Startup cost reality check. How far off am I?

I've got a few friends dreaming of opening their own shops, but the numbers they're throwing around feel disconnected from what I see on the ground.

I'm in the industry, working in and out of dispensaries all day but not as an owner, and I'm trying to give them some honest advice.

I put together some rough figures based on what I've seen and heard, and I'd appreciate it if you owners who've been through it could tell me how close I am.

Here's my quick math on what it takes just to get the doors open:

$30k for application fees, which is a big gamble with no guarantee.

A $125k annual lease seems pretty standard now (obviously this is for our area).

To staff the place with a good team, I’m estimating around $300k a year for payroll.

Then you have the professional services (lawyers, accountants, consultants) I'm the least sure about this one, but I assume it's something like $10-20K year 1.

Setting up security systems I have around $50K

Then there's the first inventory purchase, which I have at about $150K. I'm sure there are some decent payment terms you can get from the supplier that make this not too hard on cashflow but still.

They know about Section 280E but I don't think they quite comprehend how that affects their cashflow.

Adding it all up, it seems like you need close to $700K in capital to have a fighting chance.

How far off am I?