Do You Dream of Opening a Dispensary? This is what it takes

The laws concerning cannabis continue to evolve, with states all over the country bringing in either medical marijuana, or full legal recreational use. Whether you live in a mature market or an emerging one, there is still room to get involved. This is what marketers and owners of dispensaries in Seattle, San Francisco, Oklahoma City, and other places had to say about what makes a cannabis business a success.

1. Create the products you want to see.

Writing in High Times, Saucey Farms founder Alex Todd said not to chase the money. Instead, he said that successful product creators are the ones who create the things they wish existed. If you are not creating something that you would use yourself, why would anyone else buy it?

By focusing on creating what you would want to use yourself, you can be sure that you are making the best possible product. This sort of passion gets other people excited about your brand, as well.

2. Learn what your customers want.

Some customers only like to purchase flower. Others are more interested in edibles, shatter, vape products, or CBD-only products. Understanding their needs can help you address them.

When you are creating customer lists, be sure to segment your marketing to directly address each customer. This allows every message you send to be more personal and more relevant. Customers will respond positively to that and return to your dispensary again and again.

3. Be sure you understand and account for all security risks.

This industry is still in its infancy, and federal banking laws have not caught up with local marijuana laws. This can mean working in an environment with a lot of cash, as well as valuable product that is easy to sell in black markets.

Investing in security is a must. In your dispensary, you will have to ensure that all points of entry are covered by security systems and weapon detection. Put a good part of your budget toward qualified cannabis transportation companies instead of using regular drivers. Conduct cyber-security checks so that you can be sure you are protecting your customers’ and vendors’ sensitive data.

If you are not ready to run your business in the safest, most secure way possible, you may not be ready to enter this field.

4. Have a marketing plan.

The cannabis business is profitable, but only if you put in the work to get people through the door. You will need to know how you will raise awareness and bring in new customers.

In most cases, the best path is hiring a marketing company to do the work for you. Entrepreneurs who delegate are more likely to get everything that they need to get done, done.

Neglecting to market is a big mistake. If you aren’t giving people a reason to visit, they are far more likely to head to your competition.

5. Educate yourself and your budtenders.

If you are already the type who can rhapsody about the effects of different Sativas and Indicas, and you know your myrcene from your limonene, you are already ahead of the game.

With so much competition in the cannabis industry, it is vital that you stay curious about new strains, new products, and new types of delivery. Your customers will need qualified guides who can put the right products in their hands. By constantly studying trends and products, you can ensure that you are able to give them the guidance they need.

6. Figure out a way to set your business apart.

If you can’t differentiate yourself from the competition, your customers won’t be able to, either. Do you have a different look and feel from other nearby dispensaries? Do you offer loyalty programs or bulk discounts that make your place more attractive to repeat buyers?

Determining how to differentiate your business means offering something unique that your clients can’t get anywhere else. If you are not able to set yourself apart, you will not be able to bring in enough traffic to keep your business viable.

The cannabis industry can be an incredibly rewarding place to work. But, it is a business, and a demanding one. If you are going to succeed, it will be through hard work, a good-sized investment, and the cleverness to make your dispensary the one that local customers trust.