Cash Best Practices
Posted on March 5th, 2021 to Education
March 5, 2021
Written by Abigail Schnibbe
With the federal laws still in debate regarding cannabis cash management and the ability to use credit cards, cash still remains king in the cannabis industry.
Whether you’re a recreational dispensary, medical only, or co-located, odds are there are large sums of cash coming through your doors on a daily basis. As we all know, The Cannabis Control Commission has added new regulations and requirements around cash handling and cash transportation. As your trusted advisor for all things security, compliance, and transportation, we wanted to highlight a few best practices to ensure you are best positioned to protect your assets, employees, and business.
Leading security experts in everything from standard retail, casino management, and cannabis continue to suggest limiting the amount of cash in your establishment as much as possible. There are already many risks to running a cannabis retailer, and keeping a lot of cash around just exacerbates these risks. Today security experts suggest that it is important to get the cash out the door when you are nearing $30,000 in your safe. If you are a recreational business owner reading this, you are probably wondering – “wait, we bring in double to triple that amount daily– do I really need to schedule a cash transport every day?”
Well, not necessarily. We know that cannabis businesses are required to and have put in place in depth security measures contrary to your typical retailer. So, in the cannabis space, it is safe to assume that around $60,000-80,000 is when things are starting to get a bit sticky (pun intended). We strongly believe that once the cash in the store exceeds $80,000, the risk to your business and cash assets skyrockets. We suggest scheduling a cash pick-up at this point.
Most of our customers have a set number of pick-ups per week to ensure the cash is heading out the door around $80,000 every time. That being said, we happily schedule and pick up emergency cash deposits if this limit is reached prior to the next pick-up. We are here to serve you and can always make last minute deposits happen!
Your typical medical dispensary is in need of roughly two cash pick-ups per week, whereas a recreational dispensary is often in need of three to five cash pick-ups a week. It is important to highlight this in your cash handling SOPs to show the CCC you are committed to mitigating this risk as much as possible. At Plymouth Armor Group we promise to meet your transportation needs, big or small, with as much flexibility as possible. And remember, even during a change shortage, we are here to bring cash back to your location from the bank to stock your cash registers.
Ultimately, your safety is our number one priority. For questions regarding best practices in cash management and transportation or to request a quote for our services reach out to email@example.com. For more content on cannabis compliance and best practices, make sure to sign up for our newsletter using the form below.
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