If you have a physical address in Michigan, you can be your own registered agent, however, hiring a professional is inexpensive ($50-$200 a year) and will ensure that your forms are filled out and filed correctly. When a business is in its infancy, a low tax burden and manageable expenses can be major factors in its survival. It costs $10 to $100 to file these forms and register. If you are a plant-touching company, however, you will also need to go through the next steps to properly license your company with the Michigan Marijuana Regulatory Agency, or MRA.. found in a recent study. Even if you dont have a directly translatable professional skill, there are other ways to enter the cannabis ancillary services market. Edibles are now one of the fastest growing markets, making it an extremely lucrative business opportunity for entrepreneurs thinking about joining the market. Information provided on Forbes Advisor is for educational purposes only. Will nearby competitors take a share of your potential profits? An organization with fifteen years of experience in investment in Michigan companies. The filing fee varies depending on the municipality. Some states equity laws allow for granting licenses to parties with past cannabis convictions. Selling Marijuana Edibles. You should also consider general business liability insurance. 4. Starting your own Michigan cannabis business may very well be the best career decision youll ever make. You may be surprised to learn that most of the brands you see on a dispensarys shelf are manufactured in one of a handful of processing facilities throughout Michigan. It will help you stay organized and on task, while also serving as a "resume" of sorts when seeking additional investors. By Cody. Those forming an LLC are required to file Articles of Organization through the mail, online, or in person. Marijuana Regulatory Agency - SOM - State of Michigan Like any business, it is important to get this right the first time, because you may only get one shot at it. 14 things to know if you want to start a marijuana business in Michigan While there is lots of opportunity in cultivation, processing, dispensaries and other plant touching businesses, there is also opportunity in the ancillary business sector. You need a state license to do business. An LLCs provides the liability protection of a corporation, yet isnt subject to double taxation as the profits go through your personal tax return. As the registered agent on dozens of prequalified or licensed cannabis businesses, my mailbox is absolutely inundated with insurance agents offering insurance to cannabis businesses. Michigans corporate tax rate is rated the, U.S. Census Bureau: Statistics of U.S. Retrieved July 22, 2021, from https://www.3ccannabis.com/2020/01/2020-maine-recreational-marijuana-establishment-licensing, LaVia. The big winners are not always the ones who are first to market. Lansing, Michigan 48909, Michigan Department of Licensing and Regulatory Affairs

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