South Dakota voters approved two ballot initiatives this year that legalized medical and recreational (adult-use) marijuana.
The recreational measure (a.k.a Amendment A) which allows recreational (adult) use and creates a licensing system for commercial production and distribution of marijuana will become effective July 1, 2021. The state Department of Revenue is responsible for regulating and licensing growers, wholesalers, and retailers and its deadline for writing regulations is April 1, 2022.
The medical cannabis initiative (a.k.a Initiated Measure 26) will allow patients suffering from debilitating conditions to possess and purchase up to three ounces of medical marijuana from a licensed dispensary. The state Department of Health will oversee the medical marijuana program and have until October 29, 2021 to enact the regulations.
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What can you do right now?
You need to be well-prepared for when the state will begin accepting licensing applications. While that looks like you have plenty of time to get everything together, know that we typically work with clients anywhere from 1 to 2 years before licensing is available because there is so much to do and prepare for when licenses become available.
Below is a quick list of the bigger things you should start working on right away if you’re actually serious about starting a medical or recreational marijuana business in South Dakota.
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 in order to get ahead of your competition. You can spend the next 6 months reading through all the legal documents and hopefully figure it out perfectly so you can then get started. Or you can save yourself a bunch of time, hassle, and wasted money by letting us show you everything via a Starter Package.
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. So many clients start out wanting one business and realize another is actually a better fit for them. Did you know there’s upwards of 10 different types of marijuana businesses available to you? Get this wrong and you may have to start all over from square one.
3. See how much money you need.
Most people completely underestimate how much it costs to actually start a recreational marijuana business. But they also underestimate how much money it can make. The How to Start a Medical and Recreational Marijuana Business in South Dakota package goes over typical budget scenarios for every type of business so you can understand real-world costs for this, including staffing positions and salaries.
4. Find a compliant business location.
Without a location, you won’t be able to have a medical or recreational marijuana business – period. You’ll need this in order to apply for any license – you can’t apply and then find a location. It’s a rookie mistake that will torpedo your chances of success. Start working on this right now because a location is the make-or-break item for so many clients. This is why it’s extensively covered in the Starter Packages. Competition, costs, and everything associated with getting a location are extremely difficult and only get worse and more expensive the closer you get to the licensing period – so do not wait on this!
Get Started In 10 Minutes
You’ll be starting your dream business in under 10 minutes with our easy-to-follow Starter Packages.
Some of the things included:
- Step-by-step instructions.
- How much $$ you need.
- How to be 100% legal.
- How to find a location.
- Funding types available.
- Rookie mistakes to avoid.