Hey Everybody its Josh Covert from the Michigan Cannabis Lawyers. I’m in at the office today had a little time to shoot a video so I thought I talked about Michigan Marijuana Microbusiness. I get a lot of questions about micro businesses!
There are 3 things I think that anyone interested in a Michigan Marijuana Microbusiness should be thinking about:
Getting your Ducks in a Row
You really need to start a business.
Get an operating agreement in place.
Get an EIN.
Also, make sure your personal affairs are inline.
Make sure you are up to date on all of your taxes
You really have to be looking at a niche market if you’re going to be in the micro-business area and that’s because you only have a hundred and fifty plants that you can process and then sell retail.
That’s why some people need to be looking at movie theater popcorn as an example.
Exclusive branding, etc.
With only 150 plants you’ll have a hard time selling ounces at competitive prices when we got people growing you up to 6,000 plants in one area.
So you really have to think something different. Niche Market!!!
The last thing I think people need to think about, THIS IS THE MOST IMPORTANT. Right now, in order to have a micro business;
- You need to be in a community that is opted-in to micro-businesses or
- You need to be in an area that has remained silent on the issue and is using the state regulations
The MRA the Marijuana Regulatory Agency has a list of opted in cannabis communities on their website and you can take a look.
That’s what you have to think about is LOCATION.
Not only if you are in one of those areas but you have to be in an area that would be zoned appropriately for that type of business. Either under local Municipal ordinances or under the state law.
If you got any questions about starting a micro business give us a call here at 517-512-8364
Thanks a lot – Josh