If you are interested in starting your own cannabis store or dispensary in Colorado you need to know step-by-step process and how much it will cost.
Step 1: Studying the Colorado’s Retail and Medical Marijuana License Application process.
Step 2: Checking if you meet the criteria to start your own retail cannabis business in Colorado. Applicants must meet each of the following statutory requirements:
Must be resident of Colorado at time of application and for two years immediately prior to application,
Must be 21 years of age,
May not have any Controlled Substance felony conviction in the ten years immediately preceding his or her application date or five years from May 28, 2013, whichever is longer*
May not have any other felony convictions that have not been fully discharged for five years immediately preceding his or her application date,
May not be financed in whole or in part by any other person whose criminal history indicates he or she is not a good moral character after considering the factors in section C.R.S. 24-5-101 (2) and reputation satisfactory to the respective licensing authority,
May not have a criminal history that indicates that he or she is not of good moral character after considering the factors in C.R.S. 24-5-101 (2),
May not employ, be assisted by or financed in whole in in part by any other person whose criminal history indicates he or she is not of good character and reputation;
May not be a sheriff, deputy sheriff, police office, prosecuting officer or be an employee of a local or State Licensing Authority, and
May not employ any person at the Retail Marijuana business that has not passed a criminal history record check (obtained an MED Occupational or Associated Person license).
Step 3: Download a copy of the Medical Marijuana Business License Application for dispensary or Retail Marijuana Business License Application for the store. Also you need to download a copy of the Statement of Understanding, Associated Key Person Application Form and Marijuana Ownership and Funding Certification form must also be submitted by each owner applicant. Keep in mind that the applications may require additional documentation, such as evidence of the premise to be licensed, copies of tax/wholesale license, funding source disclosure, etc.
Step 4: Once you have your documentation, contact DOR_MED_Appointments@state.co.us for an appointment at their headquarter office (455 Sherman St., Suite 390, Denver, CO 80203). Include the following information in your email:
- The name of your business
- License number
- Reason for application (include local authority for each license)
- How many owners will be present during the appointment
- Contact name and phone number
Step 5: Application fees for a medical marijuana dispensary depends on the type. Fees for a new retail marijuana establishments are the following:
- Application fee: $5,000
- Initial license fee: $3,000
Our cannabis dispensary financial model and cannabis dispensary business plan template will help you to estimate all revenue and cost line-items monthly over a flexible seven year period, and then sums the monthly results into quarters and years for an easy view into the various time periods.
We create medical and recreational cannabis business plans for different types of cannabis business:
Please do not hesitate to contact us to make an order for a cannabis business plan or a cannabis industry research. We will create complete and professional business plans, including pro forma financials and projections to help you know how much money it’ll cost to start your business and how much money you can make by starting and operating your 100% legally compliant medical and recreational marijuana business.