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Cannabis Software System: How Technology Is Transforming the Industry

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A Cannabis software system is generally known as the backbone for conducting smooth and reliable cannabis transactions. But there are other things you need to consider before choosing one for your business. If you are trying to find the best  system for a Cannabis dispensary, that is how it works. You will really need to put some careful thought into that decision because it will affect your business greatly.

As software evolves in this fast-paced industry, we can expect more and more automation in the workflow and in the reporting aspects. Be on the lookout for cloud-based solutions and integrations with business management software like the Blaze Cannabis Software Suite.

If you are looking at software for your cannabis business, there are some unique elements that need to be considered. A perfect  system must be able to handle growers, suppliers, retailers and consumers. It can be a challenge to find solutions that can connect to all the track-and-trace providers seamlessly and adapt to these new changes.

Features to Look for in a Cannabis Software System: Compliance

Compliance is a major component of the cannabis software system. The software should be able to generate and print all reports as needed for your business. Furthermore, systems such as inventory tracking and point of sale should be compliant with state law, as well as the federal laws. For example, it’s imperative to accurately track live plants and inventories according to package date. If this information isn’t submitted properly to the regulating bodies then you could risk losing your license and being forced out of business.

Cannabis software is a software system designed to track every transaction detail as required by the state. It tracks and reports on all transactions to the regulatory body, which then provides clear audit trails for regulators who have access to browse real-time or view data from fixed points in time. The most important thing to consider when selecting a solution is how well the cannabis compliance software system is going to work for your business. There are two components to this level of compliance: hardware verification and workflow automation processes.

Features to Look for in a Cannabis Software System: Visibility

A software solution provides legibility and simplicity to the dispensaries, so they can focus on the task at hand: making sure their dispensary is compliant with the law. A software solution also ensures government regulators have access to all required information instantly, as well as provide third-party auditors with a clear audit trail of every action taken by the dispensary. 

In addition, a software solution enables investors and accountants to obtain a view of the dispensary’s financial performance in a transparent manner. This provides them with a tool to make more educated decisions regarding investment options and capitalization requirements.

Features to Look for in a Cannabis Software System: Ecommerce

There is a framework you should use when choosing your  software solution. You’ll want to make sure that eCommerce integration is available, but it might not be the most important aspect for all dispensary owners. Some buyers will focus on how complete their dispensary  system is, while others only care about the ability to accept payments.

When it comes to ordering cannabis using an online cannabis  system, whether your dispensary provides cannabis band aids or edibles, there are a whole lot of considerations that will come into play. The decision to provide online ordering isn’t one to be taken lightly. Why? The consumer expectations for dispensary eCommerce have increased dramatically since the rise in popularity of reviews sites. There’s definitely quite a bit to think about when it comes to online ordering, but if done properly this can mean big bucks for your dispensary.

Features to Look for in a Cannabis Software System: More Payment Options and Cashless Transactions

Cashless transactions are at the forefront of new cannabis software systems. Because financial institutions like to see patterns in cash debits and cash withdrawals, cannabis businesses not wanting to attract extra attention, use cashless banking services more commonly referred to as “checkless”.

Because of cannabis banking restrictions, cannabis businesses are forced to operate on cash-only business models. The vast majority of dispensaries still operate mostly in cash, partly because the majority of banks are wary of banking it.

Features to Look for in Cannabis Software System: Reward/Loyalty Program

End customer loyalty is a concern for most businesses. Although most companies spend a substantial portion of their budget on marketing, most customers do not have loyalty to a specific brand or product. The lack of loyalty in the cannabis industry is even more pronounced. Cannabis use is becoming more widespread and acceptable so with that, more people are using it with less stigma attached to it. In addition, major changes in how states regulate use will continue to shape the landscape of the industry. These factors factor into why it is important for dispensaries to have control over their profitability by implementing a reward/loyalty program.

The basics of a loyalty program are simple. However, the sophisticated nature of growing a cannabis business will require a great deal more thought and strategy. If you are considering implementing a reward or loyalty program, here are some features your cannabis software should have to support you in building strong customer retention.

So how can cannabis businesses remain competitive enough to maintain a profitable edge over their competitors in the marketplace? One way is by creating a rewards or loyalty program for customers. Software programs specifically created for the cannabis industry have a lot to offer in terms of administering a reward or loyalty program.

Features to Look for in Cannabis Software System: Inventory Management

Enterprise resource planning (ERP) software has been developed to help streamline businesses by supporting inventory management, financial processing and manufacturing. By using cannabis ERP software, you can receive insights on each aspect of your business to identify the strengths and weaknesses of your business. A cannabis software system that can manage products from the time they enter the business to when it is sold to a customer is crucial. All too often, dispensaries do not properly manage their inventory and end up losing money, forcing them to close their doors.

Lastly, when inventory is inaccurate, dispensaries will not know how much to charge for their products when they are in the back end. If all of the financials for a dispensary are incorrect because of an inaccurate walk-in inventory, they will not be profitable in the long run.