We are often bombarded with the fact that we are in the middle of a “green rush”. This talk is triggered by the fact that the relaxation of medicinal and recreational cannabis laws in many states in the USA has meant that many new cannabis businesses have sprung up overnight. The industry is expected to grow still further and create many more skilled cannabis jobs to contribute to the economy. Some dispensary owners have experienced tremendous success with their new business venture, which has given themfinancial freedom that they never thought would be possible.
Don’t get carried away, as there will be dispensaries that don’t make as much money as some of the other more successful dispensaries. But, if you work hard and have a will to succeed, the risk could be worth it. In 2018, some of the most successful dispensaries earn millions of dollars a year in revenue, and there is nothing stopping you being the next success story.
A Survey with Polarizing Findings…
A recent survey that asked hundreds of dispensary business owners in the USfound that 60% of dispensarieshad a turnover of less than half a million dollars. This may seem quite a lot of dispensaries with a low turnover, but some of these dispensaries will be in their first year or two of trading when revenues are traditionally low anyway. It does prove however that not every dispensary launched here in the US is a success right away. But, to give these dispensaries some motivation, 1 in 4 of the dispensary owners interviewed said that they had revenues of greater than $1 Million per annum.
Sometimes laws and regulations prevent how much a dispensary can grow. This can pull the brakes on growth and lead to a flat lining of profits. We do admit that starting another dispensary in a neighbouring area can be a challenge, especially if you don’t know about the local regulations that govern the cannabis industry.
The survey is going to be completed at the end of each year to track the growth of the cannabis industry as a whole. As the number of respondents grows over time, we will be able to gain a very accurate representation of the profitability of dispensaries in the US.
If you are thinking about opening your own dispensary, but you have never worked in a dispensary before, we would recommend working for an existing dispensary before taking the plunge to open your own business. We would recommend that you look through the jobs search tool on Cannabis.net for opportunities near you – http://jobs.cannabis.net/cm/candidate/search_jobs.