Are you interested in learning how to open a cannabis dispensary in Ohio? This page will keep you up to date on the latest news and developments in the cannabis industry in Ohio.
On June 9th, 2016, Ohio’s Governor signed HB 523 into law, granting permission to establish a medical marijuana program. It gave Ohio the green light to create a new medical marijuana policy. The Phase I Cultivator Application was published in April of 2017.
If you’ve ever thought about opening a medical marijuana dispensary in Ohio, now is a perfect time to get started. Here are the most important things to remember about opening a dispensary in Ohio.
Opening a Medical Marijuana Dispensary in Ohio
The State Board of Pharmacy (BOP) is responsible for overseeing medical marijuana retail dispensaries, the registration of medical marijuana patients and caregivers, the approval of new forms of medical marijuana and coordinating the Medical Marijuana Advisory Committee.
With the revenue generated by cannabis dispensaries in the billions of dollars and rising, these developments present a very lucrative opportunity. However, opening and running a dispensary is a challenging business venture:
- Opening a dispensary requires a lot of considerations, compliance with numerous regulations and a significant amount of capital.
- Costs to open your doors could run from $500,000 upwards of millions depending on real estate costsand the size of the operation.
- Many cannabis dispensaries are selling millions of dollars of product a month
- Competition for new dispensaries tends to be fierce.
It’s important to know that the Ohio Board of Pharmacy, which oversees Ohio’s Medical Marijuana Dispensaries, is getting ready to expand the number of dispensaries in Ohio from 57 to 130.
Ohio Board of Pharmacy Executive Director Steven Schierholt recently told the Board he’s recommending they begin a Request for Application process that would add 73 new Medical Marijuana dispensaries to the existing 57 that are approved in Ohio. That would cap the state’s dispensaries at 130.
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Requirements for a medical marijuana dispensary license in Ohio
In order to obtain a Medical Marijuana license you should take into account the following
- According to current legislation, no more than 57 dispensary licenses shall be awarded statewide(although this is likely to change in the near future);
- A dispensary may not be any less than 500 feet from a school, church, public library, public playground or public park as well as remaining ensuring;
- The location has to meet local zoning laws within their respective city/county;
- The applicant must provide proof that the applicant has adequate liquid assets to cover all expenses and costs of the first year of less than $250,000.
Financial requirements for an Ohio dispensary
- Application fee: $5,000
- License fee: $80,000
- Annual renewal: $80,000
- Dispensary certificate of operation fee $70,000
- Biennial renewal for a dispensary license fee $70,000
- Biennial renewal for a dispensary associated key employee card fee $500
- Biennial renewal for a dispensary key employee card fee $250
- Biennial renewal for a dispensary support employee card fee $100
- Reissued dispensary certificate of operation or employee identification card fee $50
- Change in ownership fee $5,000
- Relocation fee $5,000
- Major modification or renovation fee $5,000
Nowadays, there’s no application window open, however, it’s only a matter of time until the window gets open again and you can start applying as recently, Ohio’s Board of Pharmacy Executive Director Steven Schierholt told the board he’s recommending they begin a Request for Application process that would add 73 new Medical Marijuana Dispensaries to the existing 57 that are approved in the state.
With the right motivation and access to necessary resources, our office can help you successfully start a profitable cannabis dispensary in Ohio. Although it is important to note that this process takes time even when you have the resources.
Given the licensure steps, finding a suitable location and developing your storefront to meet the state requirements, it may take well over a year from application to selling.
Remember: the cannabis industry is heavily regulated and getting help from industry, and business experts is recommendable.
And lastly, don’t miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them.
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