We were thrilled to demonstrate our cash automation platform on a leading cash recycler at this year’s MJBizCon. In its 12th year, MJBizCon 2023 brought together more than 30,000 cannabis executives from around the world looking to “Dare to Grow” their organizations via innovative solutions, networking, deal-making, and exploring groundbreaking partnerships.
To help address the cannabis industry's cash challenges as theft and shrinkage continue to rise, we offered attendees our Cash Management Survival Kit, a packet containing information to evaluate cash automation solutions. While other exhibitors presented unique approaches, including Bitcoin ATMs and advanced machines that accepted and exchanged cryptocurrencies for cash, we demonstrated our XpressCash and XpressControl cash automation solutions.
The industry needs options for cash management and transaction efficiency that align with consumer preferences and the overall regulatory landscape.
We noticed that more dispensary owners are aware of cash automation and the solution’s hardware requirements: cash recycler or smart safe. This reflects a broader industry trend toward embracing efficiency and reducing risks associated with cash-heavy operations. We spoke with many dispensary owners and CPAs, sharing how our suite of solutions:
Create efficiencies in cash management: Our cash automation solutions reduce the time it takes to prepare start funds, make change, replenish tills and complete end-of-shift reconciliation.
Enhance cash security: Our solutions provide a complete audit trail for all transactions and users to ensure process compliance.
Make it easy to use cash-on-hand: It's efficient for dispensaries to leverage cash on hand to pay wages and make payments to suppliers and other vendors. We help owners track and streamline these payments, saving cash in transit fees and multiple bank runs.
Increase cash visibility: We provide dashboards that foster greater visibility into cash recyclers, painting a clear picture of their performance across all locations and budtenders within any given day.
Notably, more banks attended the MJBizCon this year, marking a change in the perception of the cannabis industry within the banking sector. The presence of banks at the conference may indicate a changing landscape, suggesting that as cannabis becomes more widely accepted and mainstream, more financial institutions may enter the space. For the long term, the cannabis industry is expected to remain cash-heavy due to consumers’ concerns about privacy and their desire to keep their purchases anonymous.
Our attendance at MJBizCon proved fruitful, with attendees excited about the potential of automation to streamline their cash management processes. The industry's growing acceptance of technology solutions indicates a shift toward recognizing the risks associated with manual cash handling. Our role in providing cash management solutions was well-received, contributing to the overall awareness of efficient ways to manage cash in the cannabis industry.
At Avivatech, we're dedicated to bringing you the best in cash and check automation. For more information, simply reach out to schedule a consultation with one of our cash automation solutions experts.