If you have been considering entering the cannabis business and are wondering if and how you can do that in Guam, the answer is yes – you can start your own cannabis business.
The cannabis industry is still new, evolving and growing, so you must ensure you do things properly and follow the law. Stay current with any changes in the rules that may affect you and your business.
Like all other cannabis businesses, there is a process to start your business. In Guam, there is a specific process for forming a cannabis business.
Steps to form a cannabis business in Guam
- Designate a responsible official in your organizational documents
- Obtain a license at the DRT, Business License Branch
- Get your administrative license
- Apply for an official cannabis identification card
- Open a bank account for your business
- Apply for a cannabis establishment license
- Apply for a permit to operate
- Request a business license for your cannabis business
While it may sound simple, the above steps will take time and require further paperwork that the government will ask of you before approving your applications.
Fees associated with your new business
- You will be responsible for paying a licensing fee once you obtain your business license.
- You will have to pay a permit-to-operate fee.
- There will be additional fees associated with the cultivation of cannabis.
- There will be taxes that your business will have to pay, per Guam legislation and Guam’s Cannabis Control Board.
Starting a business is an exciting time, but it is also a process you must take seriously and carefully to ensure that your business complies with all laws and regulations.