A Guide to Sourcing Inventory Management Solutions for Cannabis Dispensaries & Manufacturers
Posted on November 22nd, 2022 to Education
Inventory management can pose challenges for retailers and manufacturers no matter the industry. However, when you bring in the unique nuances that come along with cannabis, inventory management becomes an even more precarious objective to navigate. Implementing the right solutions for your New England cannabusiness can ensure inventory is well managed, but also ensures your operation is as profitable as possible.
Primary Challenges with Cannabis Inventory Management
The series of challenges you may face as a cannabis retailer or product manufacturer can vary depending on your specific operation. However, there are a set of challenges that tend to come up the most with inventory management.
Cannabis has an ever-evolving regulatory environment. State laws, city bylaws, and restrictions are to be expected with a product that has only shifted from illegal to legal in the past few years. However, it can be notoriously difficult to navigate a landscape that is constantly changing when you are in the cannabis business.
Synchronicity Between Digital and Physical Storefronts
Because many cannabis retailers have both an online menu and a physical storefront, this can pose challenges with keeping tabs on inventory between the two. States require seed-to-sale tracking using a POS (point-of-sale) system. However, if that system has kinks and quirks, it is easy for inventory synchronicity to fall out of line between digital and physical locations.
Cannabis is considered a high-value product, which also makes it prone to theft. In March 2022, there was a suspected organized attack on one dispensary in New England that resulted in $59,000 worth of cannabis products stolen in just one visit. Inventory management is naturally more of a concern in cannabis. Therefore, dispensaries and manufacturers have to put more focus on things like on-site security, anti-theft solutions, and secure delivery and product transport.
Stocking Inventory According to Supply and Demand
Supply and demand can be tricky to predict in a market that is relatively new. Some manufacturers struggle to secure raw cannabis from cultivators when product demand is high. Likewise, some dispensaries face overages of inventory when demand is low.
The Best Inventory Management Solutions for Dispensaries and Manufacturers
A Rock-Solid In-Store or In-Facility Strategy
Build an extensive strategy for managing inventory in your place of business. Your strategy should include routine inventory counts and analyses, full-proof security strategies, anti-theft measures, and even in-depth employee screening and monitoring. Likewise, the more organized your full operation is, the lower the chance of inventory losses due to miscounts or lost product.
Excellent POS System
Your in-store POS system is one of the most important tools for inventory management, but there are many options, some better than others. If your POS system is outdated, not aligned with how your business functions, or otherwise, you can face a lot of problems with sales tracking and keeping your inventory in check.
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 many aspects of managing cannabis inventory, such as warehousing products, transporting cash, and delivering samples between manufacturers and retailers. However, these professionals can even be a trusted source for networking with others in the industry, such as connecting with cultivators to secure inventory.
Trust a Well-Rounded Cannabis Logistics Company to Help
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.