There are couple of issues that can make a cannabis retailer’s life less complicated than a higher top quality, cannabis-certain Point of Sale (POS) technique. If you decide on the suitable technologies, it can support your employees sell far more effectively, handle inventory far more accurately, and preserve your cannabis small business compliant with significantly less work.
Choosing the suitable technologies companion is a big small business choice. Right here are 4 functions to appear for when buying for the greatest POS technique for Colorado dispensaries.
4 Characteristics Cannabis POS Application in Colorado Desires
1. Integration with METRC
METRC is the seed-to-sale technique utilized by Colorado’s government to preserve an eye on the legal cannabis industry in the state. Cannabis dispensaries will have to submit an inventory reconciliation report to the tracking technique at the close of each small business day.
Without the need of a METRC-integrated POS, dispensary managers and owners are forced to do these reports manually. And even the most cautious, organized individual can make a error that could price your small business thousands in fines and possibly even license revocation. Substantially reduced the danger by partnering with a POS answer that will transmit the essential inventory and sales information to METRC seamlessly.
two. Reliability & Offline Mode
You cannot overstate the value of POS reliability. If your budtenders cannot make sales, you cannot make cash. According to the Marijuana Enterprise Factbook, healthcare dispensaries and cannabis retailers serve about 100 buyers per day, and recreational dispensaries have a tendency to serve even far more. If your POS is not dependable, it puts your small business at danger.
When seeking for a POS for Colorado cannabis retail, be confident to probe about offline capabilities just before creating a choice. Some providers have a history of service disruptions, in particular on crucially busy days like four/20. If your wifi goes out or a service disruption occurs, your POS must continue to function and back up all information after connection is re-established.
three. Looping Protections
A single of the biggest dispensary chains, Sweet Leaf, in Colorado was forced to shutter their doors when they have been caught engaging in a practice referred to as “looping”. What is looping? It is an illegal process utilized by purchasers to buy far more than the Colorado’s transaction limits permit. According to these laws, a client can buy and possess no far more than 28 grams of cannabis in one particular transaction. With looping, a client comes in, buys the legal limit, walks about the block or waits in their vehicle, and comes back in to do it all once again.
In Sweet Leaf’s case, the looping scandal price them $two million in taxes and fines. They have been also forced to sell all 26 licenses the chain owned and the owners can not participate in the state’s cannabis business for the subsequent 15 years.
A great POS technique will have to have controls constructed in to guard against looping. It must track the every day purchases of buyers across many transactions throughout the day. A budtender will very easily be in a position to see when they are approaching their limit, avoiding the pricey and criminal error of looping.
four. Auto-Compliance Characteristics
It is accurate that Colorado is, in a lot of approaches, a model for legal cannabis. But it is nevertheless a young business acquiring its footing. State and neighborhood governments update their guidelines and regulations all the time and even the most vigilant small business owners could miss an significant transform. When it comes to inventory and reporting compliance for cannabis retailers in Colorado, a great POS companion will keep ahead of regulatory modifications and update their application accordingly.
Beyond that, a POS must consist of simple auto-compliance functions that will preserve your small business protected. This incorporates issues like every day buy limit alerts, constructed in age verification when scanning an ID, and restricting sales outdoors of operating hours.