Step 2 of forming a cannabis dispensary is to form a legal entity; I needed to form an LLC or a caption for our cannabis dispensary, however this is so if our cannabis store is getting sued, I won’t be held personally liable, yup, I actually need to do that, but so I had no clue where to start on easily forming this business.
I realized that I am just a marijuana grower.
I can tell you about soil, light exposure and how to officially cure cannabis. I assume all about LED vs HID lights. I have no clue on what is the difference between an LLC and a corption. I also didn’t assume how to form one. Thankfully there are experts in this field. I found a recreational cannabis consultant that had opened hundreds of cannabis dispensaries before. I had the currency, I just didn’t assume how to do the paperwork. The guy basically spoon fed to myself and others how to do an LLC; He got myself and others all set up, registered for state taxes and opened a company account and card for me. These were things that I haven’t even considered, and when I imagined a dispensary, I was thinking about the products and people working for me. I was thinking all about the end result. The nitty gritty to get there is a lot of licensing and paperwork. Thank goodness I hired a gut to make sure I have considered everything and all parts of our dispensary are covered. I now have accurate and detailed accounts set up for tax season. That is something I never would have considered on our own.