marijuana dispensary business plan example

Dispensary Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 cannabis entrepreneurs and business owners create business plans to start and grow their cannabis and marijuana dispensaries. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a business plan template step-by-step so you can create your plan today.

Download our Dispensary Business Plan Template here

Why You Need a Business Plan for a Dispensary

If you’re looking to start a new dispensary business or grow your existing dispensary, you need a well-written business plan. The business plan will help you raise funding, if needed, and plan out the growth of your dispensary in order to improve your chances of success. It is a living document that should be updated annually as your company grows and changes.

Sources of Funding for the Cannabis Industry

With regards to funding, the main sources of funding for the cannabis industry are personal savings and angel investors. Unless and until the federal government makes new laws, many banks typically will not lend money to marijuana businesses.

Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan.

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How to write a business plan for a cannabis dispensary.

Below are the 10 sections of a sample dispensary business plan:

1. Executive Summary

Your executive summary provides an introduction to your cannabis business plan, but it is normally the last section you write because it provides a summary of each key section of your business plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of cannabis dispensary you are operating and the status. For example, are you a startup, do you have a business that you would like to grow, or are you operating a chain of dispensaries?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the cannabis industry. Discuss the type of cannabis retail business you are operating. Detail your direct competitors. Give an overview of your ideal customer base. Provide a snapshot of your marketing strategy. Identify the key members of your team. And offer an overview of your financial plan.

2. Company Analysis

In your company analysis, you will detail the type of cannabis dispensary you are operating.

For example, you might operate one of the following types:

• Recreational Cannabis Dispensary
• Medical Marijuana Dispensary
• Combination (Recreational & Medical Marijuana Dispensary)

In addition to explaining the type of business you operate, this section explains the background of the business. Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
• What is your business model?
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

3. Industry Analysis

In this section, you need to provide an overview of your marijuana retail business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the industry educates you. It helps you understand the ecosystem in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies cannabis market trends. For example, if there was a trend towards oils and tinctures, it would be helpful to ensure your plan calls for plenty of such options.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in this section:

• How big is the cannabis industry (in dollars)?
• What is the most profitable niche of the cannabis market?
• Is the target market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth potential over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your cannabis business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

4. Customer Analysis

The customer analysis section must detail the potential customers in your target market.

The following are examples of customer segments: college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of cannabis dispensary you operate. Clearly, baby boomers would want a different atmosphere, pricing, and product options, and would respond to different marketing promotions than recent college graduates.

Try to break out your target segments in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the target customers you seek to serve. Because most dispensaries primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target consumers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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5. Competitive Analysis

Your competitive analysis should identify the competitors your business faces. Such competitors are other dispensaries within proximity to your location.

For each such competitor, provide an overview of their cannabis business and document their strengths and weaknesses. Unless you once worked at a competitor’s business, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What cannabis products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to stand outside your competitors’ locations and ask them as they leave what they like most and least about them. Likewise, online review sites can give you solid insight into your competition.

The final part of your competitive analysis section is to document your areas of competitive advantage. Some questions you might consider include:

• Will you provide a superior product line?
• Will you provide marijuana products that your competitors don’t offer?
• Will you make it easier or faster for customers to acquire your products?
• Will you provide better customer service?
• Will you offer better pricing?
• What security measures will you take to protect your employees?

Think about ways you will outperform your competition and document them in this section of your plan.

6. Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion.

In the product section, you should reiterate the type of business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, which of the following cannabis products will you offer?

Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections, you are presenting the cannabis and marijuana items you offer and their prices.

Place refers to the location of your business. Document your location and mention how the location will impact your success. Is your dispensary located next to a heavily populated office building, or gym, etc.? Discuss how your location might provide a steady stream of customers.

The final part is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your dispensary’s storefront extra appealing to attract passing customers
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites
• Local radio advertising
• Event advertising

7. Operations Plan

While the earlier sections explained your goals, this section describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday Short-Term Processes

Include all of the tasks involved in running your dispensary such as serving customers, procuring supplies, keeping the store clean, maintaining regulatory compliance, etc.

Long-Term Goals

These are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.  

8. Management Team

To demonstrate your dispensary’s ability to succeed as a business, a strong organizational structure and personnel plan is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in the legal cannabis industry. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in dispensaries and/or successfully running retail and small cannabis businesses.  

9. Financial Analysis

Your financial analysis of your business plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your annual revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 50 customers per day or 200? And will sales grow by 2% or 10% per year? How much revenue do you expect during Year 1, Year 2, etc.? As you can imagine, your sales forecast assumptions will greatly impact the financial forecasts for your marijuana business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

While balance sheets include detailed information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $200,000 on building out your dispensary, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if you get a loan for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a dispensary:

• Start-up expenses
• Location build-out including design fees, construction, etc.
• Cost of fixtures and display cases
• Cost of initial inventory
• Payroll or salaries paid to staff
• Business insurance
• Cannabis business license
• Taxes and permits
• Legal expenses

10. Appendix

Cannabis dispensary business plan summary.

Putting together a cannabis dispensary business plan is a worthwhile endeavor. If you follow the business template above, by the time you are done, you will truly be an expert. You will really understand the legal cannabis business, your competition, your ideal customers, dispensary marketing, and you will have a plan to present to potential investors. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful cannabis business.

To further help you, we have other articles on key aspects of how to start your dispensary and running it effectively. Specifically, our dispensary marketing plan will help you develop the best promotions strategy. Our dispensary startup costs post will let you know what costs to expect.

Where Can I Get and Dispensary Business Plan Example PDF?

You can download our dispensary business plan example here. This is a sample dispensary business plan template you can use in PDF format.

Additional Resources

These resources will provide a solid foundation for understanding the cannabis industry and staying informed about the latest trends and legal requirements.

• NCSL State Cannabis Laws
• Cannabis Business Times
• MJBiz Daily

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Other Helpful Business Plan Articles & Templates

The Complete Marijuana Dispensary Business Plan Guide – with Templates!

There's so much to keep in mind when starting your own marijuana dispensary business. It's not just about what strains and products you're going to sell. Many, many things are critical to a great plan. If this all sounds overwhelming, don't worry! We've compiled everything you should know, even what most plans out there don't cover. Keep reading for Happy Cabbage's guide for making your next business plan.

The Purpose of Your Marijuana Business Plan

How do I write the purpose of my cannabis dispensary in a business plan? What should it say? First, you should outline what you're going to do, how you're going to do it, and why. You will want a section in your business plan on mission and values. These are critical before articulating other pieces of your company, such as a product or marketing strategy. Let's take a look at some consumer-facing examples of mission statements and values that reflect the internal business plans developed by store owners. San Francisco retailer Sava takes a community and equity angle, stating that they aim to offer suitable products for all consumers. They also strive to sell products that customers would recommend to their friends. ‍

‍ Basa , also in SF, focused more on aligning its values with a medicinal perspective on cannabis. ‍

‍ Oregon and Massachusetts retailer Diem emphasizes the importance of their in-house brand instead of the retail angle other dispensaries may traditionally take. ‍

‍ These are a few ideas to spark your creativity. Of course, you'll probably format these into sections with a bit less prose, but don't be fooled. These principles exist in front of consumers as they do behind the scenes in your dispensary business plan. Your mission and values should align with your target audience, local laws, and whom you want to reach, all of which we'll discuss further in this article.

Determining Your Target Market in The Industry

Figuring out your target cannabis market is one of the most decisive and challenging parts of your marijuana business. It helps you figure out what services and products to offer and what marketing to do. You can start this portion of your business plan by getting as much information on the area you're choosing to open your storefront.

Forget The General "Stoner" Audience 

A critical piece to finding your target market is that you shouldn't define it as generally anyone that smokes weed. After all, there are so many different types of cannabis customers. You'll have to find a target that fits your business plan well. According to a recent survey , there are likely more than 40 million cannabis consumers or roughly 12% of the entire population in the United States. ‍

‍ That means everyone, from Gen-Z to millennials to baby boomers and beyond, across all socioeconomic groups and cultures that are currently cannabis consumers today. You'll have to start narrowing down your scope for whom you intend to reach. Begin your search for your target market with local research. Who is in your immediate vicinity? Perhaps you’re planning to launch in an inner-city New York neighborhood. Maybe your consumers are parents in the suburbs, which could potentially change the way you choose to market in your business plan. Maybe you’re the first cannabis business to open in a small Midwest town, which could come with its own set of challenges regarding education and outreach. For example, suppose legal marijuana dispensaries are already flourishing in your city or state. In that case, it's unlikely that your potential local clients have never used marijuana products before.  That means that they shouldn't need much education to make them customers at your business. On the other hand, if you're the first retailer to open up shop in your area, it may be a different story. You'll have to spend more time convincing locals to come into your storefront. 

It Comes Down to Demographics & Size

As you can see above, creating your target audience is all about understanding key demographics. These distinctions will likely influence the way you tailor your business to consumers. A few demographics to pay attention are the following:

• Job and income
• Family status
• Preferred social media sites ‍

Another important factor is size. You want to go after the most populous demographic in your region, creating many opportunities for new and long-term customers. Although size is not always the most definitive factor, it certainly comes into play when considering what kind of business you’ll want to start.

Kicking Off Your Strategy: Opportunities & Risks

It’s always good idea to identify critical opportunities and risks before launching your business. Imagine investing in property, technology, and employees without a clear direction. You’d essentially leave your success (and investment) up to chance without the foresight into potential challenges that you could’ve uncovered during strategic development. So let's take a step back and look at the bigger picture with the help of these two tools.

SWOT Analysis

A Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis is a strategic formulation tool for either formal or informal use.

It’s a commonly used analysis by entrepreneurs across every industry, so it will surely help with your business plan.

‍ Consider the Strengths and Weaknesses as internal factors such as the organization's assets, processes, or personnel. On the other hand, Opportunities and Threats concern external factors, such as market, state law, and economic conditions.

The Eliminate-Raise-Reduce-Create Grid is another analysis for identifying opportunities and potential routes for scaling a business model. While the SWOT focuses more on internal and external market conditions that your business plan should acknowledge, the ERRC Grid outlines how your business plan model will respond to those factors.

‍ Completing this grid will help you create a unique position in the legal market that's informed by how your business plan engages with cannabis retail industry standards. It's an excellent exercise for establishing differentiators, unique selling propositions, and guiding a plan to scale in the future.   

Organizational Plan: Your Team & Their Duties

Who will be the key players in your organization? It’s an important question to consider as it can vary depending on the type of business plan you’re developing. Your business plan should have a traditional chart and team background information, such as qualifications of lead personnel in marketing, finance, legal, operations, management, and other divisions. ‍

‍ Do you want to elaborate more? Also list other relevant skills needed to launch and operate the company successfully. Defining these will inform your hiring and employee evaluation, saving time and money throughout the process.

Choosing Products for Your Dispensary Business Plan

At this stage in your business plan, picking the best products will depend primarily on how well you know your target audience and market. The goal here is to create a menu based on preferences you’ve identified while researching your target audience. For example, you might learn that a cohort within your target audience prefers flower but will typically choose hash if the brand they want is not in store. Alternatively, suppose you're opening up your cannabis dispensary in a neighborhood with predominantly millennial consumers. In that case, you might want to consider offering other product types or how past news cycles— such as the coverage on vapes— might impact purchase decisions. It undoubtedly becomes more granular once you start planning what brands will line your shelves.

What About Brands?

Cannabis brands have target audiences just like your business, investing in marketing communications designed to reach that specific communities.  Like what we mentioned above, you’ll want to pick brands with an affinity or marketing for your target audience. That way, when a potential customer enters your store, they’ll likely recognize and purchase a product they’ve seen or tried before. Brands might focus on marketing their products towards women and people of color. Others may take a more generalist approach or focus on the medicinal perspective of cannabis than being lifestyle-oriented. You can see how choosing certain cannabis brands, and products can influence what a customer recognizes and decides to buy when coming into your establishment.

Developing Your Marketing Strategy

How will you choose to market your business plan? The answers could vary a ton based on whom you talk to. Here are some key tips for writing the marketing strategy in your business plan. 

Allocating Your Budget

Clearly define your budget and the investments you choose to make. The more granular to get with deciding what marketing to do, the better prepared you will be to ensure tracking of return on investment.

Selecting Your Channels

Conduct diligent research into what channels you’re planning to activate. Start with questions like what social media platforms does your target audience use? Where can you deploy cannabis advertising? Many platforms restrict cannabis businesses from marketing; so, make sure you know how you plan to use them before going live. 

Get into Local SEO

Google My Business and Maps are two services many consumers rely on for choosing where to shop in their area. You’re going to want to have a plan for how your store will use this platform in its first year.

Consider Dispensary Text Marketing

How will you communicate with your customers once they have purchased from you? Software like a dispensary text marketing platform can help retailers send targeted communications to proportions of their customer base, resulting in higher open, click, and conversion rates.

Track, Track, & Track!

As it does for all dispensaries, your return on investment from marketing will matter to the success of your business plan. You're going to want to include how you intend on tracking each channel, your key performance indicators, and how you will attribute marketing-assisted sales.

Funding Strategy: How You'll Find The Money

When planning how you'll raise funds, ask yourself the following questions: ‍

• What are we going for?
• Why are we doing it?
• Who will do it?
• Where will we do it?
• How will we do it?
• When will we start? ‍

These are the six most essential questions for business funding because they cover the scope of your fundraising plan, the need in the market, key players, and a path to action. There are also two acronyms relevant to most fundraising strategies: BITS and SMART. BITS (Business-Individuals-Trusts-Statutory) will help you outline who will provide funds to your cannabis business. SMART (Specific-Measurable-Agreed-Realistic-Timetabled) helps set objectives for raising capital in a way attainable by your organization.

Outlining Your Exit Strategy

Exit strategies are plans for when investors want to get out of the company. Starting dispensaries can be quite costly and potentially rely on long-term financial commitments some investors can't make. These plans account for how venture capitalists can liquidate their investment based on specific criteria. The options can range from demonstrating a proven need in the market to selling off the company to another investor or enterprise. It is essential to have this in place so that every investor knows what they're signing up for before putting capital into your storefront.

Timeline & Milestones: What All Business Plans Need

Last but not least, no plan is complete without setting a timeline for operations and the milestones you wish to achieve. Here is a list of a few to consider: ‍

• Gaining the amount of capital required to operate.
• Acquiring property for operations.
• Licensing and permits.
• Purchasing all required software and equipment.
• Hiring employees.
• When marketing communications will start.
• When you expect your first customer. ‍

Setting these goals in advance will align your organization around clear business objectives relevant to your success. It will also make it easier for investors to visualize the trajectory of your business plans before they go underway.

Here's A List of Every Cannabis Business Plan Template for Dispensaries

We know you love templates. So, we made a list of every dispensary business plan pdf we could find on the Internet. Happy planning! UpMetrics CannabisBusinessPlans.com OGS Capital GrowThink LegallyRooted Wave Cannabis Pharm House & Sugarleaf Adilas420 DispensaryTemplates.com Beachside Health & Wellness Chandelier Template.net Northreadingma.gov The Healing Center Are your plans ready? Let us help you execute them! Happy Cabbage makes technology for cannabis dispensaries. Schedule a demo to see our tools Happy Marketers and Happy Operatorsand how they can help you run a better dispensary operation.

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How to Write a Cannabis Business Plan: A Step-by-Step Guide

Cannabis Entrepreneurs , Cannabis Industry , Cannabis Retail

Legal cannabis business sales reached $33 billion at the end of 2022. These outstanding statistics are drawing more individuals into the cannabis industry to start their very own dispensaries as more states in the US legalize recreational marijuana.

However, getting a foothold in this industry is not as easy as it may sound, especially with stringent compliance regulations. If you're considering opening a dispensary and getting involved in this line of work, you must know what you're doing. That's why you need a solid cannabis business plan, just not to obtain a legal dispensary license but also to ensure that you always remain compliant with all cannabis laws and regulations . 

A business plan helps you organize your goals and objectives, next steps, financial situation, and any other information you need before opening a cannabis dispensary. But keep in mind that your business plan should be flexible as it’ll need updates according to the constantly evolving regulations and trends in the cannabis market.

Writing a Cannabis Dispensary Business Plan

A business plan for a dispensary lays out your purpose for opening one, along with the strategies that can help you reach that purpose. You may need to conduct market research and measure relevant metrics to write a data-driven cannabis dispensary business plan. 

You may think that writing a business plan is a drag, but it's worth your time. Take the time to write the perfect business plan, and save a lot of time and energy in the future. 

We prepared this step-by-step guide to help you quickly get through this stage. 

1. Executive Summary

The first section of your cannabis dispensary business plan outlines an executive summary of the whole plan. This section is very important because if you want to sign a contract with an investor, they will first look at this part of your plan. 

Surely you don't expect an investor to work with a cannabis company that doesn't have a business plan? 

Here is all the information you need to include in your summary.

• Your business information: In this section, you need to provide information about who you are, if you're a start-up or a well-developed company, your location, and all your contact information. You can also prepare a description of the cannabis business for those who don't know it.
• Your products and services: Write down all the products and services you will offer.
• Your target market: Who could be your ideal customer? What are their age bracket, habits, income, and job? Create a buyer persona with all this information so you can target the right audience - those who are interested in your products and with a high chance of purchasing them. 
• Your competitors: Who are your competitors that offer the same products? Keep them under close watch. Analyze them fully- understand what strategies they're implementing, who their customers are, what their pricing is, etc. 
• Your team members: Determine what roles your company needs and who will be positioned in those roles.
• Financial summary: Your financial summary should contain the profitability of your business, your operating costs, revenue, debts, and anticipation of future growth. 
• Problem and solution: Think about your value proposition carefully. What is it that your company offers that your competitors don't? Why would they need to choose you over the others? What problems can your products solve? In what way?

2. Company Analysis

In this section, you must explain what kind of cannabis business you're running. We prepared some examples of cannabis businesses here below.

• Cannabis producers or cultivators: They grow and harvest cannabis on farms or greenhouses or run any growing operation, such as a hydroponic farm.
• Cannabis product manufacturers: They are the ones who take the cannabis from farmers and make products out of them, such as oils, drinks, textures, vapes, etc.
• Cannabis dispensary: They provide cannabis-related products for adults, medical, and recreational use.
• Cannabis retailers: They sell cannabis products to customers, such as the dispensaries we mentioned above. 
• Vertically integrated operation: They grow cannabis, make products with them, and retail themselves. 

Other types of cannabis businesses include:

• Delivery services
• Laboratories for testing and researching
• Places for social cannabis consumption

Aside from the type of business, there are other pieces of information you need to include in your company analysis:

• The time and the reason you started the business.
• The milestones you achieved, such as the number of products you created, etc.
• The retail structure of your business ; Are you an S-Corp, sole proprietorship, or maybe an LLC?

3. Industry Analysis

Another important part of the cannabis dispensary business plan is industry analysis.

Industry analysis is an overview of the cannabis industry. You need to conduct an industry analysis for several reasons:

• Educating yourself about the cannabis market you're working in
• Identifying market trends and improving your marketing strategies
• Proving your professionalism and expertise to your readers

You should also include the following information in your industry analysis section:

• Cannabis industry's worth in dollars
• If the market is growing or decreasing
• Your key competitors 
• Your key suppliers
• The trends affecting the industry
• The industry's growth forecast over the next 5-10 years
• The relevant market size to understand your chance for growth

4. Customer Analysis

You should think about your customers carefully so you can include the right type of audience in your cannabis business plan. Customers are the core of any business, so if you target customer segments who are not your ideal ones, it may result in losing precious time, money, effort, and resources. 

There are several things you need to pay attention to while looking for your target audience:

• Segmented Available Market, or SAM
• Total Available Market, or TAM
• Share of the Market, or SOM

Based on the total available market, your customers are the ones who are over the age of 21. The segmented available market shows the groups of people who are willing to pay for your products. The market share is the number of customers you can reach in a few years. 

You should know that legality will impact your total available markets, so not everyone can be your ideal customer. But keep in mind that you can have a bigger TAM for products known to be widely legal, such as CBD oils and hemp.

Also, cannabis businesses react differently to marketing methods. For example, a strategy that works for cannabis dispensaries will not work for manufacturers. 

To conduct customer analysis, you can also consider their demographics and psychographics aside from SAM, TAM, and SOM. Customer demographics are about your ideal customer's age, income, gender, location, education, etc. 

Psychographics is about customers' values, wants, needs, and expectations. The more you get to know them, the better you understand what will attract and repel them. 

5. Competitive Analysis

A competitive analysis analyzes your direct and indirect competitors in terms of products, services, prices, etc. 

As a cannabis dispensary, your direct customers are other dispensaries that work in the same location as you, and your indirect customers would be the producers. Here is the information you need to provide in this section of your cannabis dispensary business plan:

• An overview of their businesses
• Their strengths and weaknesses
• The product types they offer
• Their distribution to a particular dispensary type, such as medical or retail
• Their pricing

Also, mention the following information regarding these matters:

• If you can provide a wider range of products or services 
• If you provide a better customer service
• If you offer cost-effective pricing.

Write down all the ways you can win the competition and why consumers need to choose you above the others. 

6. Cannabis Marketing and Sales Plan 

Without marketing, you won't be able to find new customers and increase revenue. A solid marketing plan is important for a cannabis business plan. A marketing plan includes your marketing options in terms of all the factors mentioned below.

• Product: Again, mention the type of your cannabis business. Then write down your products but add more details.
• Price: Include the prices for each product and how your pricing differs from your competitors. 
• Place: Place refers to how customers are going to access your products. Do you have a physical store? Document the location and also include how it can benefit you. Do you own an eCommerce website? Document the site address. 
• Promotion: Here, you need to mention how you will advertise your business and products to attract more customers. These methods would include:
• Online: Such as social media marketing
• Print: Such as advertising in magazines
• Networking: Such as using independent representatives 

7. Operations and Security Plan

Your operations plan is about how you will meet your business goals. Your operations plan should include two sections:

• Short-term process: Include all the tasks you and your team will do to run the business in this section. It might include:
• Security of Products and Facility
• If you grow or manufacture cannabis
• Packaging products
• Dispensary SOPs
• Long-term goals: Your operations plan should contain the milestones you wish to achieve in a specific period.

8. Your Financial Plan

Here is what you need to include in your financial plan:

• Balance sheets: This includes the amount of money you have in the bank, the amount your clients owe you, and the amount you owe your vendors. Your balance sheet illustrates how your business is doing at any particular time.
• Cash flow statement: This shows the amount of cash the business received, spent, and has after the financial year. 
• Total net profit or less: This outlines how your company generated a profit or suffered a loss over a specific period (usually three months), outlining all revenues and outlays before calculating the overall net profit or loss.
• Sales forecast: You have to forecast how much product you will sell in the future. The time frame is usually 1-3 years. 

9. The Technology You Need to Use

As a cannabis business owner, you will need to use software, for instance, to sell products and manage transactions. You should know that having a website is essential for cannabis-related businesses so that consumers can browse through different categories and products.

A dispensary POS system allows you to take your business to the next level and enter the world of online transactions instead of being solely cash-based. COVA helps you to manage inventory and streamline sales. Also, we tweak our software as per the  cannabis laws in each region so that your business always stays compliant.

Our cannabis POS verifies the customers' age and prevents underage people from purchasing. On top of that, it calculates the amount of THC in cannabis products and stops sales that exceed legal limitations. This means that you don't have to worry about breaking the law accidentally and can focus on finding better marketing strategies and providing superior customer experiences.  Book a demo with us to learn more about the tools you need. 

10. Appendix 

The appendix should contain any remaining financial projections along with charts, graphs, and images that make the document easy to read.

Any business needs proper preparation before launching to determine what it will achieve. Dispensaries are not exempted. They need even more planning due to the nature of the cannabis business. One mistake in planning and everything can go downwards. Read and revise your plan multiple times before launching your dispensary. 

Aside from the things mentioned to include in the business plan for your dispensary, you can also write down each team member's role, especially from your management team. Writing down your product distribution plan has its benefits as well. 

Now that you have an idea about how to write a cannabis business plan, you should also consider reading this guide for more information: 5 Key Elements of a Successful Cannabis Retail Business Plan, or check out our cannabis guides and resources page to learn more about how you can succeed as a cannabis retailer. Contact Cova to see how we can help you succeed.

Written by Faai Steuer Faai Steuer is VP of marketing at Cova Software, the fastest growing cannabis retail POS in North America. An entrepreneur at heart, she has a passion for growing startups and building brands. With 20 years of marketing experience in CPG and retail tech, she lends her knowledge and best practices to help cannabis entrepreneurs in the US and Canada open their first store and grow their business through vital thought leader content. Faai oversees the strategies and executions of Cova public relations, content marketing, social media, events, and campaigns.

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How to Write a Cannabis Dispensary Business Plan (+ Template)

Creating a business plan is essential for any business, but it can be especially helpful for cannabis dispensary businesses that want to improve their strategy and raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you will accomplish it. To create an effective business plan, you must first understand the components essential to its success.

This article provides an overview of the key elements that every cannabis dispensary business owner should include in their business plan.

Download the Ultimate Dispensary Business Plan Template

What is a Cannabis Dispensary Business Plan?

A cannabis dispensary business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Cannabis Dispensary Business Plan?

A cannabis dispensary business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Cannabis Dispensary Business Plan

The following are the key components of a successful cannabis dispensary business plan:

Executive Summary

The executive summary of a cannabis dispensary business plan is a one- to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your cannabis dispensary company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast.

Company Description

This section should include a brief history of your company. Include a short description of how your company started and provide a timeline of milestones your company has achieved.

If you are just starting your cannabis dispensary business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your cannabis dispensary firm, mention this.

You will also include information about your chosen cannabis dispensary business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a cannabis dispensary business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the cannabis dispensary industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for your information, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, cannabis dispensary business customers may include:

• Patients with chronic pain who want an alternative to opioids
• Cancer patients seeking natural relief from chemotherapy side effects
• Anxiety and stress sufferers who find cannabis helpful in managing their symptoms
• People with epilepsy who are using cannabis as a treatment

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or cannabis dispensary services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will differ from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your cannabis dispensary business may have:

• Extensive product line
• Strong brand identity
• Well-known management team
• Industry experience
• Robust marketing strategy

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, or launch a direct mail campaign. Additionally, you may promote your cannabis dispensary business via a PR campaign.

Operations Plan

This part of your cannabis dispensary business plan should include the following information:

• How will you deliver your products to customers? For example, will you do it in person or online?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a cannabis dispensary business include reaching $X in sales. Other examples include launching a new product line or opening a new location.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific cannabis dispensary industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Cannabis Dispensary Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : Everything you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Cannabis Dispensary Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include cash flow from:

• Investments

Below is a sample of a projected cash flow statement for a startup cannabis dispensary business.

Sample Cash Flow Statement for a Startup Cannabis Dispensary Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your cannabis dispensary . It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A business plan is an essential tool for any cannabis dispensary business owner. Having a well-thought-out business plan increases the chances of your cannabis dispensary succeeding.  

Finish Your Dispensary Business Plan in 1 Day!

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How to Write a Cannabis Business Plan (+ Template)

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How to Write a Successful CBD Business Plan (+ Template)

How to Write a Cannabis Edibles Business Plan (+ Template)

Dispensary Business Plan Template

Write your dispensary business plan with help from cannabis retail experts.

The Dispensary Business Plan template includes advice and strategic insights to help you create a comprehensive starting document for your cannabis business.

Simply download, add your company details, and follow the instructions to build your completed dispensary business plan.

What's included?

The template covers all necessary sections for a complete dispensary business plan, including:

Executive Summary

Industry or Cannabis Market Analysis

Marketing Plan

Operations Plan

Security Plan

Financial Plan and Growth Plan

Get the _free_ template

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Dispensary Business Plan Template

Written by Dave Lavinsky

Cannabis Dispensary Business Plan

You’ve come to the right place to create your dispensary business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their dispensaries.

Cannabis Business Plan Sample

Below is a cannabis dispensary business plan to help you create each section of your marijuana dispensary business plan.

Executive Summary

Business overview.

High Kite Dispensary is a startup cannabis business located in Denver, Colorado. The company is founded by Jim Johnson and Michelle Smith, who are both experienced entrepreneurs and business owners. Jim has successfully brought multiple companies from the conception phase to a successful exit, either by acquisition by a larger company or byway of an initial public offering. Michelle comes with extensive experience as a business owner with expertise in financial management of food and beverage and retail shops. The founders are confident in their ability to bring High Kite Dispensary to market. The duo’s plan for success begins with hiring experienced professional budtenders and retail managers to operate the cannabis business on a day-to-day basis. 

High Kite Dispensary will be Denver’s one-stop shop for all things cannabis from vapes, edibles, and CBD oils to bulk flower, the most popular strains, and cannabis accessories. 

Product Offering

The following are the products that High Kite Dispensary will offer:

• Baked goods
• Flower Pre-rolls
• Bulk flower
• High Kite apparel and accessories

Customer Focus

High Kite Dispensary will target recreational cannabis consumers in Denver, Colorado. The Company’s product offerings will cater to individuals ages 21 and over, from people new to cannabis to seasoned connoisseurs. High Kite Dispensary will employ knowledgeable budtenders to provide personalized customer service, providing each customer with information and helping them select the products that are right for them.  

Management Team

High Kite Dispensary will be owned and operated by Jim Johnson and Michelle Smith. The duo has recruited Jan Jones, an experienced cannabis dispensary manager, to help run the day-to-day dispensary operations and supervise the budtenders.

Jim Johnson is a graduate of the University of Colorado with a Master’s degree in Business Administration. He has successfully brought two other startups to market as an active member of the executive team. Jim’s organizational skills and diligence have allowed him to establish a reputation as a driven CEO with the ability to spearhead favorable ROIs. 

Michelle Smith is also a graduate of the University of Colorado with a Bachelor’s degree in Finance. She has spent the last ten years working in a financial management role for a high end retail shop, before coming on as High Kite’s CFO. 

Jan Jones has been working in the cannabis industry in Colorado for the last three years. She started out as an entry level budtender and has gone on to roles with increasing responsibilities from head budtender to cannabis dispensary manager. Jan’s industry expertise is an essential asset for this new cannabis company.

Success Factors

High Kite Dispensary will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified cannabis experts that are able to effectively educate customers, manage the products, and work together as a team to provide the best experience for shoppers. 
• Extensive menu of products ensures there is something for every taste and every budget. 
• As a locally owned and operated business, High Kite Dispensary sources its products from local cannabis growers and producers at a wholesale discount, thus allowing the company to achieve a healthy profit margin. 

Financial Highlights

High Kite Dispensary is seeking $200,000 to launch its cannabis dispensary. The funding will be dedicated towards securing and remodeling the shop and purchasing the initial inventory. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and cannabis marketing costs. The breakout of the funding is below:

• Storefront build-out: $20,000
• Inventory and supplies:  $10,000
• Three months of overhead expenses (payroll, rent, utilities):  $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph below outlines the pro forma financial projections for High Kite Dispensary.

Company Overview

Who is high kite dispensary .

High Kite Dispensary is a newly established recreational cannabis dispensary in Denver, Colorado. High Kite Dispensary will be the most reliable, affordable, and fun choice for cannabis consumers in the city. The dispensary will provide a comprehensive menu of locally sourced cannabis products to appeal to any palette. Their customer-focused approach includes personalized customer service from knowledgeable budtenders seven days per week. 

High Kite Dispensary will be able to serve all types of customers, from those new to cannabis to long-time consumers. The team of professionals are highly qualified and experienced in all things cannabis, from growing and production to processing and sales. High Kite Dispensary answers all questions customers may have, while delivering the best customer service.

High Kite Dispensary History

High Kite is owned and operated by Jim Johnson, a serial entrepreneur who has an MBA from the University of Colorado and Michelle Smith, a business management professional who has a Bachelor’s degree in Finance from the University of Colorado. Jim has successfully built and sold two previous startups. Michelle’s tenure as CFO of a previous retail company has given her the skills and knowledge required to venture out on her own and start her own company. Jim has gained the trust and commitment of a network of entrepreneurs, who will help to bring his new company to the attention of industry leaders. 

Since incorporation, High Kite Dispensary has achieved the following milestones:

• Registered High Kite Dispensary, LLC to transact business in the state of Colorado. 
• Has a contract in place for the chosen dispensary location. 
• Reached out to numerous contacts to get that word out to potential customers that there will soon be a new dispensary coming to the area soon. 
• Began recruiting a staff of managers, bookkeepers, and budtenders to work at High Kite Dispensary.

High Kite Dispensary Products

The following will be the products High Kite Dispensary will provide:

Industry Analysis

The legal cannabis industry is experiencing significant growth and is expected to continue this pattern over the next several years as recreational cannabis is becoming more accepted by the general population. The Colorado cannabis industry is a $2.2B market. Cannabis is a major source of tax dollars for the state, bringing in an estimated $423M in 2021, so it is a favorable cannabis market to start a new dispensary. Furthermore, the cannabis industry in Colorado is a major contributor to the local job market, bolstering the economy. In 2019, multiple cannabis bills were signed into law that ensure Colorado cannabis dispensaries can remain competitive in the ever-evolving industry through increased innovation, diversity, and equity. 

For industry operators, intellectual property assets such as brand names and product trademarks are becoming increasingly valuable. Additionally, over the past year, the cannabis industry experienced a significant increase in M&A transactions with large players acquiring small dispensaries. This M&A activity is expected to continue to grow in the coming years.  

Customer Analysis

Demographic profile of target market.

High Kite Dispensary will target individuals ages 21 and over in Denver, Colorado. They will target people new to cannabis as well as those that are very familiar with it. 

The precise demographics for Denver, Colorado are:

Customer Segmentation

High Kite will primarily target the following customer profiles:

• Millennials
• Silent Generation

Competitive Analysis

Direct and indirect competitors.

High Kite Dispensary will face competition from other companies with similar business profiles. A description of each competitor company is below.

Rocky Mountain Cannabis (RMC)

Rocky Mountain Cannabis (RMC) provides a range of cannabis products including vapes, CBD, and edibles. Located in southeastern Denver, RMC is an established dispensary that advertises the lowest prices in the area. The dispensary is opening a second location next year to accommodate the communities in northern Denver. RMC products include 23 strains of flower, a large selection of CBD oil brands, and edibles such as gummies and chocolates. 

Denver’s Best Dispensary

Denver’s Best Dispensary is located in central Denver and offers edibles, CBD oils, pre-rolls, and vapes. The dispensary also sells cannabis-infused baked goods through its on-site bakery. Denver’s Best is owned and operated by cannabis professionals who have extensive experience in growing, processing, and retail of recreational cannabis and CBD products.

Colorado Canna Flower (CCF) 

Colorado Canna Flower (CCF) is located in eastern Denver, with multiple locations across Colorado including Golden, Boulder, and Aspen. CCF specializes in unique CBD oil blends and low-dose edibles. The dispensary is managed by former medical dispensary executives with extensive industry experience. 

Competitive Advantage

High Kite Dispensary will be able to offer the following advantages over their competition:

• As a locally owned and operated business, High Kite Dispensary sources its products from local cannabis growers and producers, bolstering the local economy. 

Marketing Plan

Brand & value proposition.

High Kite Dispensary will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees that is able to provide personalized service and value-add information. 
• Unbeatable pricing to its customers – High Kite Dispensary does not mark up its products at a large percentage. They will offer the most reasonable price for quality cannabis products in town. 

Promotions Strategy 

The promotions strategy for High Kite Dispensary is as follows:

Word of Mouth/Referrals

Jim Johnson has built up an extensive list of contacts over the years by providing exceptional service and expertise to his customers. Once Jim advised them he was about to open his own cannabis business, they volunteered to help spread the word of High Kite Dispensary.

Professional Associations and Networking

High Kite Dispensary will become a member of cannabis industry associations such as the Colorado Cannabis Association (CCA) and the National Cannabis Industry Association (NCIA).  They will focus their networking efforts on expanding their customer base.

Print Advertising

High Kite Dispensary will invest in professionally designed print ads to display in programs or flyers at industry networking events. 

Website/SEO Marketing

High Kite Dispensary will utilize their in-house marketing director that designed their print ads to also design their website. The website will be well organized, informative, and list all their products. The marketing director will also manage High Kite’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Denver cannabis dispensary” or “CBD near me”, High Kite Dispensary will be listed at the top of the search results.

The pricing of High Kite Dispensary will be moderate and on par with competitors so customers feel they receive value when purchasing their products. 

Operations Plan

The following will be the operations plan for High Kite Dispensary.

Operation Functions:

• Jim Johnson will be the owner and CEO of the company. He will oversee all staff and manage business relations. 
• Michelle Smith will be the co-owner and CFO of the company. She will oversee all accounting and bookkeeping for the company. Jim and Michelle have spent the last few months recruiting the following staff: 
• Jan Jones – Dispensary Manager who will supervise the budtender staff and run the day-to-day operations of the business. 
• Kim Martinez – Staff Accountant will report to Michelle and will provide all accounting, tax payments, and monthly financial reporting.
• Ben Martin – Marketing Manager who will provide all marketing for High Kite. 

Milestones:

High Kite Dispensary will have the following milestones complete in the next six months.

6/1/2022 – Finalize contract to lease dispensary building

6/15/2022 – Finalize personnel and staff employment contracts for the High Kite management team

7/1/2022 – Finalize contracts with cannabis producers and key suppliers

7/15/2022 – Begin networking at industry events 

7/22/2022 – Begin moving into High Kite Dispensary

9/1/2022 – High Kite Dispensary opens for business

High Kite Dispensary will be owned and operated by Jim Johnson and Michelle Smith. The duo has recruited Jan Jones, an experienced dispensary manager, to help run the day-to-day dispensary operations and supervise the budtenders. 

Jim Johnson is a graduate of the University of Colorado with a Master’s degree in Business Administration. He has successfully brought two other startups to market as an active member of the executive team. Jim’s organizational skills and diligence have allowed him to establish a reputation as a driven CEO with the ability to spearhead favorable outcomes. 

Jan Jones has been working in the cannabis industry in Colorado for the last three years. She started out as an entry level budtender and has gone on to roles with increasing responsibilities from head budtender to general manager. Jan’s industry expertise is an essential asset for this new cannabis company.  

Financial Plan

Key revenue & costs.

The revenue drivers for High Kite Dispensary are the sales of cannabis products. High Kite has contracts in place with suppliers to purchase products at a wholesale price, which allows them to sell the products for a lower price point than competition for a higher profit margin. 

The cost drivers will be the overhead costs required in order to staff a dispensary seven days per week. The expenses will be the payroll cost, rent, utilities, inventory and supplies, and marketing materials.

Funding Requirements and Use of Funds

High Kite Dispensary is seeking $200,000 to launch its cannabis dispensary. The funding will be dedicated towards security measures and remodeling the shop and purchasing the initial inventory. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials. 

• Average sales per month: $500,000
• Average profit margin: 21 percent
• Building lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, dispensary business plan faqs, what is a cannabis dispensary business plan.

A dispensary business plan is a plan to start and/or grow your dispensary business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your dispensary business plan using our Dispensary Business Plan Template here .

What are the Main Types of Cannabis Dispensaries?

There are three main types of cannabis dispensaries:

• Recreational Cannabis Dispensary
• Medical Marijuana Dispensary
• Combination (Recreational & Medical Marijuana Dispensary)

How Do You Get Funding for Your Dispensary?

The main sources of funding for a cannabis business are personal savings and angel investors. Banks typically will not lend money to marijuana businesses due to federal laws. To help you convince an angel investor to invest in your dispensary, you need a well-written business plan.

What are the Steps To Start a Dispensary Business?

Starting a dispensary business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your business goals and get started faster.

• Write A Cannabis Business Plan - The first step in starting a business is to create a detailed business plan for your dispensary that outlines all aspects of the venture. This should include relevant market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  
• Choose Your Legal Structure - It's important to select an appropriate legal entity for your dispensary business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your dispensary business is in compliance with local laws.
• Register Your Dispensary Business - Once you have chosen a legal structure, the next step is to register your dispensary business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 
• Identify Financing Options - It’s likely that you’ll need some capital to start your dispensary business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 
• Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 
• Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 
• Acquire Necessary Dispensary Equipment & Supplies - In order to start your dispensary business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 
• Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your dispensary business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful dispensary business:

• How to Open a Dispensary Business

Where Can I Get a Dispensary Business Plan PDF?

You can download our free dispensary business plan template PDF here . This is a sample dispensary business plan template you can use in PDF format.

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How to Write a Cannabis Business Plan + Free Sample Plan

Sarah Hovet

15 min. read

Updated March 18, 2024

Free Download:  Sample Cannabis Dispensary Business Plan Template

The cannabis industry continues to grow. One of our Bplans writers described going into business in cannabis as a “ once-in-a-generation opportunity ,” with the product rapidly becoming legal for recreational as well as medical use in many states.

Legal cannabis sales were projected to top $33 billion by the end of 2023 , and grow to nearly $57 billion in total revenue by 2028 .

But with so many people jumping on the cannabis bandwagon, it’s important for anyone trying to enter the market to carefully think through their cannabis company before starting. In legal states, the markets have become so saturated that cannabis companies can end up with thousands of pounds of unsold product. Write your business plan and develop your business model with this in mind so you can avoid these issues.  

Remember that a business plan is a living document. You should revisit it on a regular basis as your cannabis company grows. Set time aside to sit down and revise the plan , comparing forecasts to actuals and revising as necessary.  

It is also a good idea to write a formal business plan to prove your professionalism. You can overcome stigma and stereotypes by demonstrating that you have a clear, viable idea for selling a product that consumers want and enjoy .

If you’re ready to get started, download our free sample cannabis dispensary business plan now.

• Executive summary

Your executive summary needs to be concise. Keep it to 1 to 2 pages. But don’t neglect it. Investors will read this section closely to make sure your company will be a good investment for them. It should describe your company, what you do, and what you want from the readers of your executive summary. Once finished, it could stand alone as a summary of your full-length business plan.

Make sure to include information for investors who do not know much about the cannabis industry. Ganjapreneur recommends including polls about the increased demand for cannabis legalization.

Your executive summary will include the following sections:

• Who you are: Your business name, location, and contact information.  
• What you offer and the problem your business solves: What does your company offer and why is it needed? This is your value proposition .
• Target market: Who is your ideal buyer? Be specific.
• Competition: Who else offers similar services?
• Team: Who is on your management team?
• Financial Summary: Explain your business model, startup costs, revenues, and liabilities to the company. Mention your funding needs.
• Milestones and traction: How have you validated that there’s a need for your company in your location?

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Position your company’s opportunity

The next few sections contain the broad overview of the opportunity your cannabis company will take advantage of. As mentioned, the industry is exploding right now. With the rise of new cannabis companies, it is important to differentiate your cannabis company from the competition, whether you are opening a farm, extraction operation, or dispensary. You can no longer rely on hype to open a successful cannabis company. You need to sell a unique/quality product or service.

Set yourself apart by offering products and services that meet an unfilled need in the market. Products have become more and more diverse, and you can offer a range of flower, pre-rolls, vaporizers, concentrates, edibles, topicals, tinctures, accessories, and more.

Think outside the box when it comes to seizing your opportunity and making your cannabis brand distinct.  Suggestions include opening a unique edibles line , or getting a foothold in the new “ bud and breakfast ” cannabis-friendly lodging industry. There are also products closely related to cannabis that you can explore, such as CBD oils and hemp . The global market for CBD oils is expanding due to their medical efficacy.

Also, think about the specific business model for your company. Common small business types in the cannabis industry include:

• Cannabis producers : The farmers or growing operations who grow the plants and sell them to companies
• Cannabis processors : The middlemen who take the plants from the producers and prepare them to become recreational or medical products, such as extraction operations
• Cannabis retailers : The businesses that sell the products to consumers, such as dispensaries

There are also a wide array of ancillary businesses you can enter. These include delivery, advertising, paraphernalia, and more. These businesses can sometimes be more lucrative—they do not deal directly with cannabis so they are subject to fewer regulations. A number of cannabis tech companies have also begun to take advantage of the opportunity in the marketplace.

• Problem and solution

Describe the problem you have identified and how your cannabis company, whether you are a grower, processor, or retailer, solves that problem.

The problem: For example, imagine a city with an abundance of dispensaries, often upwards of three within a few blocks of each other. The problem is that they sell extremely similar products, and customers in the area are becoming more adventurous and seeking variety.

The solution: You decide to open a boutique dispensary that sells a variety of high-end edibles as well as topicals. Your products are high-quality on their own, and infused with high-quality cannabis. You provide extensive customer service and a variety of rewards options for customers. As a result, your pricing is higher than surrounding dispensaries, but you seek to brand yourself in such a way that your target market will expect higher prices for your quality of product.

• Target market

TAM, SAM, and SOM

This refers to your total available market (TAM), segmented available market (SAM), and share of the market (SOM).

Here, you are looking at the difference between targeting everyone (all the people who are 21 or older in your area), versus your ideal clients (people who are willing to pay your prices for your specific cannabis products), versus the number of customers you think you can realistically reach within your first few years of business.

Legality will impact your TAM. You might have a greater TAM for more widely legal products, such as hemp and CBD oils. The idea here is that not everyone will be an ideal customer. Some sources recommend using social media and demographic information to learn who your ideal customer is. Once you identify your ideal customer, you can tailor your marketing and sales plan to that person.

Buyer persona

Create a character who represents your ideal client. If you are a grower, you are looking to sell to a business, not an individual. What is the ideal kind of business for you to sell to?

Key customers

If you are mainly selling to consumers, you can skip this section and move on. It is more important for companies who are selling to other businesses, like a grower.

Provide details about the dispensaries or other cannabis companies that buy your product. Talk about how they are critical to your success.

Competition and competition matrix

List competitors and analyze what makes them competitive. Once again, the cannabis industry is oversaturated right now.

What differentiates your cannabis company from the one down the street? Will you offer a broader array of products? Or maybe you will offer great in-store customer service, with lots of advising for which products fit customers’ lifestyles.

Read up on some branding strategies to stay competitive in the cannabis industry.

Future products and services

Name the products/services you will offer as your company earns more money and as your market develops new needs. For instance, you might provide a delivery service and send products to customers’ doorsteps.

Maybe your company will develop an app to complement its website, with opportunities for customers to make social connections with each other, such as seeking smoking buddies, etc.

• Execution: How your company will respond to opportunity

The execution section describes how you will maximize the opportunity for your business.

Components of this section include:

• Your marketing and sales plan
• Strategic partnerships or alliances
• Your operations plan
• Your team and company information
• Financial plan
• Milestones and metrics that you’ll need to hit to be viable
• Your key assumptions and risks
• Your funding ask and exit strategy, if applicable
• Marketing and sales plan

This section describes how you will attract more of your ideal customers.

Include these details in your marketing and sales plan :

• Use this model to help:  “For [target market description] who [target market need], [how our business offering meets the need]. Unlike [key competition], it [most distinguishing feature].
• If your prices are higher than the competition’s, you want to make sure you are adding value by providing something they don’t or catering to a different target market. You may consider higher pricing if you sell more specialty products in a more affluent area.
• Finally, pricing can be difficult given the number of products being sold that are new to the market, with little data yet collected as to their performance. Try generating interest in new products with special deals such as discounts on complementary products. BDS Analytics has also generated some area-specific reports on cannabis pricing.
• Promotion : Explain your advertising plan and marketing tactics, whether they are online, print, or networking.
• Strategic alliances : List any people or organizations with whom you are working, such as third-party listing sites. Valuable strategic alliances for a cannabis company might include security staff, pharmacists, attorneys, sales associates, and store managers.

In addition to other digital marketing tactics , your cannabis company should have its own website. It is important to showcase your products with visuals. Consider adding a “menu” with a list of products divided into categories. Include pictures of each product. It’s also a nice touch to customize the site with search boxes for recreational products and medical products, respectively, as well as for indicas, sativas, and hybrids.

And remember: don’t market your cannabis to or near minors. Solely market it to those who are 21 and over.

Often, customers cannot distinguish one brand of cannabis from another, so your most important marketing tactic is to build relationships with your customers and provide them with excellent service.

Sourcing and fulfillment

If you are a dispensary, who grows your cannabis and acts as your vendor? If you grow cannabis, who do you sell it to? Extraction operations? Dispensaries?

A dispensary will need both a storefront where customers view and purchase products, as well as a storage space for products that are not on the shelf yet. You must make sure your dispensary is on a compliant property. Different areas have different laws about compliant properties, such as a minimum legal distance from schools, churches, and residential areas. Consult an attorney to make sure your storefront occupies a compliant property.

Consider your plans for labeling and packaging your product, and establish an inventory system.

For growers, consider growing cycles, climate, and the different production profiles of indoor, outdoor, and greenhouse operations. If you are in the extraction end of the business, read up on technologies that will optimize your operations .

Distribution

Transportation within the cannabis industry remains a developing phenomenon, like many aspects of the industry. Some companies, such as TransCanna, are pioneering transportation and distribution methods from cannabis manufacturers to consumers.

For a product that goes bad before you sell it, the legal methods of disposal are burning or composting.

• Milestones and metrics

Set start dates, end dates, and budgets for specific milestones, for before and after you launch your business. Set measurable, achievable milestones. Milestones can be about any aspect of your cannabis company as long as they emphasize growth. For metrics , decide which numbers to check regularly to track your company’s health.

Metrics for a cannabis company might include:

• Repeat customers
• The rate at which products are selling
• Vendors’ pricing (for a dispensary purchasing from a vendor)
• Dispensaries’ ability to buy your product at its pricing (for a grower selling to a dispensary)

This section should also include details about past successes (traction) and risks:

• Traction: Look back at major milestones you have achieved. Hopefully, they demonstrate that your business model works and that you are filling a need for your market. If you’re looking to attract private funders, this section is important since it shows your initial success .
• Key assumptions and risks : Acknowledge the assumptions you are basing your business on. Set out to prove them right if you can. Also, discuss risks so that investors know you have considered what could go wrong and that you have a plan for dealing with challenges. As mentioned, thickets of legal complications surround the cannabis industry. Demonstrate that you have familiarized yourself with local policies and sought legal counsel. Furthermore, a glut of cannabis companies have arrived on the scene recently. Back up with market research why you stand out from your competitors and are here to stay.

Management team and qualifications

Address who works for you, what do they do, and how much you pay them. Compile the details of their relevant experience and education.

Hiring plans

Outline what positions you might need to hire to fill skills gaps in your management team and how much you plan to pay them.

• Company overview

In this section , include the following information about your company’s legal and organizational structure.

• Mission statement: Your mission statement articulates your goals for what your company does for its customers, employees, and owners. It will read something like this: “Our mission is to provide X (services) for Y (customers) by Z (methods).”
• Intellectual property : List any patents you have or have pending, and mention any core technology you are licensing from another company. Be sure to avoid copyright infringement when you create images and advertisements for marketing your company.
• A review of your company’s legal structure and ownership: Explain your business structure and who owns how much of it. Pay attention to the legalities around cannabis in your state. The National Organization for the Reform of Marijuana Laws, or NORML, also compiled a database of laws and regulations around cannabis in each state. Additionally, check out these tables from the National Conference of State Legislatures.
• The business location: Describe the company’s location and any facilities it owns. If you work as a grower as well as a retailer, include both your farm/greenhouse and your store location. Successful dispensaries tend to go on to open more than one location.
• A brief history of the startup if it’s an existing company: This provides background for potential new employees.

Your financial plan helps you track your finances so you can accurately gauge your business’s performance.

Include these key elements :

• Profit and loss statement : This explains how your business made a profit or incurred a loss in a given amount of time (typically three months) by listing all revenue and expenses, then documenting the total amount of net profit or loss.
• Cash flow statement : Documentation of how much cash the business brought in, how much it paid out, and the amount of its ending cash balance (on a monthly basis).
• Balance sheet : Snapshots how your company is performing at a given moment by including how much money you have in the bank, how much your customers owe you, and how much you owe your vendors.
• Sales forecast :  Projections of what you think you will sell in a given timeframe (1 to 3 years).
• Business ratios : Comparisons of your company’s financials with numbers from the industry profile.
• Personnel plan : Costs of employees.
• Use of funds : Needed if you’re seeking investment or a loan. This section explains how you will use investors’ money, whether for marketing or purchasing inventory.
• Exit strategy : Needed if you’re seeking investment. This section includes a brief plan for how you will eventually sell your company. You could sell it to another company or to the public. List a few companies you might eventually sell to. This is important to investors because it tells them how they will make money from their investment when you leave.

Opening a cannabis company can incur additional expenses, such as the cost of hiring an attorney who can help you navigate complex laws and regulations. Familiarize yourself with license and permit information as much as possible, but also seek professional legal counsel.

Banks typically will not fund a cannabis startup. Due to federal regulations , they must report every transaction involving funds derived from illegal activity—and despite state legalizations, cannabis is still considered federally illegal. Instead, seek private investors to give your cannabis company the money it needs for startup costs. There are a multitude of websites designed to help connect cannabis entrepreneurs with investors . Also, consider personal and private loans. If you are a grower, see if certain grants or other means of funding work for you.

You also typically cannot use banks to deposit the profits from your cannabis company. Some smaller credit unions have begun to open checking accounts expressly for the cannabis industry. MoneyTrac provides dispensaries with kiosks where customers can make cashless payments.

However, prepare to come up with strategies for tracking and storing large amounts of cash for your cannabis business, because these banks remain rare. Consider investing in a safe and security measures such as cameras, if you go that route. For more, check out this article on how to accept payments as a cannabis business to help you assess your options.

The appendix provides a space for any charts, graphs, images, or other items that did not fit in other parts of the business plan. You can include expanded versions of your sales forecasts and other financials.

Now you have read a little more about the ins and outs of the cannabis industry during this time of dizzying growth. We hope you feel better prepared to design a viable idea for your cannabis company and to write your business plan.

Before you get started, be sure to check out our free business startup checklist download.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Sarah Hovet is a senior English and journalism major and creative writing graduate of the University of Oregon Clark Honors College. Her poetry has appeared in Z Publishing’s Oregon’s Best Emerging Poets, and The Rectangle, a publication through the Sigma Tau Delta International English Honor Society, of which she is a member.

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Daily Southtown | Cannabis business looking to open in Evergreen…

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Daily southtown | cannabis business looking to open in evergreen park meets skeptical community.

During an April 15 public meeting, The 1937 Group expressed interest in an ordinance change and a special-use permit to allow it open a dispensary at the shuttered Scott Credit Union at 91st Street and Kedzie Avenue.

With one brick and mortar shop open in Illinois, the group — named after the Marihuana Act of 1937 — sees the south suburbs and Evergreen Park as a promising market.

“There isn’t a cannabis dispensary within 3 1/2 miles of Evergreen Park,” said Sonia Antolec, the chief legal officer for the group. “That revenue is going and those jobs are going to other communities. We do intend and would hire locally if the ordinance passes.”

The company’s plan is to open in four to five months, with about 10 employees per shift, and hours from 9 a.m. to 9 p.m. with a coffee shop feel, leaders for the group said.

They said the store would be staffed with guards and have many cameras, as the business operates about half in cash and half by debit card.

Residents and village trustees grilled the company’s CEO and other officials, expressing frustration over the pitch’s incorrect figures, unclear financial projections and problems inherent to marijuana sales.

“Unprepared. You guys are totally unprepared,” resident Carol Simpson said.

Trustees expressed concern the company was unable to project how much revenue the store would generate for the village in its first year. A village official also corrected a statement in the company’s presentation that said the width of a nearby alley would remain 16 feet, though residents noted the alley is now 20 feet.

Antolec said the slide deck was misunderstood and the group had used an example layout at a different location.

“We’re anticipating a net revenue between $7 and $8 million,” Antolec said, reiterating figures mentioned in the meeting.

With the village receiving 3% of sales through taxes, Evergreen Park would see a six-figure revenue gain, the group said..

“What is still unclear, because it is actually unclear to us,” Antolec continued, is “when the village would receive that.”

Residents also took issue with dispensaries in general.

Marijuana is not legal federally, forcing residents to buy the plant with cash or debit cards, according to the group’s management, raising concerns the shop would be a target for robberies.

The potential of increased crime was the most common concern of residents.

“I hear about their safety. I don’t hear anything about us,” said resident Kevin Gallagher.

Antolec said as her firm continues its dialogue with residents, officials will listen to the community about whether its guards should be armed or unarmed. The 1937 Group is also building a relationship with Evergreen  Park police to ensure the community’s safety, she said.

Residents also expressed skepticism about traffic concerns, why the store needs to be open until 9 p.m. and the possibility of people using fake identification. One resident said she read a study that stated marijuana stores were bad for the economy of a town, and was challenged to present that study contradicting what the group cited.

Antolec said residents were overall skeptical about the plan. But she says that is just a subset of the community and many people have been supportive of the plans.

“It’s also a diverse community of hardworking and sometimes blue collar individuals, which also aligns with who we are as a true social equity company,” Antolec said.

Evergreen Park Mayor Kelly Burke and trustees did not respond to requests for comment. Trustees will continue discussions on the dispensary at upcoming meetings. Neither Antolec nor the village clerk provided the Daily Southtown with the group’s proposal.

Antolec said the timeline of the event is in the hands of the village leaders, stressing her excitement for the project and the group’s immersion into the community.

“We really do become neighbors with the community.”

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What's next after Missouri marijuana sales tax votes?

ST. LOUIS COUNTY, Mo.--Local sales tax coffers appear to be the big winners following Tuesday’s elections which saw voters in at least 45 municipalities stretching from the city of St. Louis to Franklin County approve ballot measures to collect up to 3% in sales taxes on recreational marijuana.

What You Need To Know

Tuesday's election results the statewide ballot question voters approved in november authorized municipalities to ask voters for permission to collect a 3% sales tax on recreational marijuana cities did not need to have an active dispensary in order to ask for the ability to impose the sales tax courts are likely to get involved in the question of tax "stacking".

Where it passed: St. Louis City, St. Louis County, Ballwin, Berkeley, Brentwood, Bridgeton, Clayton, Crestwood, Creve Coeur, Des Peres, Ellisville, Ferguson, Florissant, Frontenac, Glendale, Hazelwood, Kirkwood, Manchester, Maryland Heights, Normandy, Olivette, Overland, Pacific, Rock Hill, Shrewsbury, St. Ann, Sunset Hills, University City, Valley Park, Warson Woods, Webster Groves, St. Charles County, Cottleville, Lake St. Louis, O’Fallon, St. Peters, Wentzville, Festus, Herculaneum, Hillsboro, Pevely, Lincoln County, Moscow Mills, Troy, Franklin County

Where’s the revenue going? While some of the ballot questions said the revenue would go toward law enforcement, many cities have given themselves the wiggle room to address other needs, meaning the revenue will be placed in general funds that could be used for a variety of purposes. In some cases, there won’t be any money to collect yet. Manchester currently doesn’t have any dispensaries within its borders, but if an annexation proposal is ultimately approved by voters, it will.

Where it failed : Charlack, Flordell Hills, Northwoods, Velda City, Winfield

In Charlack, the question failed by a 3-vote margin, 38-35. In Winfield, it also failed by a three-vote margin, 92-89.

Charlack Mayor Mark Chamberlain told Spectrum News Wednesday the city doesn’t currently have a marijuana dispensary and likely doesn’t have the available store frontage necessary for one. It would be a longshot, but he wondered out loud if not having the tax could potentially lure a dispensary there.  

There are no marijuana dispensaries in Winfield.

What’s next? Election authorities still have to certify Tuesday’s results. There’s a good chance the next step in all of this could be in a courtroom. Backers of the November statewide ballot question legalizing recreational marijuana have said that they did not envision a situation where a county and an incorporated municipality could each collect or stack sales taxes. St. Louis County and St. Charles County both said prior to Tuesday’s election that, if voters approved, the plan was to collect the tax in both unincorporated and incorporated areas.

The Missouri Department of Revenue advised local governments that they would not be able to stack the taxes but later rescinded that guidance. 

“If necessary, the courts are tasked with interpreting constitutional language,” it said.

A city of St. Louis spokesman, citing state statutes, told Spectrum News the earliest those revenues could be collected is Oct. 1.

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