Do Sales In Florida Dispensaries Go In A Register

Starting a cannabis company in Florida? We've put together a state-specific guide covering everything from available license types to fees, regulations, and what yous should include in a Florida cannabis business organization program. Spring to a section by clicking beneath, or become straight to our sample cannabis business plan.

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Overview
Cannabis license types
Fees and other barriers to entry
Are cannabis business organization plans required in Florida?
What to include in a business plan
How to enquiry city regulations
Helpful links
Get expert aid

Overview of legal cannabis in Florida

Since SB 1030 and Amendment 2 passed in 2014 and 2016, respectively, Florida adults tin possess and use medical marijuana if they have a recommendation from a doctor. (Florida is ane of the few states that doesn't limit how much cannabis yous can have, so long every bit your doctor says information technology's necessary.) More than than 500,000 patients have registered for medical marijuana apply in the state. In 2021, medical cannabis dispensary sales in Florida could be every bit high as $1.iii billion. Edibles, CBD oils, sprays, and vaping are permitted, and every bit of 2020, both edibles and smokable cannabis are at present immune, albeit with a THC cap. Growing marijuana at abode is illegal.

Cannabis business organisation license types

Florida only issues one type of marijuana business license: medical marijuana treatment centers (MMTC). MMTCs grow, process, sell, and even deliver cannabis to patients. MMTCs are responsible for inspecting cannabis plants and seeds for pests, packaging, and other responsibilities to ready the product for sale. If you obtain a license for a MMTC, yous can open up upward to 25 dispensaries. Every time 100,000 patients are added to Florida'southward medical cannabis registry, each MMTC can add five more dispensaries.

Florida does not license independent testing facilities. MMTCs are responsible for testing their ain cannabis for potency and contaminants.

If you don't want to grow or sell cannabis in Florida, there are plenty of other means to be part of the booming cannabis industry. You can create a marijuana app, payment processing service, advert agency, consulting firm, accounting firm, watering system, security service, or legal firm--and that's just the tip of the iceberg!

Florida medical marijuana business plan facts callout.

Fees and other barriers to entry

Local governments may forbid cannabis companies or certain locations, and so check city and county regulations.

Awarding fees: Applying for a cannabis concern license in Florida costs $60,830.

Fiscal requirement: Yous need at least $5 million in working capital/escrow/bonds when you employ for a medical marijuana business concern license.

Staffing: Yous have to hire a medical director with a valid Florida 1000.D. (medical doctor) or D.O. (osteopathic md) license to oversee your MMTC.

Permits: If you're going to make and sell edibles, you have to get a permit to operate as a food establishment in the state.

Do you demand a cannabis business programme in Florida?

A business concern plan is not required to get a medical marijuana business license in Florida, but information technology will make the application process much easier. Your application already has to include a cultivation plan, management names and titles, cultivation facility description, odor mitigation plan, marketing plan, org chart, two-yr projected budget, and procedures for transport and storage, much of which naturally overlap with a business plan. And if you lot plan on raising funding from investors, you definitely demand a business plan.

What to include in your business concern plan

Here's what an Florida marijuana concern plan should include:

Product/service description: Will you run a MMTC, cannabis consulting firm, or something else? What's unique about your business? Be equally specific equally yous tin.

Market research: If y'all're opening dispensaries for your MMTC, how many people live within five miles? If you're creating an app, who volition be the user base, and why would they employ your app instead of someone else'southward? Use physical numbers verified by a third party whenever possible (instead of estimates).

Competitors: Who volition yous compete with, both direct and indirectly? What do they do well and poorly? What is their online reputation? How will yous differentiate your visitor?

Direction team: Summarize your qualifications and those of others on your management squad. (Recall of it as a shorter, "greatest hits" version of your resume.) Patently include cannabis industry feel every bit well every bit leadership skills, client service, and business evolution experience.

Financials: This part can be catchy. You need a five-year fiscal forecast, including projected almanac acquirement, operating expenses, costs, and cyberspace profit. Each yr'southward projected acquirement should include not only revenue simply also your margin and direct costs. Yous tin can forecast revenue past estimating how much product y'all call back y'all'll sell (based on market potential), your retail price, your product cost, and how much y'all'll spend on payroll, hire, and other expenses. Your cash flow statement will testify that y'all'll take enough greenbacks to stay operational. Yous might want to include a sensitivity analysis (best- and worst-case scenarios), which shows 15% higher and xv% lower revenue than your initial forecast. You lot can too include a break-even analysis, showing which month yous volition be profitable.

Florida-specific requirements: If not included elsewhere in your application, you should include details in your business plan most your security system, secure product transport, manufacturing waste product plan, odor mitigation plan, and anything else required by the state.

Investor proposal: If you are presenting your plan to investors, how are you lot valuing the shares? Consult with your attorney to make sure y'all are within state and federal compliance. Sometimes, y'all'll need your attorney to draw up an offering memorandum, often chosen a private placement memorandum (PPM). A PPM informs potential investors on the details of the investment vehicle (your company) and potential risks associated with the investment.

How to enquiry city regulations

Google your city or municipality name and "cannabis regulations" or "marijuana laws" (for example, hither's some data on Fort Lauderdale). If your city or municipality's website doesn't have information about cannabis, check recent local news coverage or contact your metropolis clerk, city manager, or town hall.

Helpful Links

Florida Office of Medical Marijuana Use (OMMU) medical marijuana rules
Apply for a MMTC license here
Register your business in Florida
Trademark your visitor name and logo

Become good help

Confused or overwhelmed yet? That'due south normal. With such a highly regulated industry, and one with dissimilar rules in every state, starting a cannabis company can be very circuitous. Get help with your cannabis business plan from Masterplans, the industry leaders. We've worked with hundreds of cannabis entrepreneurs similar yourself to create investor-ready documents and presentations so yous tin not only meet regulations merely go the funding you demand. Click below for your free, confidential consultation:

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