Cannabis Inventory Management & Fulfillment
Posted on October 25th, 2022 to Education
When you set out on the road to be a cannabis retailer, intricate operational planning is a must. The combination of cannabis regulations and high consumer demand make for some relatively complicated elements of business operation, especially in terms of cannabis inventory management.
Opening a dispensary means keeping tabs on inventory as closely as possible to stay compliant, track cannabis sales, and continually serve your customers. Every last gram of cannabis product has to be carefully accounted for in the process. Here is a closer look at the different components of cannabis inventory management.
Dispensary Point-of-Sale Systems and B2B Marketplaces
The dispensary point-of-sale (POS) system is bottom-line, absolute system when it comes to tracking inventory in a cannabis dispensary. Several companies offer POS systems specifically designed for use in the unique industry, such as FlowHub, Cova, and LeafLogix.
From a wholesale perspective, many clients are using Apex Trading, LeafTrade, and Leaflink to leverage online sales. Plymouth Armor is already working with marketplaces to streamline online orders through to fulfillment and shipping.
Regardless of which POS system you choose, the system logs incoming inventory, sales, and several other attributes of managing your store’s inventory. Most POS/Marketplace systems now integrate with online cannabis menu platforms, METRC and inventory levels which ensures inventory remains in check regardless of where purchases are made.
Inventory Control Systems and Practices
In-store inventory control is another critical aspect of cannabis inventory management. Depending on the state, you may face specific laws regarding how merchandise is properly protected inside the store.
For example, in the state of Massachusetts, cannabis establishments are required by law to secure its inventory to deter and prevent the unlawful theft of cannabis, cannabis products, and cannabis-related accessories. Likewise, keys to access secured cannabis display areas must be kept in a private location at all times, and adequate surveillance cameras and alarms must be in use.
Supplier Order and Delivery Tracking Systems
When you open a dispensary in New England, keeping inventory stocked by working with suppliers is another important aspect of inventory management. The orders that are picked up from a supplier and delivered to your store must be tracked from the time they leave that supplier. And, specific laws and regulations apply to who can legally transport the merchandise. This is why it is important to work with a well-established cannabis logistics company when transporting or using a warehouse distribution model.
Plymouth Armor Group uses the latest technology compliance tools to keep cannabis properly secured during transit and at the warehouse. For transport, Plymouth Armor Group uses GPS tracking and real-time communication so the chain of custody with product is always tracked and monitored. At our distribution center, we utilize real-time METRC information to ensure our inventory system matches exactly what is in the warehouse. Customers can have full confidence that the inventory in our position is safe, accounted for, and easily accessible for sale.
Reach out to discuss Inventory Management & Fulfillment with Plymouth Armor
Well-managed cannabis inventory is a sure sign of a successful retailer. Even though it can require a lot of moving parts, rules to follow, and tools, properly managed inventory sets the stage for growth for the business and lack of compliance issues.
At Plymouth Armor Group, we can help you with the logistics aspect of cannabis inventory management. From transporting cannabis and cannabis products from your suppliers to securing adequate storage for product when necessary, we have the industry experience to keep your product safe and your business in compliance. Contact us to find out more about our services.