Ever since medical cannabis has been legalized, numerous business opportunities have been created for people who are really interested in starting a legal cannabis business. However, there are so many interests among establishments and entrepreneurs in getting their business started, but the fact is that there is limited number of cannabis business permits that can be granted.
Hence, the exact number of the permits to be granted varies from one state to another and this is why it is crucial for applicants to be up to date with the rules and laws in their respective state.
Furthermore, the costs that are associated with acquiring cannabis business permits is also different. The application fee ranges from ten thousand dollars to thirty thousand dollars and the licensing process can cost between sixty thousand dollars to one hundred thousand dollars. There are some factors that have to be considered before knowing how much a candidate should pay. In addition to the licensing and application fees, an indemnity fee must be paid too. But this fee is around twenty-five thousand dollars. Any candidate that is able to meet all the financial and legal requirements and is able to set up a cannabis business must give a six percent of the establishment’s gross revenue to the state.