You opened a cannabis dispensary. Congratulations. Now what? How do you turn this from a lifestyle interest into a profitable business and one that will continue for years to come. One of the biggest issues facing cannabis dispensaries is what to do with the cash. According to Forbes magazine, 70% of all dispensaries have to operate on a cash only basis because of Federal laws. So how do you handle all the cash if you are a cannabis dispensary? Well there are 3 key things you need to do to ensure you retain all the cash you bring in.
A smart safe is a cash management solution that will help you overcome cash handling issues and gain more insights into your cash. These technically advanced safes allow you to monitor your business’s cash at every step of the cash handling process. These safes give you clear visibility into the flow of cash at your cannabis dispensary.
The user interface component of the smart safe is designed to handle all aspects of cash management as quickly and efficiently as possible. With the user in mind, the safe is designed to generate several user statistics to help maximize efficiency and inform decision making. The safe may also be able to record the history of cash movement. Essentially, smart safes can help ensure you have eyes and ears on the movement of your cash at all times, leaving you more confident in your staff and their responsibilities.
In some states and some areas, having a smart safe could provide your dispensary with provisional credit to help your cash flow.
A recycler is similar to a smart safe except it also allows you to dispense cash. This is important because many dispensaries pay suppliers with cash and a recycler will allow you to take cash out according to the permissions you grant. For example, if you pay a grower with cash, you will be able to dispense that cash from your recycler and that transaction will be recorded through the machine. It also allows for your staff to retrieve cash throughout the day in the event they are running low on certain denominations.
Cash in Transit (CIT)
Cash in Transit is the physical transfer of banknotes, coins, credit cards and items of value from one location to another. The locations include cash centers and bank branches, ATM points, large retailers and other premises holding large amounts of cash, such as ticket vending machines and parking meters.For most dispensaries, this is done by the owner or an employee. However, it is becoming more and more common as states legalize cannabis that this is done by an armored car company. This keeps your money and employees safe and ensures that the money is delivered safely to your bank or credit union.
The cannabis industry is still very young and there are a lot of things to learn. If you put these things in place, you are well on your way to having a profitable and long term business.