There has been a lot in the news recently about how many entrepreneurs have been enjoying success opening dispensaries in their local area. Many compare the relaxation of laws with regards to medicinal and recreational cannabis to alcohol prohibition, and there is certainly money to be made during this so called “green rush”. There are many hundreds of dispensaries opening each month, and in the process, these are creating new skilled cannabis jobs in the process. But, is it just industry spin as to the riches available?
Arguably one of the most successful dispensaries is Harborside Health Center. Well, we are judging them as one of the most successful because they have released revenue figures which not many other dispensaries have done. Their annual revenue comes to over $20 million, but with every one of these big dispensaries, there are many more that are struggling to make ends meet.
In a bid to analyze the state of the industry, a survey was conducted, and it identified that 60% of dispensaries that were interviewed had revenue for the year below $500k. Delving a little deeper and we find that 27% of all dispensaries had revenue of between $100-250k. Just over 1 in 10 dispensaries had revenue of less than $100k. It could be the case that while there are plenty of customers out there, they are being captured by the larger dispensaries who are able to advertise their services more and offer introductory deals. So, to enter this industry with a successful dispensary, you must have a good budget to do so, and overnight success is not to be expected.
Focussing on the top end of the market, 1 in 4 had revenues which were above $1 million, so if you work hard, coupled with a little bit of luck, you can see your venture fly. It is important to note that to get to this level, your dispensary must have hundreds of happy returning customers and some will have multiple locations on which to trade and not just have one dispensary.
If surveys like these are done on an annual basis, we will be able to track how successful or otherwise dispensaries are. To make the data as useful as it possibly can be, all submissions should be anonymous. This will help the dispensary owners keep their earnings private, whilst also helping the industry at large.
If you are a job seeker looking for a job at a newly opened dispensary, you may wishto make use of the cannabis jobs near me tool on Cannabis.net.