Medicinal and recreational cannabis and CBD products are increasingly becoming legal across the United States in several states. Dispensaries are cropping up as fast as they can logistically be established. However, many new dispensary owners are unaware of the multitude of significant problems they face in dispensary operations. Issues ranging from physical security, staff vetting, cash management, inventory security, and most significantly, banking. All of the areas pose significant challenges to anyone wanting to operate a dispensary.
The most pressing issue surrounding a cannabis or CBD based enterprise is the management of cash operations. Having large amounts of cash on hand affects every aspect of the operation. It drives the need for exceptional physical security, it requires that you have trustworthy staff to handle the cash, it needs secure transport between locations, and it needs a place to be stored before it is received at the bank, if you can find a bank to accept the deposit.
10% of cash lost through theft in the industry is lost to external threats. During the riots associated with the George Floyd incident, millions of dollars were lost to break ins and fires from several dispensaries. The majority of theft actually occurs from internal threats. 90% of all cash theft happens within the organization from employees handling or moving cash. There are multiple ways to mitigate this risk, but not every risk can be mitigated 100%.
GrayLyn Strategic can help dispensary owners get established properly from the beginning in order to ensure their operations are secure. We can advise on secure facilities, operational procedures, conduct employee background checks, and advise on cash storage and transport. Our legal team can also advise on banking and finance as this is one of the largest obstacles facing the industry at the moment. If you would like some advice from experienced, industry professionals, give us a call to arrange a consultation.
