Medical Marijuana Dispensary Business Plan Template

Medical marijuana dispensary business plan template

File Name: Marijuana-Business-Plan-Template.pdf

File Size: 285.18 KB

File Type: Application/pdf

Category: Business, Medical

Uploaded: 7 months

Last Modified: 6 years

Status: Available

Last checked: 2 hours ago!

Summary

Medical Marijuana Dispensary
Business Plan Template
Outline
1) Executive Summary
2) Market Analysis
3) Organization & Management
4) Products
5) Marketing
6) Growth
7) Financial Projections
Executive Summary
[Company Name] will be located [Location] in Scranton, PA We have been
able to lease a facility for 5 years with the option of acquiring the property
once the property is put up for sale

The facility is well positioned and it matches the ideal picture of a
community dispensary store. We are not going to spend much to face lift
the facility. Before taking over the facility, it was used as a retail shop and
remains in good condition. The business will be launching with just one
outlet in Scranton, but we have plans to open other outlets in key locations
around Pennsylvania

[Company Name] will be involved in the retailing of medical marijuana and
in future other prescription drugs and over-the-counter drugs once we are
able to secure the required license

We are in medical marijuana dispensary business to retail medical
marijuana as permitted by the law in Pennsylvania to our customers at the
lowest prices they can get anywhere in the United States of America. Our
employees are well trained and qualified to handle the wide range of
customers that we are positioned to serve. We will engage in the sale of
prescriptions at reduced prices both at the counter and online orders

[Company Name] plans to operate a 24 hours 7 days a week dispensary
store. We are in business to service both walk – in customers and mail
order customers and shipping provisions have been finalized. Our work
force is going to be well trained to operate within the framework of our
company’s corporate culture and also to meet the needs of all our
customers

[Company Name] will ensure that all our customers are given first class
treatment whenever they visit our store. We have a CRM software that will
enable us manage one on one relationships with our customers no matter
how large the number of our customer base grows. In regards to
prescription drugs and over-the-counter drugs, we will ensure that we get
our customers involved in the selection of brands that will be on our racks

We will additionally ask for customer input in some business decisions

[Company Name] is a family business that is owned and managed by
[Name] and Family. [Name] is going to be the Chief Executive Officer of the
business; he/she has a degree in Pharmacy and an MBA from Harvard
University. He/she has well over 12 years of experience working as a
pharmacist and medical researcher with the United States’ government

Our Products
Aside from the dispensary of medical marijuana which is or core products,
[Company Name] will retail a wide range of prescription drugs from different
manufacturing brands to customers who are based in [Location] and every
other city where our outlets will be opened. We will also engage in the sale
of [Additional Products]

Our Vision Statement
Our vision is to become the largest medical marijuana dispensary store in
the whole of Pennsylvania and also amongst the top 5 leading medical
marijuana dispensary stores in the United States of America

Our Mission Statement
Our mission is to establish a first class medical marijuana dispensary store
that will not only retail medical marijuana but also make available a wide
range of generic and branded prescription drugs from top pharmaceutical
manufacturing brands at affordable prices to the residence of [Location]
and other Cities in Pennsylvania

Business Structure
[Store Name] is a business that will be built on a solid foundation. From the
outset, we have decided to recruit only qualified people to man various job
positions in our organization. We are quite aware of the rules and
regulations governing the pharmaceutical industry, which is why we
decided to recruit experienced and qualified employees to be the
foundational staff of the organization. We hope to leverage on their
expertise to build our business brand as a premiere medical marijuana
dispensary within the United States

When hiring, we will look for applicants that are not just qualified and
experienced, but honest, customer centric and willing to put in the hours it
takes to help us build a prosperous business that will benefit all stake
holders (the owners, workforce, and customers). As a matter of fact, profit-
sharing arrangement will be made available to all of our management staff
and it will be based on their performance for a period of three years or
more

Market Analysis
Market Trends
The market trend in the retail pharmacy industry of which the medical
marijuana dispensary business falls under is directly influenced by a
country’s healthcare reform policies. The fact that the pharmaceutical
industry is highly regulated means that any entrepreneur who wants to run
a medical marijuana dispensary business must be ready to play by the
book or they will be booted out of business

Several other factors influence market trends in the industry and it is
normal to see bigger medical marijuana dispensary stores (especially those
with chains of outlets) weather the storm whenever there are major shakes
in the industry. In essence, the easiest way to build a solid and highly
profitable medical marijuana dispensary business is to engage in opening
various outlets in key cities around the U.S

Undoubtedly, the industry will continue to grow and become more profitable
due to the aging baby-boomer generation in the Unites States which is
projected to drive increasing demand for medical marijuana and
prescription drugs

Medical marijuana dispensary stores are now making use of technology to
effectively manage their business by plugging financial leakages which
happens to be one of the biggest challenges that retail businesses faces

The use of technology, i.e. CRM software is very effective in helping retail
businesses manage their clientele base

Our Target Market
[Company Name] is in business to service a wide range of customers. We
will ensure that we target self – pay customers (who do not have drug
plans), mail order customers, and walk in customers

Generally, those who need medical marijuana range from those suffering
from severe pain, insomnia, anxiety, glaucoma, HIV/AIDS, epilepsy,
nausea, cancer, and any other ailment that the physician deems the use of
medical marijuana is fit for

The fact that we are going to open our doors to a wide range of customers
does not in any way stop us from demanding and screening prescriptions
as required by the law. Our staff is trained to effectively service our
customers and still play by the rules governing the industry

Our customers can be categorized into the following categories;
 Households
 Corporate Executives
 Business People
 Elderly people
 Expectant Mothers
 Sports Men and Women
 Students
 Middle aged people – who are usually working stressed from work and
may have insomnia
 The aged who may suffer from severe joint pains or any other category
that falls under the conditions listed by the physician
Our Competitive Advantage
In every business there is competition, however, we believe we possess
several strengths that will allow us to remain visible on the business radar
at all times. The retail pharmacy industry is known to be highly competitive
in the U.S and in most parts of the world. The industry is growing and there
are alternative ways through which clients / patients can get their
medications / prescriptions / drugs. There are alternative provide methods
like mail-order firms, grocery chains, mass merchants and dollar stores;
these are the real competitors in the industry. These competitors ensure
that they do all that lies within their power to gain a favorable market share
of the available market in any given region

In this industry, most of the competitive dynamics center around the quality
of cannabis dispensed, the service offered, the location where the
dispensary is at, discounts offered for the products, and to some extent, the
branding of the business plays a significant role. Even though competition
is stiff especially from the big, well-backed enterprises, smaller enterprises
can still get their fair share of the market if they stay true to the competitive
dynamics

It is a fact that small medical marijuana dispensaries / retail pharmacy store
will always struggle with larger medical marijuana dispensaries / pharmacy
chains when it comes to pricing power and brand recognition which is why
smaller retail pharmacy store always go out of their ways to deliver
excellent customer service. It is through top notch customer service that
they can secure a fair share of the available market

Smaller retail pharmacies ensure that each order carries a printout. The
printout accompanies the medications providing directions on how patients
are expected to take the medications, other drugs that should be avoided
concurrently, and other useful information

[Company Name] is entering into the market well prepared to favorably
compete in the industry. Our store is well positioned and visible. We have
plenty of parking space available with good security. Our management staff
is well groomed in retail pharmacy and all of our employees are trained to
provide customized customer service to all of our clients

We are going to be one of the few medical marijuana dispensary stores in
[Location] that will be open 24 hours a week and 7 days a week. We have
enough staff ready to run a shift system

Organization & Management
The following positions will be available at [Company Name];
 CEO (pharmacy owner, superintendent pharmacist and supervising
pharmacist)
 Pharmacist (Manager)
 Merchandize Manager
 Pharmacist technician (3)
 Information Technologist (Contract)
 Sales agents (3)
 Cashier (Counter Agent)

 Cleaners
Roles and Responsibilities
The responsibilities of each position within the dispensary will be broken
down as detailed below

Chief Executive Officer – CEO:
 Responsible for providing business direction
 Responsible for creating, communicating, and implementing the
organization’s vision, mission, and overall direction – i.e. leading the
development and implementation of the overall organization’s strategy
 Responsible for fixing prices and signing business deals
 Responsible for recruitment
 Responsible for payment of salaries
 Responsible for signing checks and documents on behalf of the company
 Evaluates the success of the organization
Pharmacist (Manager):
 Responsible for managing the daily activities in the company (dispensary
store)
 providing advice about health issues, symptoms and medications in
response to customer enquiries
 Responsible for recruiting, training and managing staff
 Responsible for processing prescriptions and dispensing medication
 Responsible for ordering, selling and controlling medicines and other
stock
 Responsible for meeting medical representatives
 Responsible for managing the organizations’ budgets
 Responsible for keeping statistical and financial records
 Responsible for preparing publicity materials and displays
 Handles marketing services
 Interfaces with third – party providers (vendors)
 Controls the sales floor inventory
 Supervises the entire sales staff and workforce
 Handles any other duty as assigned by the CEO
Merchandize Manager
 Manages vendor relations, market visits, and the ongoing education and
development of the organizations’ buying teams
 Helps to ensure consistent quality of drugs and products on our rack
 Responsible for the purchase of goods and products for the organizations
 Responsible for planning sales, monitoring inventory, selecting the
merchandise, and writing and pricing orders to vendors
 Ensures that the organization operates within stipulated budget
Pharmacy Technician
 Ensures that the store facility is in tip top shape and conducive enough to
welcome customers (This includes turning on equipment such as
computers, scales, printers and fax machines)
 Ensures that goods and products are properly arranged
 Responsible for processing prescriptions
 Responsible for sterilizing the counter tops, scales, pill counting trays,
and other medication measuring devices
 Handles administrative and bookkeeping tasks, inventory control,
stocking shelves, and data entry
 Performs monthly inventory counts, file paperwork, and stock inventory
 Handles any other duty as assigned by the floor manager (Pharmacist)
Sales Agents
 Manages external research and coordinates all the internal sources of
information to retain the organizations’ best customers and attract new
ones
 Models demographic information and analyzes the volumes of
transactional data generated by customer purchases
 Sources for clients for the company
 Responsible for promoting the company’s image
 Responsible for creating marketing and sales strategies, etc

 Represents the organization in some strategic business meetings
 Handles any other duty as assigned by the floor manager (Pharmacist)
Information Technologist
 Manages the organization website
 Handles ecommerce aspect of the business
 Responsible for installing and maintenance of computer software and
hardware for the organization
 Manages logistics and supply chain software, Web servers, e-commerce
software and POS (point of sale) systems
 Manages the organization’s CCTV
 Handles any other technological and IT related duties
Cashier (Counter Agent):
 Receives payments on behalf of the organization
 Issues receipt to customers
 Prepares financial report at the end of every working week
 Handles financial transaction on behalf of the company
 Interfaces with our bankers
 Responsible for payment of tax, levies and utility bills
 Handles any other duty as assigned by the floor manager (Pharmacist)
Cleaners:
 Responsible for cleaning the store facility at all times
 Ensures that toiletries and supplies don’t run out of stock
 Cleans both the interior and exterior of the pharmacy facility
 Handles any other duty as assigned by the floor manager (Pharmacist)
Products
Our core product as a medical marijuana dispensary will be medical
marijuana which will come in a variety of different strains. Aside from the
dispensary of medical marijuana, [Company Name] will retail a wide range
of prescription drugs from different manufacturing brands to customers who

Effectively manage their business by plugging financial leakages which happens to be one of the biggest challenges that retail businesses faces. The use of technology, i.e. CRM software is very effective in helping retail businesses manage their clientele base. Our Target Market [Company Name] is in business to service a wide range of customers. We

Frequently Asked Questions

How to start a medical marijuana dispensary?

  • Creating an office of “Cannabis Management” specialized in regulation for medical, adult, and hemp programs
  • Social equity licensing opportunities
  • Egalitarian adult-use market structure and help facilitate access to capital
  • Technical assistance and incubation for equity entrepreneurs

More items...

How to get a job at a medical marijuana dispensary?

To get a job at a dispensary and launch your cannabis career, you need knowledge, skills, a desire to continue learning, and a passion for the cannabis plant. A perfect way to determine which job in the industry is right for you is by reading our free ebook, The Guide to Cannabis Jobs.

How to start medical marijuana business?

What can you do right now?

  1. Learn everything you need to know, do, and prepare. Now is when you need to know what to do, what to expect, and how much it’s going to cost ...
  2. Figure out what business type is best. You should know what type of marijuana business will be a good fit for you, your partners, your budget, and skill set.
  3. See how much money you need. ...

More items...

Do medical marijuana dispensaries make money?

With the legalization of medical marijuana, a lot of people believe that every marijuana dispensary is very profitable. This is not the reality. You do not simply grow a few plants and make money out of it.

Download Now Error Report

Please leave your comments here:

 

Popular Search

About Us

The display of third-party trademarks and trade names on this site does not necessarily indicate any affiliation or endorsement of librarytemplates.com.

If you click a merchant link and buy a product or service on their website, we may be paid a fee by the merchant.

©2021 Copyrights. All rights reserved. Librarytemplates.com

Newsletter

Subscribe to receive news from us.