How to Open a Cannabis Dispensary in Ohio
Do you want to know how to open a cannabis dispensary in Ohio?
Our cannabis consultants at Quantum 9 are here to explain the steps you need to take so that you can open a weed dispensary. We have the highest success rate in the industry and have helped clients in Ohio with their applications. Our clients in Ohio have won licenses and opened successful medical cannabis businesses. Additionally, Ohio just announced some exciting news about new dispensary licenses that we will explain later within this article.
Ohio’s medical marijuana market is expected to reach $350-$425 million in sales in 2021. According to Marijuana Business Daily, this is a substantial increase of over $221.5 million in 2020. The number of medical marijuana patients in Ohio is constantly increasing, which makes a cannabis dispensary in Ohio a goldmine. Lastly, take a look at this infographic from Marijuana Business daily that shows potential market growth in Ohio.
With that, we also may see a legal adult-use cannabis market in Ohio sooner than later. So, if you want to know how to open a cannabis dispensary in Ohio, contact our cannabis consultants and read along for more information.
Where are Medical Marijuana Dispensaries in Ohio?
To begin with, it is the perfect time to open a cannabis dispensary in Ohio. The state board is about to lift a rule that caps the number of medical marijuana dispensaries in Ohio at 60. Currently, there are only 52 cannabis dispensaries distributed around 30 counties. Additionally, medical marijuana patients are struggling to get the product that they need. With that, the board is to look at the state’s population, the number of patients who need medical marijuana, and the geographic distribution of cannabis dispensaries in Ohio. Take a look at this chart that illustrates where cannabis dispensaries are in Ohio:
Take a look at the entire list of dispensaries here.
How to Open a Cannabis Dispensary in Ohio
To begin with, if you want to know how to open a cannabis dispensary in Ohio, you need to be aware of the application process.
Importantly, The State of Ohio Board of Pharmacy licenses and regulates medical marijuana dispensaries in Ohio. In order to open a dispensary in Ohio, you need to have a certificate of operation. To obtain a certificate of operation you have to follow all statutory rules and requirements from the state.
First, you need to submit this information:
- The application fee
- The name of the proposed dispensary, the type of business organization (LLC, individual, corporation, etc.)
- Confirmation that the applicant registered with the Ohio secretary of state
- The physical address, telephone number, and email address of the applicant
- The proposed hours of operation for the cannabis business
- A location area map that proves that the dispensary follows the rules for location rules
Additional information is required and needs to be complete for consideration for a cannabis business license in Ohio. Take a closer look at the rules and regulations here.
Required Information for a Cannabis Dispensary License in Ohio
You also need to submit a financial plan that explains your assets. This is an incredibly important part of the application process for a cannabis dispensary in Ohio. Make sure to work with our reliable cannabis consultants so that you can create a successful application. We can help you put together accurate Pro-forma financial statements. You can use these statements to attract investors as well as score high in the financial section of the application. Additionally, you need to submit information about your background which includes criminal records.
Other required information includes:
- A business plan which includes information on inventory control
- A detailed budget plan
- Intended wage rates and benefits for employees
- An education plan for employees
- Demonstrated knowledge about medical marijuana
- Operation plan
Lastly, the board evaluates each completed application in accordance with the rules and regulations of the medical marijuana market in Ohio. Additionally, they award licenses on a competitive bias.
If you want to score high on an application, utilize our cannabis consulting services for assistance on required information for these plans. Again, these plans can make or break your application, so make sure to contact our expert team so that you can win a license. We have the highest success rate in the industry. So, why not allow us to manage your application from start to finish? We can help you raise the funds needed to win a license and cover start-up costs for your dispensary. Once operational, our Ohio cannabis consultants have the expertise needed to help your business become profitable in record time. Therefore, save time and reduce your workload by allowing us to project manage the entire project from fundraising to facility buildout to optimizing operations.
Let us help you open a cannabis dispensary in Ohio.