The Tricky Nature of Dispensary Compliance
When legislation passes that allows states to integrate cannabis sale as an industry, this is an exciting time for whatever state that is now a home to said law. However, once their doors open, dispensary owners and investors are quick to realize that the nuances and quirks of compliance and running that type of business can genuinely make or break a company. Many come to the realization that to have a fully integrated compliance and informational platform is to help ensure the business doesn’t fall beneath the treads of mismanaged processes. A dependable system would need a few key qualities to fully fall under the umbrella of utility and helpfulness.
Automatic Compliance Safeguards
As with any control substance that is dispensed, no matter what class, every state will have a mandatory reporting system. Additionally, most if not all will have transaction limits as well as customer verification requirements. Many businesses also find it necessary to tracking receipts, inventory, and state supplied reports, partially for potential audits and partially because many states require this documentation to be kept for several years.
A system that has the technology to streamline all of the data associated with cannabis sales is invaluable. Each of these processes allows every individual dispensary the option to have peace of mind. Colorado alone grossed $31,561,579 in tax revenue between medicinal and recreational in 2016. A state like Washington, which is still in its infancy as far as cannabis legislation goes, still managed to bring in over $100,000 in tax revenue. When that amount of money is translated into overall in-store business, the data related to those sales is astronomical and can be confusing to track without an integrated system.
Improve Customer Experiences
For a processing system to cover the entire spectrum of excellence, it can’t only carry business processes on its back. It should bring a genuine experience the customers of a dispensary as well. Things like customer registration or check-in queues help to cut the length of transaction times. Options to create personalized experiences like custom weigh options, transaction memory, etc., all help to create a culture of customer satisfaction.
Aid Store Operations
While it is important for a system to have appropriate and functional data transfer for state regulations and requirements, it is just as important for a system to help with the day to day running of the business. A comprehensive system should be able to process returns, print daily reports, have inventory tracking, allow employee management (current teller, performance, etc.), and offer remote access. The day to day functions are the heartbeat of a dispensary, if there is a component out of wack within that realm, it can throw an entire business into disarray. Organized, user friendly, and utilitarian are crucial.
There are many things to consider when choosing a compliance software for a cannabis business. Not the least of which are included above. Regardless, the fact remains that an all-inclusive system can create the back bone of a company’s processes to ultimately give it the space needed for success and growth.