The cannabis industry is witnessing explosive growth and is projected to reach $198 billion in 2028 from an estimated $28 billion in 2021. This leads to significant prospects for tech providers catering to the market to offer POS Solutions, including cash management, into the cannabis dispensary market.
Since the cannabis market is dominated by cash, dispensaries need reliable point-of-sale (POS) and cash management systems to avoid having managers spend hours counting and reconciling cash at the end of the day. There are several other tech that dispensaries need to operate seamlessly and generate good profits. In this blog, we are going to dive into the dispensary tech requirements in Maryland you must know.
Cannabis dispensaries need a strong point-of-sale (POS) system in order to maximize inventory management and navigate the challenging world of regulatory compliance in Maryland. Cannabis businesses can guarantee regulatory compliance while streamlining processes, boosting productivity, and fostering overall success in the cannabis sector by utilizing the features of an all-inclusive point-of-sale (POS) system.
Every cannabis dispensary needs to be under continuous video surveillance.
Configure your video surveillance cameras so that they capture footage at the POS area, entrance, on the sales floor, and in safe storage spaces.
The highest quality video resolution should be chosen by dispensaries. Although some states may mandate IP cameras to have a minimum resolution of 1280 x 1024 pixels, a 1-megapixel camera may suffice; however, it’s advisable to aim higher.
Your video footage ought to be of high quality to make it clear who enters and exits employee-only areas as well as the dispensary.
The dispensary safety plan must also specify where and how you will store video footage, as well as how you will test and maintain camera functionality.
Retail operations depend heavily on barcode scanners. They provide quick and effortless item scanning at checkout, significantly improving the speed and flow of the sales process. They’re also quite helpful for managing cannabis retail inventory.
Barcode scanners can also provide an additional line of defense for cannabis merchants against potential infractions of the law. The likelihood of an error would be greatly increased if you and your staff had to manually enter product IDs without the availability of scanners. Furthermore, you can get into trouble if that mistake makes its way into the government’s reporting system.
Electronic Cash Drawers
Cash will remain the primary form of payment for cannabis businesses until banks are granted federal authority to do so. This implies that dispensaries definitely need cash drawers.
Regulations pertaining to cannabis retail security at the state and provincial levels often cover cash drawers, safes, and/or lock boxes. The cost of a high-quality cannabis cash drawer might range from $90 to $400.
Tablets And Technology
A tablet or computer to process orders from customers is perhaps the most expensive piece of equipment you will require. Therefore, don’t buy the first tablet you see on the internet or with an IT vendor. Do thorough research to ascertain which model is most effective for your business’s needs.
You will also require self-serve kiosks, tablet stands, tablet cases, screen protectors, styluses, and card readers.
The level of experience you wish to offer will determine the system you pick. Choose a kiosk-style arrangement for a more transactional experience. Point-of-sale tablets will be a better choice if you like to establish a more personal rapport with your customers.
An internet connection, a computer, and outlets for phone lines, internet cables, cameras, and sensors are needed to set up a remote monitoring system. Although you have the option of a wired or wireless monitoring system, Wi-Fi connections have more advantages. Depending on your preferences, you may implement wireless sensors or phone-based devices.
Your WiFi network needs to be secure, compliant, and well-planned in terms of what is wired and what is on the network.
Some other common considerations include:
- The quality of WiFi routers and access points and their potential effects on business systems that impact the business and customer experience, such as POS, security, and software.
- The physical location’s size and the areas that the WiFi ought to reach
- Wireless access points that are positioned incorrectly through the actual location
- The total number of systems and devices that will be connected to the network
- Guests’ WiFi connectivity experiences while conducting business
- Internet downtime, if any
- Effective customer support in case of technical issues
- Future improvements and scalability
How Can Cure8 Help
As more states legalize marijuana for adult use for medical as well as recreational use, the cannabis market is predicted to keep growing quickly, offering investors and business owners more opportunities. A robust IT system is essential for cannabis retail stores and dispensaries in order to easily monitor and control all retail operations.
Cure8 tech specialists can assist Maryland-based cannabis retailers in picking the right technology to streamline operations, expand their customer base, and maintain compliance all at once.