Preparing Yourself for a Marijuana Business in Florida
Posted on June 15, 2016 by Jeffrey FeilerThe new and improved Amendment 2 for Florida medical marijuana is on the Ballot for vote on November 8, 2016. The big question is, what can I do now to get ready to start a business?
Take a look below and learn what to expect firsthand from an experienced medical marijuana lawyer. In this blog, you'll get to discover how important it is to select a good lawyer, what you should be thinking about in terms of capital, when you should start, and an overview of some of the bigger decisions you'll have to make, such as where to get started and how to choose the location for your blossoming marijuana company.
Choose the Right Lawyer for Your Marijuana Business
First, get advice from an attorney who has substantial experience with marijuana law, the existing and pending Florida marijuana legislation, and businesses operating in the marijuana industry. The Jeffrey Feiler Law Firm is able to explain and organize a vast amount of information for their client so that the entrepreneur will understand any and all aspects of the process. Whether your interest is in a Retail Dispensary, a Growing Operation, Production of Oils, or other dimensions of the industry, the Feiler Law Firm will have the answers you need.
Raise Capital for Your Marijuana Business
Next, get your money and partnerships together! It is imperative that you know how much money you will need and when you need it. The last thing you want is to be running around trying to find funding while others are getting in their Applications and securing prime locations. However, don't let this pressure push you to form a partnership with someone you don't know well. The wrong partner(s) can become a nightmare. Don't get in with the wrong partner out of desperation for funding.
When Should I Get Started?
If you start early – and with the upcoming ballot, now is a good time to start – and obtain proper advice, you can begin to put together your plan without time pressure. You will need to decide what form of business you desire, such as a Limited Liability Corporation (LLC) or an S Corp. You will need corporate documents such as the Operating Agreement. The budget is essential both for the Application as well as the start-up costs. Budget for legal, accounting, architectural, and other professional services as well as brick and mortar and capitalization for employees, systems, marketing, and other necessary expenses to get the doors open for business.
The Challenges of Opening a Marijuana Business
There are two incredibly challenging aspects of opening a marijuana business. They are as follows:
1. How can I obtain a license?
2. How can I obtain a qualifying Dispensary or Growing location?
Florida is a "home rule" state, meaning that every County, City, and Incorporated Municipality is able to enact their own unique Ordinances (provided that they conform to State laws) or even choose to ban marijuana businesses altogether. Some places have already begun the process. Some places will be friendly to marijuana businesses. Other places may not allow any or very few at most. What this means is that Fort Lauderdale and Miami could have completely opposing positions on whether or not you can open a Retail Dispensary, a Growing Operation, or Oil Production or Extraction plant within the city.
Get Ahead of the Competition
When I worked in Colorado, my clients who prepared in advance of the legislation had put the wheels in motion. They were far ahead of the competition in the extremely lucrative medical marijuana industry the very instant cannabis became legal. The Feiler Law Firm can help you with some of the important steps to getting your medical marijuana business started in the state of Florida. Let the Feiler Law Firm help you. Call (305) 662-5663 to speak to your local Florida medical marijuana advocate today!