Youll need to file official documents to establish your business. It is important to note that not all municipalities are the same. The rules are effective immediately and will remain in effect for six months. Cannabis Regulation. Before you go through the steps of establishing a business, you should take the time to flesh out your idea for your company. The edibles market alone is responsible for nearly $10 billion of the profits earned in the marijuana industry for 2017. A retail dispensary with little to no foot or car traffic is likely to struggle, and a building not well-suited for cultivation can increase your build out and equipment costs and dampen your yields well into the future. In this article, we will walk you through the steps you need to take in order to start a legal Michigan marijuana business. Prior to joining the team at Forbes Advisor, Cassie was a Content Operations Manager and Copywriting Manager at Fit Small Business. Open a Business Bank Account & Credit Card. to register your business online for taxes. With respect to multi-partner groups, sometimes this means leaving someone off of the license due to issues in their background, and instead having them control or finance the real estate or equipment. , taking out a loan from a commercial bank, launching an equity crowdfunding campaign, or securing funding from an angel investor or venture capitalist group active in Michigan. What that means is that you could launch your own cannabis brand, whether that be flower, cartridges, edibles, etc., without the immense start-up costs of obtaining a Michigan cannabis license under the MMFLA or MRTMA. These fees are in addition to business operating expenses like inventory, labor, rent, electricity, and security. Open a Business Bank Account & Credit Card. Northwest also offers registered agent services, annual report filings, and some free legal documents that pertain to starting a business. Because of the fact Cannabis remains federally illegal, almost no banks will lend to cannabis businesses, with the exception of a few that bank cannabis and lend only up to a few hundred thousand dollars in property-backed loans. The most common entities are: You may want to consult a tax advisor and business lawyer to make sure that you choose the entity that provides you with the best tax advantages and liability protection for your business. A statewide organization dedicated to assisting Michigan small business owners through free consultation and other educational services. This is a recommended step, even if you are operating a sole proprietorship. Equipment loans for start-ups are particularly hard to come by, as are operating loans. Retrieved July 22, 2021, from https://www.3ccannabis.com/2020/01/2020-maine-recreational-marijuana-establishment-licensing, LaVia. Now, if you are not a plant-touching company, you can skip right to Step 7.
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