The Path To Compliance
Starting a cannabusiness can be confusing, expensive, and time consuming. Here are the steps we walk you through in order to ensure sustainable success.
Assess The Risks
What you are planning can be dangerous. Marijuana is a schedule 1 Substance and is illegal under federal law.
Understand Local Law
Check county and local ordinances. With MCMRSA and the passage of AUMA, state and local laws and regulations governing the sale of marijuana are constantly changing.
Business Plan and Financials
You will need a business plan, just as you would for any other kind of business.Realistic financial projections and cash reserves will help you to start strong and continue to grow your business.
Business Entity Selection
You will need to choose a form of business – sole proprietorship, partnership,corporation,or non-profit cooperative.Proper organization can assist in minimizing tax liabilities.
Local Business License
Most communities require a local business license before they will allow you to operate.
Sales Tax Permit
You will need to collect sales tax on your sales and send it to the state.
Find a suitable location 1000 feet from any school or day care, if leasing, full disclosure to property owner and /or landlord.
Collective Operations and Procedures
You will need basic forms to register a patient or caregiver. You will also need specific procedures for your employees to ensure constant compliance with State and Local laws.
Establish a business checking account. Some banks will not accept accounts from marijuana businesses. Check with local banks and credit unions.
You will need general liability insurance for your business.There currently are limited options for insurance of CannaBusiness.
If you are going to be selling edibles, then you will probably need a food license.
You will need to contract with a licensed security provider.
You will also need to invest in a surveillance and alarm system.
You will need a system for patient records and verifications.
Cash and Inventory management system
You will need a Seed to Sale system to keep track of both cash and inventory.