Starting a Legal Marijuana Business in Washington or Your State

Emily Imani Rose Quartz 

Peace and Blessings from Rose Quartz. It's almost summer.

 Let's get right down to business. If you are exited about marijuana being legal in your state and the opportunity to open a marijuana retail store, here is what you need to know. 

Key Points To Getting On The Track To Success

*You cannot apply for all three licenses.
* If you want to do retail sales you cannot be licensed as a grower and a processor. 

*If you have a license to grow marijuana  you cannot legally engage in retail  sales.

• You will need to pass a strict criminal background check 
• You will need to show tax documents and proof that you have successfully ran a retail store for  three years.
• You need an approved location separate from a residential dwelling to grow and process.
• You need an approved retail space solely to sell marijuana. You cannot sell marijuana in an existing business.
• Your location must meet state standards and be located a mandatory distance from schools etc.
• You need to prove you can cover start up costs. The state will not consider granting you a license unless you have a solid $75-300,000 set aside. You must have your financial statements in order.

GROW ( YOUR IDEAS)

PROCESS (YOUR THOUGHTS, WRITE A PLAN)

 MAKE IT AVAILABLE FOR PROFIT

 FOR NOW the big winners in Washington's retail pot business are not new entreprenuers,or small business people. The grass roots medical marijuana business that played such  a KEY role in the legalization of weed are being pushed off the scene and replaced by state approved business owners who can handle the increased taxes and demands of the state audits, rules and restrictions ( and who have the finances to pass thru the application process). Washington's system has effectively "weeded" out who can and who cannot legally sell marijuana.

This not a simple turn key business opportunity. The state is in control of every finite aspect. In order to prepare for entering the industry study Initiative 502. Create a five year plan.  Get started by opening up a retail store that does not sell weed so that you can  get your three years retail store ownership underway. Save your money. Seek out and build a great investment team. 

Washington residents can legally grow a few plants in thier homes however it is still illegal for anyone to sell marijuana in Washington state UNLESS they have passed thru the application process and have a license. You can still get weed from a neighborhood dealer. But overall when it comes to marijuana sales the state and it's few selected retail owners ( All of whom were already big players in the business world)  have a corner on the market. Many feel this is the safest way to manage the legalization of marijuana. 

Do You Love THC, CBD, Edibles, Drinks and Cannibas Oil..

Do You Want To Help People ?

Don't give up if this is an interest of yours. Study the laws, network, hustle, and start putting your portfolio goals down on paper. There are a ton of opportunities waiting for you once you become an expert on ANY topic or aspect of the business. Talk to store owners, and your local government. Find out where you can fit in. Keep in  mind new niches will develop so look into inter state and online ventures, marketing, publicity, distribution and other ways to be involved in the marijuana business. 

FROM GR CONSULTING HERE'S THE BREAKDOWN

Washington State is one of two states that have legalized cannabis for recreational use through Initiative 502. Therefore, a newly developed regulatory system is being created to govern this new type of market and legal marijuana in Washington. There are categories developed within the recent draft regulations which identify how each license is issued, taxed, and directly integrated in the supply chain process:

There are three types of marijuana licenses:

• Marijuana Producer License - Cultivation license used to grow marijuana and sell to a licensed Marijuana Processor Marijuana Retailer.
• Marijuana Processor License -  A license to create MIP (marijuana-infused products) and sell to a licensed marijuana retailer.
• Marijuana Retail License - A retail license to sell only useable marijuana, marijuana-infused products, and marijuana paraphernalia in retail outlets to persons twenty-one years of age and older.

*No business may hold all three licenses. A licensee may hold both a producer and a processor license. However, a producer or processor may not also be a retailer. The number of retail licenses will be limited.

Additional category:

• Financier - This level of involvement indicates any person or entity who has made or will make an investment in the licensed business of more than ten thousand dollars. A "financier" can be someone who provides money as a gift, someone who loans money to the business and expects to be paid back the amount of the loan without interest, or someone who invests money into the business expecting a percentage of the profits, but accepts the risk that there may not be a full return on the investment.

• Marijuana Producer License Application Fee...............................................$250.00 
• Marijuana Processor License Application Fee..............................................$250.00
• Marijuana Retailer License Application Fee..................................................$250.00
• Marijuana License Excise Tax - 25% of selling price of all products sold
• Each license has an annual fee for issuance and renewal for $1000.00*

GRC recommends that between $75,000.00 - $350,000.00 in starting capital could be necessary to pay the expenses involved with development of your dispensary business plans, securing site locations, any consulting fees accrued, and paying all state financial requirements to receive a Marijuana Producer, Marijuana Processor, or Marijuana Retailer license. There will be additional costs when applying for more than one of any type of these licenses if selected during the additional random drawing process.

This may or may not include the amount needed to develop either the marijuana cultivation and production site, MIP processing plant, or Marijuana Retail locations. For Marijuana Producers only, it is imperative to have the necessary operations costs covered for up to 2-4 months during initial cultivation cycle after receiving a license to operate.

Relax! There's something for you in the industry even if you don't own a store perhaps you will design packaging or provide a service for a vendor


IN ORDER TO GET IN WHERE YOU FIT IN YOU HAVE TO GET OUT THERE AND SELL YOURSELF
IF YOU NEED MORE SKILLS GO GET THEM

I hope this information was helpful, thought provoking and in some ways can inspire you..no matter what your goals and dreams are. The not so hidden message is RESEARCH, PLAN, PREPARE...don't worry just start start following your passion, do something everyday towards your goal  and make YOUR way.