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Useful facts for budding marijuana entrepreneurs

You may remember a time (not so long ago) when many people would have never dreamed that marijuana could be a product for a legitimate business in the United States. Since then, much has changed throughout the nation. Medical marijuana and recreational marijuana are definitely hot topics that often incite contentious debates in private communities as well as public political disputes.

If you live in Ohio and are considering applying for a license to open a medical marijuana dispensary, you will want to learn all you can about the legal implications of the process. It's also good to discuss your ideas with someone who is well-versed in current regulations regarding marijuana as federal and state laws often conflict and lack of knowledge can lead to major problems.

Know your rights and do your research

California was the first state to legalize medical cannabis in 1996. Since then, numerous states have decriminalized recreational marijuana use, and the marijuana industry continues to boom. In fact, data shows sales hit multiple billions in 2014. Laws change frequently, so you may want to create a support network that can help keep you updated. The following facts may also be useful to your marijuana business endeavors:

  • There are several types of businesses involving marijuana. Each has its own regulations, licenses and other restrictions that apply.
  • The biggest reported moneymaker is the marijuana dispensary business. Some say it is also the most challenging type of business to launch.
  • You may choose to enter the cultivation field of industry. This type of business definitely requires horticulture knowledge.
  • In most states that allow marijuana dispensaries and businesses, you must be a resident of the state. Some states require you to have proof of residency for several years before granting your marijuana business license.
  • If you have a criminal record that includes a felony conviction, you may not be eligible to open a marijuana business.
  • Much about launching a marijuana business is similar to starting any type of business. You'll want to execute a solid business plan, obtain any necessary licenses, choose a prime location and think about bringing in one or more partners to help you get things going.

Any number of obstacles can cause delays as you bring your business dreams to fruition in Ohio. Hopefully, if you cover all your bases and know where to seek immediate support if a legal issue arises, you will not only be able to start your company but may enjoy success for years to come.

People who can help

Besides speaking with others who have trod similar business paths before you, you may want to rely on guidance from someone with experience in administrative and licensing law.

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