You must submit an application for a license to the Marijuana Enforcement Division (MED) in Colorado in order to start a dispensary. This license requires a $4,000 non-refundable application fee. Colorado also charges an additional $8,000 yearly cost to keep the license current.
Depending on where it is located and how big it is, starting a dispensary in Colorado can cost different amounts. In Colorado, the typical cost to start a dispensary is between $250,000 and $1 million. This price includes fees for staffing, equipment, real estate, building renovations, and construction.
According to a survey by Marijuana Business Daily, the typical Colorado dispensary brings in about $3 million annually. However, based on variables like location, size, and product options, the revenue may change.
You must receive a cultivation license from the MED in order to cultivate cannabis legally in Colorado. This license has a $2,000 application fee and a $14,000 yearly charge. It is vital to remember that the expenditures involved with setting up and running a cultivation facility are not included in the cost of getting a growers license. What is required in Colorado to open a dispensary?
You must receive a license from the MED in order to open a dispensary in Colorado. You must also find a place for your dispensary that complies with local and state zoning laws. To run the dispensary, you will also require a business plan, sufficient capital, and an experienced crew.
In conclusion, running a dispensary in Colorado can be a successful commercial venture, but it is also quite expensive. Opening and running a dispensary might cost anything between a few hundred thousand dollars and over a million dollars. Before starting this business venture, it is crucial to conduct extensive research and make a comprehensive budget for all costs related to running a dispensary.