One of the things that separates the Michigan marijuana legalization efforts from the process undertaken in other states around the nation is its focus on creating the opportunity for people to create marijuana microbusinesses. In many other states, the newly legal marijuana industry is dominated by big businesses and rich individuals with very deep pockets. But in Michigan it is possible for the average man or woman with an entrepreneurial bent to get a license and start a microbusiness growing, processing or selling marijuana or marijuana based products and make a good profit.
The legalization of medical and recreational marijuana use in Michigan has created endless opportunities for innovative, forward-thinking, cannabis entrepreneurs. People who have a marijuana microbusiness license can legally have an inventory of as many as 150 plants. This is an ideal business model for selling small-batch specialty and craft marijuana products to the public. The ability for the average person in Michigan to own and operate cannabis microbusinesses offers new ways for small marijuana entrepreneurs to explore and enjoy profitable experiences while interacting with cannabis consumers.
The Microbusiness Option
People in Michigan who are passionate about marijuana and interested in business, but don’t have deep pockets, now have the opportunity to try the marijuana microbusiness option. This is ideal for entrepreneurs who want to take advantage of Michigan’s burgeoning legal medical and recreational industry. Marijuana entrepreneurs with unique style and vision can set themselves apart by coming up with a special twist for marketing their marijuana products to consumers in the state’s newly legalized cannabis market. Like any other industry, innovative marketing can lead to small business success.
Finalizing The Rules
Michigan’s Department of Licensing and Regulatory Affairs is still in the process of finalizing the rules regulating cannabis microbusinesses. One of the first steps people interested in starting a marijuana microbusiness in Michigan must take is to find out if it is possible to operate the business in the municipality they are targeting. Each municipality in Michigan receives some of the excise tax the state collects from recreational marijuana sales. The amount they receive is determined by the number of microbusinesses and provisioning centers operating in the municipality.
Some Municipalities Don’t Want Many Cannabis Microbusinesses
One of the factors that will determine where local people will be able to open and run their cannabis microbusinesses is the municipalities themselves. Some municipalities don’t want too many provisioning center storefronts and cannabis microbusinesses within their boundaries. Other cities and townships are excited about the marijuana microbusiness concept and want to position themselves to get a very large share of the tax revenue from the sale of recreational marijuana throughout the state. So having a marijuana microbusiness financially benefits both the marijuana microbusiness owner and the municipality in which they do business.
Keys To Starting A Successful Marijuana Microbusiness
There are several areas about which Michigan marijuana entrepreneurs must gather accurate information if they are to be successful. Those areas include:
- State Licensing
- Marijuana Microbusiness Startup Costs
- Municipal Permitting
- Business Plan Creation
- Cannabis Property Acquisition
- Legal Business Responsibilities
- Banking Services
Marijuana entrepreneurs must take the time to gather and study the important information they need to set up the infrastructure of their marijuana microbusiness. Once the legal matters and infrastructure have been properly handled, marijuana entrepreneurs in Michigan have the potential to make money hand over fist.
Proposition One And The Marijuana Microbusiness
In Michigan, the passing of Proposition One made the recreational use of marijuana legal. The proposition also created a number of new license types for people interested in starting cannabis companies in Michigan. To qualify for most recreational cannabis licenses, the applicant must first have a medical marijuana license from the state of Michigan. The only license type that doesn’t require having a medical marijuana license is people who are applying to start a marijuana microbusiness. Those licenses enable entrepreneurs to grow and process up to 150 plants, produce marijuana extracts and edibles and market them directly to the consumer.
Marijuana Microbusiness Limits
There are several limits associated with the marijuana microbusiness license in Michigan. First, only Michigan residents can qualify for a marijuana microbusiness license. It’s illegal for licensees to hold any other type of recreational marijuana license. Selling microbusinesses to other licensees is not allowed. Consumers must be 21 to purchase marijuana products. While these requirements may seem like they are too restrictive, ultimately they are put in place to prevent large cannabis companies from buying up several marijuana microbusiness licenses and dominating the Michigan marijuana microbusiness market. This has happened in several other states where recreational marijuana has been legalized.
Two Sets Of Regulations, Many Business Models
Cannabis microbusinesses in Michigan are subject to two different sets of regulations. There is the Michigan Department of Licensing and Regulatory Affairs state-level regulations. The microbusiness are also subject to reasonable, practical, regulations put in place by the municipalities in which they do business. Still, individuals and organizations with Michigan cannabis microbusiness licenses can use several lucrative business models. They include cannabis lounges or Amsterdam-style coffee shops, “tour-and-taste” operations, marijuana-themed restaurants, arcades and movie theaters and more.
An Excellent Opportunity
Marijuana microbusinesses in Michigan provides an excellent opportunity for small entrepreneurs in the state. While in other states the legal recreational marijuana industry has been dominated by big companies, the Michigan system ensures small business owners can benefit from legalized recreational marijuana sales. No matter which business model enjoy business model they choose, these marijuana entrepreneurs can potentially reap great rewards while providing recreational marijuana users with quality products in a safe, comfortable, environment.
Legalized recreation marijuana and marijuana microbusinesses are a win-win-win for the state of Michigan, recreational marijuana users and small marijuana entrepreneurs. The state benefits from millions in tax revenue, Recreational marijuana users can legally purchase and use quality marijuana. Marijuana Microbusiness owners get to make a healthy profit dealing with a herb they are passionate about.