500 Temple Street, Suite 2M Detroit, MI 48201. Write a business plan that includes the following 10 sections: Your executive summary provides an introduction to your cannabis business plan, but it is normally the last section you write because it provides a summary of each key section of your business plan. Milestones could include sales goals youve reached, new store openings, etc. SEO BY MI CANNA MARKETING. 13. Before you start writing a business plan for your new marijuana business, spend as much time as you can reading through some samples of the agriculture and farming-related business plans. It is difficult to make a place for yourself in the industry without a unique idea and a proper plan. Be realistic, you will need at least $30,000 to set up; this figure includes the following essentials: 3. Mr. Roberts will also be speaking on Michigan Microbusinesses atCannaConthis June in Detroit. Medical Marijuana Dispensary Business Plan [Sample Template for 2022] We also have a range of cannabis pitch deck templates. In addition, there are two microbusiness licenses that have fee costs of $8,300 and $18,600, depending on which type of certification you desire. These days, at least 70 countries cultivate hemp for commercial or research purposes. Click here to finish your business plan today. Recent research indicates that the cannabis industry has been growing steadily and rapidly since the passage of laws allowing the distribution of medical marijuana. "@context": "https://schema.org/", "@type": "aggregateRating", It helps you figure out your target market, select a profitable niche, and know the market altogether. For microbusiness restaurants, this will be easy as the items on your menu will almost necessarily be different than the typical edibles sold on dispensaries. BUSINESS DEVELOPMENT, TRAINING, AND CERTIFICATIONS . The application fees are around $6,000. A microbusiness license allows the holder to grow up to 150 plants, process flower into marijuana products such as edibles and extracts, and sell direct to the consumer, all with one MRTMA license. "reviewCount": "108", Cannabis Regulatory Agency - Michigan Dispensing organizations: License 1 o Non-refundable application fee: $30,000 o Cannabis business development fund fee: 3% of total sales Before deciding to go forward with a cannabis microbusiness opportunity here in Michigan, we usually advise clients to first develop a. and well thought out the business model before investing significant time and capital into their project. Who is in your immediate vicinity?Perhaps youre planning to launch in an inner-city New York neighborhood. If you're not, it's important to designate that responsibility to a senior member of your staff so there's always a manager present. 3. There is also the possibility that there could be regulatory restrictions on who is allowed into limited access cultivation areas.