The medical and recreational cannabis industry is booming in Colorado. In the few short years since the legalization of recreational marijuana in the state, it has already become a billion-dollar industry, which means that both risk and opportunity exist for those enterprising enough to seek a foothold in the Colorado cannabis market.
Room For Growth
A recent economic analysis of the legal marijuana industry from 2015 determined that the industry yielded nearly $1 billion in retail sales and created $2.4 billion in economic activity overall – a result of indirect effects of the industry on Colorado’s economy like the creation of support jobs from security officers to financial service providers.
It’s the fastest-growing sector in Colorado’s economy, and the Marijuana Policy Group has predicted that by the year 2020, tax revenues from cannabis will exceed those from tobacco. Not only will that be an important indicator of the industry’s strength and potential in Colorado, it also will be an historic first for the American cannabis industry as a whole.
How to Get a Dispensary License in Colorado
Just like selling liquor, you need a license to sell cannabis, and there’s only one way to get a dispensary license in Colorado: fill out a Retail Marijuana Business License Application through the Colorado Department of Revenue.
Every owner of a cannabis-related business also needs to complete an Associated Key Person Application Form, and many of these documents must be notarized. Licensing fees need to be paid, and you will have to also be licensed by local authorities to do business in that specific area.
Once a business is established, it will also have to keep track of its finances and pay its taxes, both general business taxes as well as the fees and taxes specific to cannabis businesses in Colorado.
Get an Edge through Cannabis Consulting
At American Cannabis Company Inc., we’ll be honest with you: it’s tough to get started in this industry if you don’t already have your foot in the door, but it’s far from impossible. Getting a cultivation license or a medical cannabis dispensary license is just the first step. Keeping up to date with cannabis industry publications and learning from experts in the field is absolutely necessary to succeed.
Cannabis entrepreneurs should look towards experienced cannabis consulting firms like American Cannabis Company Inc., in order to truly flourish in this growing, but competitive market. We work with clients in every field within the cannabis industry, from cutting-edge cultivation and manufacturing facilities to dispensaries across the state of Colorado and beyond. Please contact us for more information.