Member Blog: Unleashing the Green Revolution – Empowering Cash Management in the Cannabis Industry with Automated Bliss

For most cannabis business owners, the abundance of cash poses a never-ending cash management challenge. Owners, staff and financial teams must navigate the complexities of managing and securing large cash volumes with limited access to banking relationships due to the federally illegal status of cannabis. Most dispensaries resort to manual cash handling and counting, however, every time cash is counted manually – typically around six times a day – dispensaries face the risk of miscounts, theft and security threats as well as challenges in tracking volumes, reporting changes and supporting audits. 

Handling cash manually is inefficient and unsustainable for new and established dispensaries. Forward-thinking cannabis retailers are turning to automation solutions that transform the collection, counting and reconciliation of cash volumes in a retail setting. Cash automation offers a solid, systemic alternative to the typical cash handling processes.  

One medical dispensary in D.C. incorporated cash automation to help with the time-consuming manual counts and to improve productivity. This dispensary, the largest and oldest in Washington, D.C., accounts for 54% of the cannabis sales in the city and accepts multiple payment methods. Cash comprises 40% of sales and is a major pain point for the dispensary’s managers and associates.   

Since implementing cash automation solutions last year, the dispensary has improved count accuracy, reduced discrepancies and saved time for its staff, who now can service the 400 – 900 patients who visit each day instead of counting cash for hours on end. Additionally, automation has been a game changer for the dispensary’s accounting team. The finance team can view the exact volume of cash on hand remotely and in-store, informing important business decisions for cash planning, including leveraging available cash on hand for product and services payments and optimizing change order and deposit schedules to reduce armored security and bank costs. Real-time reporting and visibility empower the finance teams to manage cash operations with confidence.  

Other benefits include:

• User-friendly dashboard with cash flow visibility integrated with accounting software.  
• Notifications on urgent needs, including hardware performance issues, deposit capacity and placing change orders.   
• Easy, mobile access to cash balances and transaction history across multiple locations.  
• Customizable reporting capabilities for auditing, vendor-specific transactions and overall analysis of every transaction by user/payee, amount and date.  
• Security measures to ensure efficient cash counting, balancing to POS and securing cash with high-speed recyclers.  

With automation capabilities, cannabis businesses can focus on operational efficiencies, bolster inventory management and systemically ensuring process compliance instead of the time-consuming counts that typically overwhelm employees. As the cannabis industry continues to evolve and expand in 2023 and beyond, embracing cash automation allows dispensaries to thrive while reducing costs and labor and maintaining control over their cash ecosystem.