While recreational cannabis for adults is legal in a couple of states, medical dispensaries still dominate the industry landscape nationally; and, the ancillary services companies that do business with them are some of the biggest upcoming brands to watch in the industry.
Whether your state allows you to profit from your dispensary, or mandates that you give back to the members in a nonprofit or cooperative model, money is still the bottom line in keeping your store open, and a big part of that is efficiency. A storefront or delivery service that is organized and streamlined in its business processes will ultimately see increased success and customer satisfaction – plus, most states are coming around to regulating the industry electronically, making tracking, finance and compliance software solutions in demand for the responsible dispensary owner.
Dispensaries still face several challenges, most prominently with processing payments and doing advertising or marketing, but here are some of the most innovative technologies hoping to make the experience easier for dispensary owners and ultimately their patients as well.
*Companies/Products listed in alphabetical order*
Agrisoft Seed to Sale
You’re moving cannabis from cultivation to the dispensary shelves, and the newest product from Kind Financial offers a unique compliance solution to track every step of the process.
Agrisoft meshes easily with your existing operations by assigning RFID bar codes to each plant specimen, creating a trackable life cycle for cannabis products that can be updated in real time. Kind has worked closely with financial compliance experts in developing this technology to make sure it’s the best it can be for dispensary owners.
Software application that matches desired mental and physical effects to the strains available in your inventory, visualized so patients can explore.
Cannabis consumers are becoming more educated and discerning as to the various strains available and their effects – especially medical marijuana patients. Budtenders should be knowledgeable, but no one’s perfect. Having an iPad with CannabiScope displayed will give your patients an interactive experience that they can’t get anywhere else, and you’ll have an extra layer of security knowing that they are getting the appropriate strain for their needs.
A transparent financial reporting system that helps you stay in the good graces of your chosen financial institution.
There is a misconception in our industry that banks will not work with cannabis companies. As a matter of fact, many financial institutions WILL work with dispensaries that can provide detailed records of each transaction while implementing proper standards and protocol to prevent diversion. CannaTrac’s system makes it possible to seamlessly track and report every transaction in a closed-loop network, keeping your business secure and compliant. The system integrates with many POS systems and comes with complementary tools like loyalty programs, a mobile app, and customizable cash cards for use in your dispensary.
Elemntal Digital Displays
This company has revolutionized the storefront display monitor, with patented Display CMDR technology that allows customers to update all their screens from one simple mobile platform, though the company is always standing by to help out.
Retail shop owners have long been attempting to use monitors as a menu, but these attempts pale in comparison to Elemntal’s smart design and high-quality imagery. The CMDR technology makes it possible to update every facet of your menu in real time. Clearly, the days of the chalkboard or whiteboard menu are gone.
An easy-to-use, integrated Point of Sale system for the iPad which is compliant in Colorado, Oregon, and Washington, where they are already the primary POS for 45% of recreational stores. Also the runner-up at TechCrunch Disrupt Startup Battlefield 2015.
Tracking, selling, updating inventory, and reporting to government agencies takes a lot of time, as does training your budtenders on a computer system. Green Bits is compliant and easy to learn; it’s basically a turnkey POS solution. Plus, optional hardware complements the iPad to make you look professional and impress your customers. Support will be added soon for all medical cannabis states.
The up-and-coming big data analytics platform for the cannabis industry, from the founders of Leafly, providing actionable insights and market intelligence solutions for businesses.
The platform isn’t completed yet, but we know we’ll see great things from these seasoned founders. Market research is definitely about to explode in this industry, mostly because up until now there has never really been a wealth of data to analyze. Legal cannabis businesses have laid some serious digital groundwork in the past few years, and the data gathered by Headset will be applicable to better, more targeted advertising and easier identification of patient and consumer trends.
Hypur Pay Network
Hypur enables banking for cash-intensive businesses, like dispensaries, bringing them the ease, safety and legitimacy of traditional banking. Their complete compliance technology platform helps banks satisfy regulatory and compliance requirements, so that they can serve cash-intensive businesses with a seamless, automated platform.
What it is: A beautifully designed, quick-service kiosk that processes orders and payments for medicine and can be integrated with POS systems, mobile apps, and an armored courier service.
How it will help: Jane eliminates a lot of the financial obstacles faced by dispensaries by keeping track of orders and inventory in real-time, processing payments, and even linking up with a secured armored car to safely take the cash away. Jane will provide efficiency, transparency, with a sleek design that puts the traditional boxy ATM to shame.
Smoke Reports API
Open-source strain and product API for inventory tracking, marketing, application development and more.
Strain data gathering on the Internet has been going on for some time now, but unfortunately the data has not been available for public use. Smoke Reports has been crowdsourcing this info, doing their own genetics and market research, and are now releasing their comprehensive API to developers and dispensary owners alike, including local price point comparisons and their proprietary universal cannabis product codes (UCPC). A dispensary owner can use the data to power their in-store labeling system and daily menu, or manage and update their website without having to rely on someone else’s code.
Zazzz Vending Machine
This vending machine for dispensaries truly has it all. It scans government IDs as well as the prospective buyer’s facial features to ensure age verification. It dispenses and tracks purchases, and it even accepts Bitcoin.
As far as retailing products like edibles and vape cartridges, patients often want to get in and out of the store without a hassle. Having a Zazzz machine in your store could give valuable time back to your employees while increasing your revenue. American Green, the company behind the machine, says it is extremely secure and hopes it will be accepted out on the sidewalk outside the dispensary doors within the next few years.
Which of these technologies will have the biggest impact in the cannabis space? Who do you think is the most innovative and creative? Join the conversation and comment below!