As the legalization of marijuana becomes fully recognized in Michigan, it means there is a need for cannabis businesses throughout the state. However, opening this type of business is not the same as opening one in another industry. Regulations are very strict, and there are many rules you have to follow. The first of which is securing your cannabis business license.
The Department of Licensing and Regulatory Affairs explains all the qualifications that you need to have to secure your business license. You should keep in mind that there are some things that might disqualify you as well. Here is a look at three of those things.
- Legal issues
To get your license, you have to pass background checks. You cannot have anything pending in civil court against you or previous issues with business litigation. Your expunged criminal charges count in this situation. They will look at any criminal history regardless of conviction status. You have to be squeaky clean when it comes to your legal past.
- A lapse of moral character
Your reputation and personal and business lives undergo inspection during the process. You need to show you have an outstanding character. Every little thing that could even look questionable could be an issue.
- Financial woes
You must show you can financially handle getting into this business. You need money to handle all the regulatory needs and the business needs. A bankruptcy in the past seven years will probably disqualify you. Any issues with your finances will impact your ability to get a license.
Securing a license to run a cannabis business is a process that will scrutinize every aspect of your life. You need to be a good business person and morally sound with outstanding finances and a crystal-clear background if you want to get into the industry.