I am 25 years old and I live in Massachusetts. Marijuana has finally became legal and it will be sold in shops soon for recreational use. I have managed to save up some money but not much. I want to invest it into a business and I’ve always had a thing for Smoke Shops. I’m doing some research now to see how much money I will need to get the business to start up. Are there any posts on these forums with information on how to start up a shop and what the costs are like? I’m open to all information! If you have any advice I want to hear it! Thank you guys! I’m new here!
Since no one else is jumping in, here is some information.
I live in a state that is NOT recreational YET, but we expect it in the next year or so.
When you say you wan to invest it in a business, do you mean that you want to give it to someone opening a business or do you want to open your own? I will assume from other things you mentioned, you want to open your own.
My own numbers are based on MOST aspects of the business and leaving 25% for the unknown which I am sure there will be many. From hiring a consultant that has done it before, rent, attorneys fees, insurance, product, build out of shop (we already have the infrastructure), licensing, technology, security, and a ton of other things. This is just my number and doing it right. I am looking at anywhere from $280,000 to $320,000. And as I said, we already have the retail space being used for something else. You may have to consider retail space.