Chances are if you run or operate a dispensary you are aware of the juggling act that is required to keep the business going. You must remain compliant with the law, oversee your employees, and keep product moving, all while preventing diversion to the black market. This is no small task to handle. The cannabis industry is special in that with the introduction of medical and recreational markets, tools have been invented specifically with the intent of servicing this community. And for good reason. The customers in this industry are unique and require special attentiveness. From seasoned cannabis users to new medical patients, dispensaries have to service all their customers equally and this means knowing their business the best they can.
Here are four reasons to get analytics tools for your cannabis dispensary business.
Get a 360-degree view of your business
Sure you know what your regulars like, and what the most popular strains are, but do you know what products make the most profit? Specifically, our Tracking and Compliance platform comes with an interactive dashboard, that allows you to see into your business. You can assess your transactions, customers, and supply-side information. This information allows you to make better decisions when it comes restocking product and choosing what your dispensary will carry. Say you have a new product that you are really excited about. It has the potential to bring in a lot of revenue and make customers happy. You will be able to track its sales progress. This information will help you determine if your pricing is accurate and if it’s actually bringing you a profit. And generally, is it making your customers happy.
Remain compliant, prevent black market diversion
Our system allows you to view, track, and report all transactions so nothing will ever pass you by. You will be able to stop suspicious activity in its tracks before it happens. Say you have a customer who comes in and buys a large quantity of cannabis very often, from one particular clerk. You will be able to address the situation immediately and address what is happening. Your reports will give you a general overview of your business and what transpires on a day-to-day basis, as well as what your clerks are doing. Whether that means preventing diversion, or shrinkage, your reports will tell you everything you need to know.
Be transparent with government entities
The cannabis industry is heavily regulated, and governments want to know the people who serve this community are doing so within the constraints of the law. That is why the BudTender Tracking and Compliance tool provides relevant data to government entities. Your reports that are issued through the platform can be used to validate yourself to industry watchdogs. In fact, government and police entities will have access to a dashboard where they can oversee suspicious activity, such as large purchase quantities, frequent purchases, multiple store purchases, frequent returns, and multiple rejections. It also allows them to see which clerks in your dispensary are rejecting and which are not. After all, not every sale should work out, there are going to be some reasons to reject people. Whether it’s underage customers or someone who is clearly diverting to the black market, how your clerks interact with customers in these situations will be documented for government entities to see.
Have your retail software work together
One very important aspect of the BudTender Tracking and Compliance software is that it integrates with existing seed-to-sale and point-of-sale systems to give you a more holistic view of your business. You will be able to track cannabis from when it’s a seed to when it’s sold in the store, and how that customer experience went. After all, this platform was designed to oversee the supply chain. The platform allows you to manage a product recall, set alerts, and survey all transactions. Working together with your existing software is key to managing your dispensary.
The Tracking and Compliance software is pivotal for staying on top of your business. Giving you a better view of your daily business transactions and helping you remain compliant with government regulations in the cannabis sector, is what it does. Tracking every aspect of your business is super crucial to your overall success. If you are a dispensary owner/operator, don’t hesitate to reach out to us if you feel this platform could work for you.
Lastly, don’t forget to have an awesome day.