A Comprehensive Guide to Cannabis Inventory Management Solutions for Dispensaries and Manufacturers
What is Cannabis Inventory Management?
Cannabis inventory management refers to the process of monitoring and controlling the supply of cannabis goods in a dispensary or other facility that manufactures cannabis products. This entails monitoring the number of cannabis plants, harvested flowers, processed goods, and packaging components, as well as the transfer of these goods from one stage of production to another. To ensure compliance with legal standards and stop inventory loss or theft, effective inventory management also includes the right record-keeping, labeling, and security procedures.
Cannabis inventory management is a crucial component for the success of any dispensary or manufacturer. This is due to the unique nuances regarding cannabis, such as regulatory compliance, synchronicity between digital and physical storefronts, high-value inventory, and stocking products according to supply and demand. Implementing the right inventory management solutions can help not only manage an inventory but also improve profitability.
The Best Inventory Management Solutions for Dispensaries and Manufacturers
To ensure a well-managed inventory, every component of the business must function cohesively. Here are the different aspects of cannabis inventory management solutions:
Dispensary Point-of-Sale (POS) Systems and B2B Marketplaces
Having a reliable POS system is essential to track inventory in a cannabis dispensary. Several companies offer POS systems specifically designed for use in the cannabis industry, such as Flowhub, Cova, and LeafLogix. These systems log incoming inventory, sales, and several other attributes of managing a store’s inventory. Most POS/Marketplace systems now integrate with online cannabis menu platforms, METRC, and inventory levels which ensures the inventory remains accurate regardless of where purchases are made. Working with a well-established cannabis logistics company is critical when transporting products or using a warehouse distribution model.
Inventory Control Systems and Practices
In-store inventory control is another important aspect of cannabis inventory management. Depending on the state, there are specific laws and regulations regarding how merchandise can be protected inside the store. For instance, in Massachusetts, cannabis establishments are required by law to secure an inventory to deter and prevent the unlawful theft of cannabis and related items. It is also critical to ensure that adequate surveillance cameras and alarms are in use.
Supplier Order and Delivery Tracking Systems
Working with reliable suppliers is a crucial element of inventory management. The orders picked up from a supplier and delivered to the store must be tracked from the time they leave the supplier. Specific laws and regulations apply to who can legally transport the merchandise, which is why it is essential to work with an experienced cannabis logistics company when transporting products or using a warehouse distribution model. Plymouth Armor Group uses the latest technology compliance tools to keep cannabis products secured during transit and at the warehouse.
A Rock-Solid In-Store or In-Facility Strategy
Building a comprehensive strategy for managing inventory in a place of business can help in managing an inventory. This strategy should include routine inventory counts and analyses, full-proof security strategies, anti-theft measures, and even in-depth employee screening and monitoring. The more organized the operation, the lower the chance of inventory losses due to miscounts or lost products.
An Experienced Cannabis Logistics Company
Working with an established cannabis logistics company can be critical to inventory management. These companies can be hired to handle various aspects of managing cannabis inventory, such as warehousing products, transporting cash, and delivering samples between manufacturers and retailers. Plymouth Armor Group is a well-rounded cannabis logistics company serving cannabis b
Trust a Well-Rounded Cannabis Logistics Company to Help
In conclusion, managing a cannabis inventory can be challenging in many ways. However, a comprehensive approach to inventory management with the right tools like a reliable POS, experienced cannabis logistics company, and inventory control systems can significantly improve the chances of business success. Plymouth Armor group is a well-rounded cannabis logistics company serving cannabis businesses throughout New England. We can help you with everything from product and cash transport to compliance, so you, the business owner, have less to worry about. Get in touch today to find out more about our services.