In 2006, medical cannabis became legal in the state of Rhode Island. More recently in 2022, RI moved forward with legal recreational cannabis sales. Since the state embraced both adult use and medical cannabis, sales have been impressive. The overall projected market value of the legal cannabis market in RI is expected to reach at least $115 million by the end of 2023.
In the cannabis industry, cash has no choice but to reign king. Many federally-backed credit and banking institutions will not allow customers to use their cards to pay for cannabis. For retail cannabis dispensary owners, these numbers translate to one thing: handling loads of cash every day of operation. Therefore, Rhode Island cash transport is an exceptionally important element of a safe and effective business model.
How Does RI Cash Transport Work in the Cannabis Business?
Cash transport in cannabis is a business-to-business service model that provides dispensaries with direct access to secure cash transport. The cash transporter picks up cash from the retail location in a secure, compliant vehicle and transports it to the designating financial institution.
Cash transport is an important element of any business that handles a large volume of cash. In cannabis, volumes of cash taken daily can far exceed most other types of business models, however, due to federal payment restrictions. This can leave business owners taking unnecessary risks by keeping large amounts of cash in-store or trying to transport the cash without the proper level of security.
In all respects, Rhode Island is a small state. Yet, cannabis sales in RI are just as profound as in surrounding states. In just one month in 2023, adult-use sales alone reached an impressive $8.7 million, while medical sales remained stable at just over $3.3 million. When you consider that this amount of money is flowing through only about three dozen total dispensaries, every dispensary in the state is handling massive volumes of cash.
What Are the Benefits of Partnering with Rhode Island Cash Transport Services?
When you partner with a good RI cash transport company, your dispensary reaps a long list of respectable advantages. Benefits of cash transport in cannabis can include:
- More efficient cash management practices for the cannabis business
- Less cash held in-store that can make the establishment a target of robberies
- Fewer risks for employees because they don’t have to leave the premises with large amounts of cash
- No more risky transportation objectives in standard passenger vehicles
- Easier ability to meet state compliance and regulations
Attributes of the Most Trustworthy Cash Transport Company
Armed Transport Guards
At Plymouth Armor Group, every vehicle we send out is controlled by a set of armed guards. These individuals go through extensive training protocols to ensure they are best equipped to monitor cargo and cash and handle every client’s assets with the utmost dedication to protecting them. Therefore, every transporter should have a Rhode Island cash transport guard in its vehicles.
Sufficient Transport Vehicles
If you are considering a certain cash transporter, be sure to ask about their vehicle fleet before committing to a contract. The top transporters will pay close attention to every detail of their vehicles to ensure they are secure enough to transport high-value cargo, including cash. A few features every cash transport vehicle should have includes:
- On-board surveillance
- Unmarked exterior
- High-security locks and glass
Partnerships with Financial Institutions
Find out whether any cash transporter you are considering has partnerships with local financial institutions. Established partnerships allow for quicker, seamless cash transactions. For instance, at PAG, we partner with many local banks and financial institutions because this creates a line of trust that streams from the dispensary to us and to the banks.
Industry Experience and Compliance
When entrusting something as valuable as cash to a transporter, it will be important that the transporter has a flawless reputation. Look for service providers that have enough industry experience to serve your needs, protect your assets, and support your business on a professional level. These service providers will also be well-versed in compliance and state regulations.
Trust the Top Cannabis Cash Transporter in New England
Plymouth Armor Group has grown to be the largest cannabis and cannabis cash transport company in New England. We offer logistics services in Rhode Island, including cash transport, cannabis transport, and more. Does your cannabusiness need our support? Reach out to discuss our services to get started.