Another cannabis dispensary was robbed in Oklahoma on Sunday June, 19th. A man in a cowboy hat forced the dispensary manager to duct tape himself after firing a gun into the floor. A customer unfortunately walked in during the robbery and was also forced to duct tape themselves while the dispensary manager gathered the cash from the till and cannabis from the displays. You can read about the ordeal here https://bit.ly/3O1ea0F .
Unfortunately, these types of events are all too common in the cannabis industry. The reason is the lack of cash management guidelines and procedures and general knowledge about how a comprehensive cash management program can protect employees, customers and cash.
The National Association of Cannabis Businesses recently came out with their guidelines for cash management recently https://bit.ly/3HA6DDH . While the guidelines are well thought out and offer companies a roadmap for implementing a cash management plan, it lacks the products and services needed to implement the plan. Here are a few of the products needed to provide a safe work environment and to protect your dispensary.
Smart Safes
A smart safe is a cash management solution that will help you overcome cash handling issues and gain more insights into your cannabis dispensary. It is a secure, electronic vault for all your valuable assets.
This is not just a safe, but also an all-in-one solution that will integrate with your existing point of sale system and accounting software to provide you with detailed reports on how much money you are making and spending.
The user interface component of the smart safe is designed to handle all aspects of cash management as quickly and efficiently as possible. With the user in mind, the safe is designed to generate several user statistics to help maximize efficiency and inform decision making. The safe may also be able to record the history of cash movement. Essentially, smart safes can help ensure you have eyes and ears on the movement of your cash at all times, leaving you more confident in your staff and their responsibilities.
In some states and some areas, having a smart safe could provide your dispensary with provisional credit to help your cash flow.
Recyclers
A recycler is a safe that can be used to store cash at your dispensary. It is similar to a smart safe except it also allows you to deposit and dispense cash. This is important because many people who use cannabis are not able to deposit their money in the bank due to federal banking laws.
For example, if you pay a grower or dispensary with cash a lot, you will be able to dispense that cash from your recycler to buy products or pay suppliers. That transaction will be recorded through the machine. It also allows for your staff to retrieve cash throughout the day in the event they are running low on certain denominations.
Cash in Transit (CIT)
Cash in transit is a very important part of the banking industry. It is the physical transfer of banknotes, coins, credit cards and items of value from one location to another. The cash in transit industry has been around for a long time and it has been evolving with the times. The introduction of smart safes has made it easier for banks to transport money securely.
For most dispensaries, this is done by the owner or an employee. However, it is becoming more and more common as states legalize cannabis that this is done by an armored car company. This keeps your money and employees safe and ensures that the money is delivered safely to your bank or credit union.
Smart safes and cash recyclers can only be accessed with certain permissions. They weigh a thousand pounds and are bolted to the floor of your dispensary. They protect the cash from anyone trying to steal it, including employees. Had the cannabis dispensary had a smart safe or a recycler, the employee would not have been able to dispense more cash and could prevent a future robbery.
It is important to have cash controls at your dispensary to protect your employees, customers and investment. The cannabis industry is still very young and there are a lot of things to learn. Safety of your employees and customers is paramount. By implementing a smart safe or recycler, you can prevent theft, protect your employees and your customers.