The Potential Riches on Offer to Dispensary Entrepreneurs
With the relaxation of medicinal and recreational cannabis laws across many states of the US, many would be entrepreneurs are opening dispensaries to capitalize on the exponential growth of the industry, generating thousands of brand new cannabis jobs in the process. But, are the financial rewards there for these new dispensaries?
One of the most profitable is Harborside Health Center. They really are the pin up dispensary based on the potential profit on offer. They recently revealed that they had an annual revenue of $22 Million. Of course, for every one company who crows about their sky-high earnings, there will of course be many who are struggling from month to month.
In a recent survey, it was found that six out of ten dispensary owners said that their annual revenues were below the half million-dollar mark. If we break this down still further, it was found that 27% of dispensary owners had sales of between $100k to $250k, with 15% actually reporting sales of less than $100k. With the rise in the number of dispensaries, it is not surprising that many dispensaries are finding the market tough. Therefore, if you are planning to open a dispensary in your local area, it is certainly not a route to overnight success.
But, if you put the hard work in, and couple this with a bit of luck, the potential monetary rewards on offer, as shown by Harborside Health Center, are unlimited. In this survey, 25% of dispensary owners had revenues of greater than $1 million, and a further 15% had sales figures of between $500k and $1 Million. These large dispensaries typically have thousands of loyal customers, and it takes a while to build up a dispensary to this level. Many of these dispensary owners will have different locations around their state.
The size to which a dispensary can grow to depends a lot on the local regulations, limits on the number of plants, as well as licensing requirements. But, navigate these well, and you could be on the road to success.
It is expected that more surveys like these will be released within the coming years, and it will be interesting to see how the success of these top dispensaries will perform in this period. Respondents should be encouraged to respond to surveys like these, as long as no identifiable information is published. This allows the dispensaries to keep their earnings private, whilst helping the industry at large.
If you are looking for a job at a local dispensary, you can use the cannabis jobs near me tool on Cannabis.net.