Minnesota Cannabis Dispensary Licensing
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What are the Requirements for a Dispensary License in Minnesota?
The Office of Cannabis Management (OCM) has an updated FAQ page listing the Minnesota Cannabis Licensing Documents that all types of applicants (lottery and uncapped) will need to upload for a Minnesota retail cannabis application in order to complete their submissions. The following is the list of “required worksheets”:
- Disclosure of Ownership and Control (Simple and self explanatory)
- Capitalization Table (We have a free template for this)
- Preliminary Security Plan (We will prepare this for you)
- Preliminary Business Plan (We will work with you to prepare this)
- Attestation of Labor Peace Agreement (We will show you how to get this from a Labor Union)
- Preliminary Training and Educational Plan for Employees (We will prepare this for you)
- Preliminary SOP Quality Assurance (We will prepare this for you)
- Preliminary SOP Inventory Control, Storage, and Diversion Prevention (We will prepare this for you)
- Preliminary SOP Accounting and Tax Compliance (We will prepare this for you)
- Preliminary Operation Plan (We will prepare this for you)
The pdf worksheets for the above items will be published by the OCM on February 14th, 2025. At that point, we will know exactly how much work is involved with getting these things together and we will have a full explanation of the Minnesota cannabis dispensary license requirements.
The concept of fillable pdf worksheets for cannabis license applications has been used recently in Delaware and Maryland, so this is familiar work for us. Minnesota used something similar last July when the first round of social equity lottery qualification for cannabis licenses was done. If you look closely at the licensing processes of various states, they all borrow ideas from each other. The list above, for example, uses SOP titles that have been mimicked exactly from New Jersey and Mississippi.
What we don’t know is how detailed or lengthy these worksheets will be. They could be very short and simple, or very long and complex. Our price to prepare them for you will vary accordingly. It will also vary based on how much of the work you’d like to do yourself.
How Much Does a Cannabis Dispensary License Cost in Minnesota?
Minnesota cannabis dispensary license cost
Minnesota cannabis dispensary license fees
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How Long Does it Take to Get a Cannabis Retail License in Minnesota?
When will Minnesota start issuing cannabis retail licenses?
Minnesota cannabis dispensary license timeline
Minnesota Cannabis Rules and Regulations for Dispensaries
- Minnesota cannabis dispensary license regulations
- Minnesota dispensary license regulations
- Minnesota cannabis dispensary license rules
- Minnesota cannabis dispensary license laws
- Minnesota cannabis dispensary license guide
- Minnesota cannabis dispensary license FAQ
- Minnesota cannabis dispensary license information
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Challenges Unique to the Minnesota Cannabis Dispensary License Applicant
How To Get Started With Your Minnesota Cannabis Retail License Application
- Minnesota cannabis dispensary license eligibility
- Who can get a cannabis dispensary license in Minnesota
- Where to go to Apply –
- Where can I find the Minnesota cannabis retail license application?
need docs to get through all that, such as abcd then link to product page
Dispensaries are really just retail stores with higher security and compliance requirements. Any adult with good business skills and enough investment capital should be able to assume ownership of one of the upcoming cannabis dispensaries and do just fine if they submit a good application, have a good location and stay in contact with the OCM to ensure full compliance with MN cannabis laws and regulations.
Cut to the Chase to See Our Pricing and Template Options Or, if you are interested in a different license type, choose among these:
Check out Our Minnesota Cannabis Application Documents and Services
Read about the MN Cannabis Microbusiness Licensing Process
Read about the MN Cannabis Cultivation Licensing Process
Read about the MN Cannabis Manufacturer Licensing Process
Read the Overview of Minnesota Cannabis Licensing
- Know the regulations issued by the the OCM and your local municipalities. The statute that legalized cannabis in Minnesota here, and the draft regulations are here, but we can’t keep track of the rules for cannabis dispensaries in each local municipality. We know regulatory text is tedious to interpret, but the dispensary applicants who learn it first and learn it best will have an advantage over everyone else. If you know all of the rules and limitations of your license type, you will much more easily navigate the process.
- Reach out to Minnesota Cannabis License Consultants (like us) and talk shop. You will always learn something from each adult you talk to who is also trying to break into or serve the cannabis business in the state.
- Gain access to the application materials as soon as they come available. You can set Google news alerts for Minnesota Cannabis Licensing.
- Start searching for suitable properties. The location can make you or break you, and the sooner you find it, the cheaper it will be.
- Start securing investors who will help you handle capital costs, and start working on a contract to seal a deal with them. (Contracts can take months, and it’s very common for negotiations to break down due to misunderstandings or disagreements about control and ownership percentages.)
- Start putting your business plan together.
- Be aware of the application submission date and everything you need to submit, so you can be among the first to apply for a cannabis dispensary license, both locally and at the state level. As mentioned above, if you are entering the lottery, the submission window is February 18th – March 14th, 2025. If you are applying for a microbusiness license, there is no deadline, but there will be a rush and a bidding war for properly zoned locations, so don’t wait until it’s too late to focus on that.
The local municipalities have certain kinds of control over how cannabis businesses can function in their jurisdictions. This is why it’s important to maintain contact with the jurisdictions where you want to apply and be aware of when they make zoning decisions. It’s the local level where networking and lobbying can really make a difference in nabbing a good spot to operate.
You’ll need north of 75 transactions per day to really come away with a decent profit, month-to-month, so low-traffic locations might have a hard time with this, depending on how many other dispensaries are nearby.
Retail Dispensary Budget
One of the experts on our team has operated multiple cannabis dispensaries in California. He created this sample dispensary budget to help our customers (and website visitors) make solid plans for financing.
This pro forma budget forecasts income and expenses for Years 1-3 for adult-use retail dispensary in New York, not including capital expenses. The estimates are based on assumptions and consultation with cannabis business professionals. Actual income and expenses could vary quite a lot depending on size and location.
|
Year 1 |
Year 2 |
Year 3 |
|
|
Income |
|||
|
Gross Sales |
$3,500,000 |
$5,000,000 |
$7,500,000 |
|
Cost of Goods Sold: Cannabis Goods |
$1,750,000 |
$2,500,000 |
$3,750,000 |
|
Cost of Goods Sold: Excise Tax |
$525,000 |
$750,000 |
$1,125,000 |
|
Owner Investment for Startup |
$140,000 |
$0 |
$0 |
|
Net Profit |
$1,365,000 |
$1,750,000 |
$2,625,000 |
|
Expenses |
|||
|
Accounting |
$5,000 |
$2,000 |
$2,500 |
|
Advertising |
$10,000 |
$12,500 |
$15,000 |
|
Bank Fees |
$1,200 |
$1,200 |
$1,200 |
|
Build Out Expenses |
$140,000 |
$0 |
$0 |
|
Dues & Subscriptions |
$2,400 |
$2,400 |
$2,400 |
|
Equipment |
$5,000 |
$1,500 |
$1,500 |
|
Insurance: Auto |
$1,600 |
$2,500 |
$3,500 |
|
Insurance: Health |
$0 |
$0 |
$35,000 |
|
Insurance: Liability |
$8,600 |
$9,500 |
$11,500 |
|
Insurance: Workers Comp |
$3,500 |
$5,500 |
$7,500 |
|
Internet |
$2,400 |
$2,400 |
$2,400 |
|
Janitorial Expenses & Cleaning |
$6,000 |
$6,000 |
$6,000 |
|
Licensing Fees: Local |
$9,000 |
$9,000 |
$9,000 |
|
Licensing Fees: State |
$30,500 |
$46,500 |
$57,000 |
|
Meals & Entertainment |
$1,500 |
$1,500 |
$1,500 |
|
Other/Cost Overruns |
$20,925 |
$30,427 |
$45,829 |
|
Payroll: Taxes |
$49,000 |
$87,500 |
$136,500 |
|
Payroll: Wages |
$700,000 |
$1,250,000 |
$1,950,000 |
|
Printing & Reproduction |
$10,000 |
$15,000 |
$17,000 |
|
Professional Services |
$15,000 |
$5,000 |
$5,000 |
|
Rent |
$36,000 |
$36,000 |
$36,000 |
|
Repairs & Maintenance |
$2,400 |
$2,400 |
$2,400 |
|
Security Monitoring |
$6,000 |
$6,750 |
$7,500 |
|
Software |
$6,500 |
$2,500 |
$2,500 |
|
Supplies |
$5,000 |
$5,750 |
$6,500 |
|
Telephone |
$2,400 |
$2,400 |
$2,400 |
|
Travel Expenses |
$3,000 |
$3,000 |
$3,000 |
|
Utilities |
$4,800 |
$4,800 |
$4,800 |
|
Waste Management |
$5,000 |
$5,750 |
$6,500 |
|
TOTAL EXPENSES |
$1,092,725 |
$1,559,777 |
$2,381,929 |
|
Net Profit |
$1,365,000 |
$1,750,000 |
$2,625,000 |
|
Total Expenses |
$1,092,725 |
$1,559,777 |
$2,381,929 |
|
NET INCOME |
$272,275 |
$190,223 |
$243,071 |
What the above dispensary budget shows is that, if you can get to 60 or more transactions per day, you can make a good living operating a cannabis dispensary in Minnesota. Capital expenses for an average adult-use retail dispensary can be covered with about $250,000, assuming the building is in good shape and has good infrastructure. Of course, if your location is in the middle of Minneapolis, you could be doing 300 transactions per day and making a lot more money. That’s why it’s hard to do budgeting that applies to everyone; each situation is so different, but for retailers, nothing is more important than location.
