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As a general rule, your dispensary weed prices will need to be both affordable for your target consumer, that is the people you plan on selling to, as well as competitive, that way your potential customers don’t just run off to your competitors.
Much like gas prices, dispensary weed prices are likely to vary between cities. With any other business, you could easily look at your competitor’s prices and charge based on that, but since there aren’t any legitimate recreational marijuana dispensaries in California yet (as of November, 2016), you can’t do this. But don’t fret, as you’ve still got a couple of options for determining your dispensary weed prices.
Determining Your Dispensary Weed Prices
Reference Prices In Other States
MMJ America, which is based in Denver, lists the prices of their flowers, edibles, concentrates, bags, and everything else right on their website. You can find other websites as well just by searching for “marijuana pricing list” in Google.
Reference Street Prices
It’s ghetto and raunchy, but technically, those street guys are your competitors, too! If you know any potheads, try to get an idea of how much their suppliers are charging, and base your prices off of that. Of course, if the supplier’s prices are too low for you to charge, then you’ll need to adjust the prices to something more reasonable while convincing others to purchase your weed rather than street weed (labelling it as “safer than the street” is one way to go).
Other Pricing Methods
Using MMJ America as an example again, you can see that they offer a 5% discount to their members. You can have people become member either on your website or by creating in-store cards for them to use when they show up at your store.
Consider coupling bongs and other accessories with your weed. More than likely, some people who are new to recreational marijuana won’t have everything they need, so bongs, roll-paper, lighters, and other accessories sold with marijuana at a small discount will help them immensely.
On November 8th, 2016, Proposition 64, also known as the Adult Use of Marijuana Act, was approved. Thanks to the approval, recreational marijuana dispensaries can now legally exist in California without the fear of prosecution. However, before you run off and try to be a budding entrepreneur, it’s important to know that there are now a whole new set of marijuana dispensary laws that you need to understand.
California Marijuana Dispensary Laws (As of November 11. 2016)
Licenses & Legal Documents
This article will be updated as more information is released.
- State License: The main license you’ll need to sell marijuana is a state license. You’ll be able to obtain this license at the Bureau of Marijuana Control. At the moment, there are no licenses available.
- Fictitious Business Name Statement: If you plan on operating a marijuana dispensary in California under a name, you’ll need to file a fictitious business name statement with your county clerk.
- Business License: Once you have a state license, you’ll need to procure a business license from your local city hall.
- Home Occupation Permit: Assuming you plan on opening a home-based marijuana dispensary (if you’re allowed to open one in your city), you’ll need to get a home occupation permit from your city hall. This takes a bit longer to file than a business license as your city will send someone to inspect your home to make sure it’s in compliance with the law.
- Articles of Incorporation & Other Documents: Depending on how you decide to set up your dispensary’s business structure, there may be several other documents you need to file in order to successfully set up your business.
- Anyone under the age of 21 cannot sell marijuana (as you need to be 21 years old to use it).
- Business locations within 600 feet of a school, daycare, or youth center.
- Large-scale existing marijuana businesses (to prevent a monopoly from occurring).
- You cannot sell minors marijuana.