I founded Greenbits because I saw a gap in the cannabis industry. In every American state where it’s legal, some degree of cannabis traceability is mandatory. Every piece of cannabis must be tracked across the supply chain – from where it’s grown to where it’s acquired by a patient or consumer. Naturally, this process creates mountains of data. I started Greenbits to help cannabis companies collect, analyze and process that data.
While gathering data on cannabis transactions can be burdensome for cannabis dispensaries and retailers what is often forgotten is the extent to which it can be an asset. By treating customer and patient data like the treasure trove of information that it is and investing in analytics capabilities, cannabis retailers can comfortably comply with state regulations, modernize their inventory management practices and boost their bottom line.
Satisfying State Regulation
In any highly regulated retail industry, compliance is the key to success. The cannabis space is no different. States implement track-and-trace laws so that legal cannabis products do not end up in the hands of minors, so they are not diverted to the illicit market, and so dangerous products are not sold to customers. Retail locations are responsible for stopping that from happening, and if they don’t, face crippling penalties.
Thus, cannabis retailers must know exactly where their product is, how much of it they have on hand, and when they need to re-order to fill stock. In other words, they need to practice bulletproof inventory management. All of the data cannabis dispensaries send to state cannabis regulators to satisfy track-and-trace rules is inventory data. For dispensaries, the better an understanding they have of their inventory data, the easier it will be to comply with regulations. This data can make the difference between a dispensary sinking and swimming.