Something went wrong. However, if you want to enter an incredible growth industry, and are not afraid to put in a lot of hard work, entering the Michigan cannabis industry might very well be the best decision you will ever make. Michigan became the first Midwest state to legalize recreational marijuana. This also has the advantage of making it easier to raise capital, since growing companies with a good operational history are much more attractive to investors than pie-in-the-sky start-ups. Reference the following basic steps when starting your marijuana business: Write a Business Plan: The business plan outlines your company's goals, startup costs, timelines and milestones, finances, and other key information. Maybe you are an accountant, insurance agent, real estate broker, general contractor, or have some other professional skill that can be easily translated into the industry. Incfile offers a great library of material to help first-time business owners figure out what kind of business they should set up. After 30 days, you will not be allowed to buy any more. In this article, we will walk you through the steps you need to take in order to start a legal Michigan marijuana business. If you enjoy baking and want to get creative in the kitchen, this could be a fun business opportunity for you. It will help you stay organized and on task, while also serving as a "resume" of sorts when seeking additional investors. You can use the business plan when you talk to small business lenders at a local bank or Small Business Administration (SBA) office. The first step is to research the Michigan state laws regarding starting an edible business. Business boomed that first year for recreational edibles. "We posted as much in January of 2014 in sales as we did in all of 2013 . Kimberlee Leonard has taken her professional experience as an insurance agency owner and financial advisor and translated that into a finance writing career that helps business owners and professionals succeed. LAST UPDATED APRIL 20, 2021. Main applicants must submit a non-refundable $6,000 application fee. This is also the time to decide how to structure your cannabis business. With numbers like that, it could be very appealing to start an edible company of your own, but it takes much more than simply obtaining a business license and setting up a shop in your hometown to get into the edible business. Design the website and fill it with content. https://www.forbes.com/sites/nickkovacevich/2019/02/01/the-hidden-costs-of-the-cannabis-business/?sh=4dc5c1fb7da3, Newcomer, L. (2020, November 5). Every successful business starts with a good idea. Currently, she is the Marketing and Communications Manager at The Green Door, a medical & recreational dispensary in Bangor, and Baldwin, Michigan. The company has a strong reputation and great reviews online too. The state no longer requires financial statements, real estate deeds, or three years of taxes. Before you start up your business, search "cannabis ordinances" with your city and county name online to make sure your edibles business will be legal. . Scott F. Roberts is the managing attorney of Scott F. Roberts Law. How to Start an Edibles Company | Distru A Michigan-based investment group with over 25 portfolio companies. https://mjbizdaily.com/edibles-outperform-cannabis-industry-growth-in-2020-on-covid-spurred-sales-surge/, https://www.forbes.com/sites/nickkovacevich/2019/02/01/the-hidden-costs-of-the-cannabis-business/?sh=4dc5c1fb7da3, ://www.thompsoncoburn.com/docs/default-source/blog-documents/ranking-of-state-cannabis-regulations.pdf, https://www.cdph.ca.gov/Programs/CEH/DFDCS/MCSB/CDPH%20Document%20Library/AnnualApp_Checklist.pdf, https://www.michigan.gov/mra/0,9306,7-386-83994-454561--,00.html, https://www.oregonlegislature.gov/bills_laws/ors/ors475B.html, https://www.3ccannabis.com/2020/01/2020-maine-recreational-marijuana-establishment-licensing, https://www.viridiansciences.com/blog/maine-cannabis-regulations-license-applications-forms-links-and-other-resources, https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=BPC&division=10.&title=&part=&chapter=15.&article, California Legalizes Hemp-Infused Products, All products must be manufactured in a licensed, commercial kitchen, Applicant must be over the age of 21 to apply for a facility license, Proof of business structure (corporation, LLC, sole Proprietor, etc.
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