Details of bill

Thursday of this week the Senate Appropriations Committee approved a bill to go forward to the senate to extend protections for states with medical marijuana. This bill is in direct contradiction to Jeff Sessions’ as well as the DOJ’s position on marijuana. This bill is still far from law at this point. The fact that the Appropriations Committee approved this bill to go forward is a sign of hope for investors. When this bill passes it brings stability to the market whether that be investment or ownership. The bill denies federal enforcement funds from use in any of the states with medical marijuana.

Implications

Now that this bill passed the Appropriations Committee needs approval by the senate. From the support this received in appropriations from both democrats and republicans, the bill is likely to pass. For potential business owners this is the time to move in recently legalized states. Many of the most recent states to legalize are ripe to open new facilities. Before starting a new medical marijuana business find a good consultant in the industry. A consultant can help with everything from licensing, cultivation to retail solutions.

Starting a new medical marijuana business

If you feel that this bill being introduced is a good sign for entrepreneurs, then it is time to start a new business. The first step will be to acquire property zoned for your intended business. Next you will need to obtain an owner badge from the state. After an owner badge is obtained you will need to get business and tax licenses. Somewhere in there you’ll need to obtain all the proper equipment and inventory for your business. There is also hiring a staff, obtaining a bank account, HR specialist, accountant and more things than we can list to account for. Hiring an experienced consultant should be priority number one.