Cannabis Market Size: Retail Sales
It is estimated that combined U.S. medical and recreational cannabis sales could rise between $32.5 billion and $35 billion annually by 2024, nearly a threefold increase from estimated annual sales in 2019. Retail cannabis sales are projected to reach $45 billion to $50 billion by 2030, driven in large part by the opening of new markets for recreational cannabis.
Things to Know Before Writing a Dispensary Business Plan
The cannabis retail business is highly regulated at both the state and local levels. If you intend to operate a dispensary, you will likely need to obtain local permits, such as zoning approval from the local municipality allowing the operation of a dispensary business, before obtaining a dispensary license. State agencies responsible for regulating cannabis licensing have strict requirements for standard operating procedures, employee training, and facility management. It is important to understand these requirements and any other eligibility criteria before writing a dispensary business plan as part of your dispensary license application. The six most important first steps when opening a dispensary can be boiled down to understanding regulatory requirements, researching licensing requirements to ensure you get a license, finding a location, knowing your consumers, writing a dispensary business plan, and raising initial capital.
Why do You Need a Dispensary Business Plan?
Cannabis retail business conditions differ from country to country and state to state and if you have planned to set up your own retail business, then you must comply with the laws of your particular location. Licensing requirements depend on the type of business you wish to start, however, all of them include operational plans for your business to submit your application for licensing. Some plans include, but are not limited to: a cannabis business plan, a diversity plan, a security plan, a plan for positive impact, and a plan to remain compliant with local codes and ordinances. Each plan should be tailored to your application and include items required in the regulations.
Also, if you are looking to raise funds through a bank loan or investors, you will almost always need a business plan and/or a investor pitch deck to present to investors. And even if you plan to invest your own funds, you will need at least a financial model to calculate all costs and profits.
How to Write a Dispensary Business Plan
A business plan is a comprehensive document that outlines the company’s goals, operations, management, finances and market data. The most important areas of a cannabis business plan to focus on include the executive summary, financial forecast (with detailed funding analysis), and operating plan.
Cannabis Dispensary Business Plan Sample. Table of Contents.
EXECUTIVE SUMMARY
Project Scope
Market Opportunities
Start-up Summary
Financial Projections
COMPANY DESCRIPTION
PROJECT SCOPE
Mission/Vision/Goal
Objectives
Products & Services
Key Customers
MARKET OVERVIEW
Global Market Overview
North American Cannabis Market
Cannabis Market in the US and Brief State Market Overview
Cannabis Retail Sector Projections and Perspectives
SWOT Analyses
STRATEGY & IMPLEMENTATION
Online Advertising Obstacles
Alternative Online Advertising Options
Marketing Plan
Cannabis Directories
Launching Strategy
Sales Forecast
OPERATIONAL PLAN
Location/Facilities
Project Plan
Physical Security Plan
Video Surveillance
Packaging and Labeling
Inventory & Tracking Solution
ORGANISATIONAL STRUCTURE & MANAGEMENT
FINANCIAL PROJECTIONS
Funding Analyses
Direct & Operational Costs
Profit & Loss Forecast
Cash Flow Statement
Balance Sheet
Main Ratios
APPENDICES
Income Statements, monthly
Cash Flow Statements, monthly
Floor Plans
We offer professional Cannabis Dispensary Business Plan Templates, including pro forma financials and projections to help you know how much money it will cost to start your business and how much money you can make by starting and operating your 100% legally compliant cannabis business. With our pre-filled Dispensary Business Plan Template, you already have your first draft. The Cannabis Business Plan Template includes: Excel financial model that you will be able to edit and customize according to your business needs Word business plan document template, open and editable PowerPoint pitch deck template, open and editable Unlimited support (email)
Cannabis Dispensary Business Plan Sample
Cannabis Dispensary Pitch Deck Sample
Cannabis Dispensary Financial Model Sample
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