National Cannabis Industry Association
Shawn Kruger, SVP of Product & Strategy, Avivatech
Mar 19, 2023
Cash automation offers a solid, systemic alternative to the typical cash handling processes.
For most cannabis business owners, the abundance of cash poses a never-ending cash management challenge. Owners, staff and financial teams must navigate the complexities of managing and securing large cash volumes with limited access to banking relationships due to the federally illegal status of cannabis. Most dispensaries resort to manual cash handling and counting, however, every time cash is counted manually – typically around six times a day – dispensaries face the risk of miscounts, theft and security threats as well as challenges in tracking volumes, reporting changes and supporting audits.
Handling cash manually is inefficient and unsustainable for new and established dispensaries. Forward-thinking cannabis retailers are turning to automation solutions that transform the collection, counting and reconciliation of cash volumes in a retail setting. Cash automation offers a solid, systemic alternative to the typical cash handling processes.
One medical dispensary in D.C. incorporated cash automation to help with the time-consuming manual counts and to improve productivity. This dispensary, the largest and oldest in Washington, D.C., accounts for 54% of the cannabis sales in the city and accepts multiple payment methods. Cash comprises 40% of sales and is a major pain point for the dispensary’s managers and associates.
Since implementing cash automation solutions last year, the dispensary has improved count accuracy, reduced discrepancies and saved time for its staff, who now can service the 400 – 900 patients who visit each day instead of counting cash for hours on end...
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