are currently some of the best states to establish a dispensary. The application fee in these regions ranges only from USD$250 to USD$6,000, and the tax rates are favorable for startups.
Profits
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