How Do Dispensaries Store Their Money?

 There is no question about it, a single dispensary can take in a substantial amount of cash in a day. In Massachusetts alone, marijuana sales topped over $1.56 billion in 2023. Further, many dispensaries operate a primarily cash-pay business. Therefore, one dispensary can have a substantial amount of cash flowing in on any given day and cash management can become a major component of everyday operations. Where do dispensaries keep their money? How do dispensaries deposit money? Get an inside look at cash-handling practices in cannabis dispensaries below.

Cash Transportation

How Dispensary Funds are Stored

Much like any other business, cannabis dispensaries usually have a secure safe in-store where they safely keep cash funds until the money can be deposited. To deter instances of theft and risks to the dispensary, however, some states have mandates in place regarding how much cash can be kept on premises and precisely how it should be stored.

It is a common misconception that dispensaries cannot use banks. However, this is not true. Several financial institutions do allow cannabis banking, despite the current federal regulations in place surrounding cannabis businesses. Therefore, once the money at the dispensary has accumulated to a certain point, the cash is transported to the financial institution of choice for deposit.

How Do Dispensaries Deposit Money?

Dispensaries handle depositing money in different ways, depending on their cash flow and other preferences. Some dispensaries start out handling cash deposits on their own. In these cases, there is usually a trusted manager or employee who is entrusted with taking cash to the financial institution as needed to make sure large volumes of cash are not kept on the premises. Unfortunately, this rudimentary process can pose undue risks to the employee tasked with handling cash deposits.

The best way to deposit dispensary money is to partner with a cash transport company that specifically specializes in working with cannabis industry clients. A cash transport company operates secure, armored vehicles driven by armed drivers who make sure the dispensary’s cash deposits make it from the retail location to the bank safely. The transport vehicles are unmarked and feature high-end security features, including GPS tracking systems, surveillance cameras, and structural features to deter theft like specialized locks and impenetrable glass.

Partner with a Trusted Cash Transport Company: PAG

Plymouth Armor Group is a B2B cannabis transport company servicing New England that specializes in cash and cannabis transport. We have established affiliations with several financial institutions that partner with cannabis retailers. Additionally, all cash transport is handled by trained guards and the money is safely transported in our secure fleet of vehicles for absolute security. If you are looking for a simpler, safer method of transporting cash for your dispensary, reach out to discuss how we can help.

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