Here’s what we know about how to open a dispensary in Illinois so far:
- Applicants have to pass an annual criminal history background check to acquire or renew a cannabis license.
- Organize all documents such as articles of incorporation, agreements, certificates of good standing, and others.
- A good business plan.
How much does it cost in Illinois to open a dispensary?
How much does it cost in Illinois to start a dispensary? – In Illinois, opening a dispensary might cost between $75,000 and $180,000. A comprehensive assessment of the costs associated with opening a dispensary in Illinois will provide information on real estate, company equipment and infrastructure, security, and operating expenses.
What are the requirements for opening a dispensary in Illinois?
How Much Does It Cost in Illinois to Open a Dispensary? – In addition to the non-refundable application cost, you must be prepared to pay the license fee after your dispensary inspection has been passed. The licensing charge for non-social equity applicants is $60,000 for a two-year license, whereas the fee for social equity applicants is $30,000.
Obviously, there are additional expenses connected with operating a retail cannabis enterprise. In fact, initial investment estimates for a cannabis retail firm in Illinois range from $75,000 to $180,000. These expenses include Real estate construction and renovation: $20,000-$65,000 or more Business equipment and infrastructure: $12k- $30k Security and surveillance: $10,000 to $20,000 In addition, you must account for your monthly operational expenses, which might range between $26,000 and $71,000 on average.
These are categorized as follows: Monthly rent: $2000 to $20,000 Professional fees (lawyer, CPA, etc.): $2,000 to $4,000 Payroll (staff and managers): $10k – $15k 1 Budtender ($13- $14/hour): $2k $2,500 for 1 Floor Manager/Supervisor ($16-$18/hour) 1 Compliance/Inventory Manager ($20 to $30 per hour): $3,000 to $5,000 1 Marketing/HR Manager ($20- $30/hour): $3k – $5k Marketing expenses: $1,000 to $3,000 Minimum working capital for $100 in monthly revenue: $9,000 to $25,000.