Cash flow in the cannabis industry is a constant and delicate process — from consumer to retailer, from retailer to processor, from processor to grower, etc. But for every successful transaction, a cautious entrepreneur is also aware of the risks, which can include theft (by customers or employees), the miscounting of cash, or even robbery.
You’re probably wondering what I mean by taking your marijuana dispensary cashless. I do not mean that your marijuana dispensary will stop accepting cash, that would be unrealistic for your cash intensive business. A cashless marijuana dispensary is one where the dispensary staff never has to touch the cash. This is made possible through a process
Banking and cash management are one of the cannabis industry’s greatest obstacles to growth. Most cannabis companies must operate exclusively in cash, which creates tracking and security issues for the companies and their investors. As a result of the lack of access to banking systems and the cash intensive nature of the industry, investors must
As marijuana sales skyrocket, companies have been forced to deal under the table. Transactions are always in cash, meaning business exchanges and payments are cash as well. It’s a seedy practice that many dispensary owners are tired of. A lack of access to banking services is, quite frankly, the single most dangerous thing about the
While getting customers through the line and out the door as quickly as possible gives you a sense of efficiency, it certainly doesn’t provide a superior customer experience or ensure that your customers will frequent your dispensary. Yes we’re all in a hurry, but getting to know your customers needs can go a long way to ensuring that Bad Budz