WEBINAR: METRC – How to Stay Ahead & Maximize Efficiency
Everyone has METRC on the mind. Find out how METRC will impact your retail operations, what you’ll need to consider when it comes to compliance reporting, and how to maximize efficiencies to ensure being METRC certified doesn’t cost you precious time better spent running your business. Watch the webinar recording here.
SPEAKERS:
Jocelyn Sheltraw
Director of Regional Strategy, Headset
Brett C. Hartmann-Payan
Compliance Officer, Dosist
Anne Forkutza
VP Strategic Partnerships, Cova
Member Blog: Customer Privacy – Keeping Personal Information Secure and Compliant
Despite the national trend toward legalization and a growing consensus of acceptance among Americans, privacy is still a chief concern among many legal cannabis consumers. And across the industry, no one bears the burden of these concerns more than cannabis retailers.
As a cannabis retailer, you’re pulled in several directions. First and foremost, you’re beholden to state reporting requirements; on the medical side, this means validating recommendation letters and patient identification and storing this information securely.
On the adult-use side, you’re torn between the need to collect certain customer information for marketing and sales purposes and the overwhelming fear and distrust from customers concerning their personal privacy.
It’s a delicate balancing act—and as requirements continue to evolve, retailers need a system in place that’s both functional and flexible.
Determining Your Dispensary’s Needs
As a cannabis retail owner, your number one priority is compliance. And when it comes to patient and customer privacy, you need to determine exactly what your state’s requirements are per your particular operation.
If you’re a medical dispensary, your data security needs are going to be much different from that of an adult-use retailer, and vice-versa. If you run a joint medical and adult-use operation, you’re going to have to find a solution that caters to both.
Legal states have widely disparate laws concerning patient/customer privacy and data collection. For example, Oregon passed legislation earlier this year making it illegal for recreational retailers to keep customer information—such as names, addresses and birthdates—on file for longer than 48 hours.
On the other hand, medical dispensaries need some sort of system for identifying patients and their doctor-certified cannabis recommendations, while both adult-use and medical operations need to be able to track sales to individuals to ensure transaction limits aren’t exceeded.
Finding a Solution That’s Right for You—and Your Customers
Even though state laws mandate cannabis sales tracking and reporting, state agencies are not providing dispensary owners the tools needed to perform these functions in the most efficient manner.
Some statewide reporting solutions offer point-of-sale software that retailers can choose to use. But, as we’ve seen with the ongoing kerfuffle that some states are experiencing with their chosen systems, these technologies are not always the most reliable.
In these instances of statewide system failures and security breaches, what becomes of your customers’ personal information?
Cannabis retailers need a solution that can be tailored to their particular operation—be it medical, adult-use or both—and that is flexible enough to keep up with constantly-changing privacy and information collecting requirements.
Additionally, dispensary owners need to know that in the event the state’s system crashes or is breached, they can record sales using excel spreadsheets or continue ringing sales if their retail software permits all while maintaining their customers’ privacy.
Gary Cohen leads Cova’s charge into the legal cannabis space by guiding the vision, strategic development, ‘go to market’ plans and culture. A Denver native, he recently moved back to establish Cova’s HQ there. While he joined Cova only a year ago, he was a successful business partner to Cova’s parent company since 2011.
Before joining Cova, Gary was a principal in over a dozen tech start-ups in the mobile communications industry ranging from small VC funded companies to Fortune 100 firms, including Onavo, which was later acquired by Facebook. In those companies he lead Sales, Marketing, Business Analytics and Market Expansions. He has also held a multitude of leadership roles with Verizon and AT&T for the first 15 years of the wireless industry.
Gary holds a Degree in Finance with a Masters in Marketing from the University of Colorado.
Member Blog: How To Choose a POS System For Your Cannabis Retail Operation
It’s fair to say that most businesses will have a higher rate of success when they utilize tools designed with their industry in mind. Running a retail operation in the cannabis industry is no different. In fact, the success rate is likely much higher due to the strict regulations put in place by states to address diversion, public safety and health concerns.
With that in mind, I think it’s safe to say that a cannabis point-of-sale system is one of the most important investments a retail operation will make when opening a dispensary. The right point-of-sale system will not only help operators maintain compliance, but it should also save time and money by providing inventory insight, maximizing sales per customer, and seamlessly integrating with other technology.
In addition to streamlining operations, dispensary owners should also feel confident that customer information is secure, and that fast transaction time is maintained even when traffic is heavier than usual. At the end of the day, your cannabis point-of-sale system should work for you.
Let’s be honest, today’s market is crowded. Dispensary owners now have more than 40 point-of-sale options that promote their ability to optimize operations, acquire new customers, and maintain that customer base. But there are only a few key players who do well in this space, and each of them has pros and cons.
As the industry grows, we want dispensary owners to know that not all cannabis point-of-sale systems are created equal. It’s critical that you take the time to examine each tool to determine what will work best for your operation, be it full vertical or one dispensary location.
That’s why my team and I created a guide as a primer on point-of-sale tech for both new and veteran dispensary owners. We’ve researched information from across the spectrum and organized it into categories to help you navigate this major piece of the dispensary ecosystem.
Gary Cohen, CEO of Cova, leads Cova’s charge into the legal cannabis space by guiding the vision, strategic development, ‘go to market’ plans and culture. A Denver native, he recently moved back to establish Cova’s HQ there. While he joined Cova only a year ago, he was a successful business partner to Cova’s parent company since 2011.
Before joining Cova, Gary was a principal in over a dozen tech start-ups in the mobile communications industry ranging from small VC funded companies to Fortune 100 firms, including Onavo, which was later acquired by Facebook. In those companies he lead Sales, Marketing, Business Analytics and Market Expansions. He has also held a multitude of leadership roles with Verizon and AT&T for the first 15 years of the wireless industry.
Gary holds a Degree in Finance with a Masters in Marketing from the University of Colorado. In his spare time Gary enjoys skiing, mountain biking, outdoor sports, travel and comfort food.
Member Blog: Four Innovative Tips for Funding Your Marijuana Dispensary
It can be tricky enough to find funding for a new business in any industry, but marijuana businesses are at that much more of a disadvantage. Strict regulations, less-than-favorable taxation laws, and straight-up illegality of federal funding stack up against those looking for their starting dollar in the industry.
Without having this backing, dispensary owners need to be creative and resourceful and draw upon the support of private investors to fund their dispensary goals.
Financial planning and sourcing of funds should be a large component of the business plan. Demonstrating an understanding of the scope of start-up costs for a dispensary includes:
Licensing/application costs
Working capital requirements
Cost of inventory (e.g. initial flower, edibles, accessories)
Technology costs (e.g. Point-of-sale system, server costs)
Real estate (e.g. mortgage payments or rent)
Staff training and compensation
Marketing and advertising
While budding cannabis entrepreneurs do have a limited number of funding options, there is still hope. You just have to know where to look.
Self-Funding
Many marijuana start-ups have invested a lot of their own savings into their businesses, recognizing their funding limitations. Speed in the industry is essential, but you may need to take a little extra time to raise your own capital before you turn the “Open” sign on.
Friends & Family
Crowdfunding is becoming increasingly popular for a variety of causes, and reaching out to like-minded individuals in the community who support your vision, and are willing to give you a boost in funds, is not at all unheard of. While there may be limitations in the ways you can publicly crowd-fund, you may be able to hold private events to raise money from your friends and family, as well as those in the community.
Partnerships
The “green rush” that marijuana legalization has caused makes finding potential partners, with similar goals and larger bank accounts, easier to find. There are so many facets to success in the industry, and valuable partnerships can take some of the strain off your own venture. After all, two heads are often better than one!
Cannabis-Specific Investment Groups
A great indicator of progress for the legal cannabis industry is the number of cannabis-specific investment groups that have cropped up across the country, giving entrepreneurs a helpful resource. In fact, last year, these groups provided 18% of marijuana funding.
Learn How to Fund Your Marijuana Business: While the situation for marijuana startup funding may seem grim, more and more investors are beginning to recognize the marijuana industry is thriving with opportunity.
Covasoft has put together a helpful resource to understand the various strategies in the marijuana business. Download our eBook today to learn about willing investors, ready to make a change in the legal marijuana market.
In a career that encompassed a dozen start-ups, Gary Cohen has held leadership roles with Verizon and AT&T, has managed technology-oriented research practices for Nielsen, Milestone Group and ITG/MScience, and led software/internet ventures Shoptok, Birdstep and Handmade Mobile. He has also been on the boards of several tech start-ups, including Onavo (acquired by Facebook), OpenSignal, Cenoplex and Adello. Gary has a Bachelor of Science in Finance and a Master of Science in Marketing.
Cova enhances the cannabis retail experience for both consumers and dispensaries through an integrated solutions platform (POS, ERP, CRM, eCommerce, Digital Signage and Dropship). Over 19,000 retailers with complex retail environments currently run Cova’s solutions in North America. Cova’s solution built for the legal marijuana industry focuses on compliance, UI, UX, reporting and a much better dispensary experience. Cova is headquartered in Denver, CO.
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As a cannabis retail owner, your number one priority is compliance. And when it comes to patient and customer privacy, you need to determine exactly what your state’s requirements are per your particular operation.
