Congratulations! You’ve tackled the legal and regulatory hurdles, found a storefront, researched and partnered with distributors, and hired a great retail team. You’re ready to open your cannabis dispensary! But wait — are you sure you’re really ready?
Without a cannabis point of sale system, you really can’t open your doors. A basic POS system will help you process payments, complete sales transactions, and manage inventory. But a more holistic POS system created specifically for dispensaries can do so much more. Here are a few reasons why you need a cannabis POS system.
Selling marijuana isn’t like selling clothing. Thanks to the wide variety of plant strains and product types — all of which need to be appropriately weighed, labeled, and tracked — taking proper product inventory is really complex. POS systems specifically designed for the cannabis industry help you not only manage your stock, but help make sure you’re measuring it accurately. When every gram you sell and don’t sell is monitored by the state, it’s critical that your POS system helps you stay compliant.
Beyond compliance, a strong POS system will help you deliver a better customer experience. When you know what is and isn’t in stock at your store, your budtenders can make more informed recommendations for alternative products when a customer’s favorite strain is sold out.
Stay legally compliant
Compliance is the number-one concern for all dispensary businesses. When noncompliance can lead to the loss of a license, or at worst - even jail time, it’s no surprise that dispensary operators take this extremely seriously. While each state’s specific compliance requirements may vary, the best cannabis-specific POS systems make it simple to stay compliant at each stage of the retail process and in each state that you operate in.
Cannabis businesses must report their sales numbers on a daily, weekly, or monthly basis, depending on the state. Without a POS system that does all that work for you, this regular reporting process becomes tedious at best, and impossible to manage at worst. Separate from the amount of time it takes to create these reports, any human error in the numbers can wreak havoc. Cannabis POS systems do all this work for you, saving you time and eliminating the chances of calculation errors.The best cannabis POS systems can even replace a compliance employee headcount because it saves you from having to manually track everything that happens in your store.
Create a detailed customer database
Your POS system is a powerful tool for building relationships with your customers. With all the data on customer buying habits at your fingertips, you can get to know more about their interests and product preferences. By integrating data from your POS system with a customer relationship management (CRM) platform, you can create custom distribution lists for your marketing newsletters, cannabis customer loyalty programs, and other customer outreach campaigns. These campaigns can help you attract new customers and retain your valuable current ones.
While this list is not fully comprehensive, it gives you an idea of why investing in a POS system designed for cannabis retailers is worth every penny. From ensuring you don’t lose your license and remaining compliant, to helping you get a handle on your inventory flows, these POS systems will elevate your cannabis operations game.