MJ Stack’s team of cannabis business advisors are industry experts who offer free services to ensure you have the cannatech stack you need so your business can thrive.
With the start of the new year, states and cities across the US implemented new marijuana laws. As of January 1, 2022, many new cannabis policies went into effect that could mean changes to your dispensary’s business, your customers, and your operations. From the launch of retail cannabis sales in Montana, to new purchase limitations in Colorado, to out-of-state patients gaining access to cannabis purchases in Arkansas, and more, any policy change can mean changes for your business and your tech stack. Even more states are expected to legalize either recreational or medical cannabis in 2022 votes, with major efforts underway to put recreational marijuana initiatives on the ballot in Arkansas, Maryland, Missouri, Ohio, Oklahoma, and North Dakota. In 2020, there was a full ballot-box sweep with all legalization measures passing, and we expect similarly strong showings in 2022.
The start of a new year, not to mention an election year, presents a great opportunity to assess your cannabis business’ technology to ensure it accomplishes what you need. New laws also create opportunities to expand your business! We know the ever-changing landscape of working in the cannabis industry can create many questions and present changes to what technology and services will best fit your market’s needs. We stay up to date on all the changes and vet the technology vendors who will help your business operate smoothly across all the complexities and changes.
What Parts of My Tech Stack Should I Address?
Compliance
We know it’s not the most exciting aspect of your business, but especially as new laws come into effect, it’s critical to stay in compliance so you don’t face fines or even a lost license. It also helps you maintain your reputation in the tight knit cannabis community. It’s the responsibility of every person in your organization to maintain compliance and meet any state regulatory reporting requirements. For example, in a state where purchase limits are changing, it could mean your budtenders have to record certain purchases in real-time versus previously being able to record at the end of the day. A knowledgeable compliance tech partner will help provide guidance when you apply for licensing, help you prepare for audits, and create standard operating procedure templates for any license type. They will also educate and train your staff on compliance and inventory controls, who in turn can educate your customers and patients on safe consumption and local regulations. And since new laws create expansion opportunities for your business, the right partner can also help you with licensing.
Data, Analytics, & Reporting
Data is power. Data on market trends, consumer insights, purchasing behavior, and more can help your business grow. Perhaps a new law in your city or state changed what you’re able to offer in your dispensary. Or like in Colorado, perhaps your state regulations limit the demographics you’re able to advertise to. Utilizing data however possible around any new product offering will help you increase your revenue, understand your new target market, prioritize product inventory based on the market demand, and make informed business decisions every step of the way.
Marketing & SEO
Just as retail product changes and target audience changes mean that new data can be helpful, it could also prompt changes in how you advertise. And some states actually prohibit targeting too great of a percentage of your audience under certain ages! Partnering with the right cannabis marketing or search engine optimization (SEO) company will help you create a strategy to stay compliant while still capitalizing on ways to reach new market segments – maybe that’s new out-of-state customers, new medical marijuana customers, delivery customers, or people who may be interested in marijuana now that their employers can’t test them as an employment condition. These changes can mean more sales and more profit for your dispensary.
In-Store Experience
New laws, new purchase limits, new customers, new retail offerings. Those are all great reasons to assess your in-store experience. From the flow of the store, to aesthetic, to the check-in and check-out experience, to ensuring short wait times, the right cannatech partner can help you customize your customers’ experience in your store to help you stand out from other dispensaries. In a state like Colorado where purchase limits of concentrate were drastically reduced, there are new recording requirements and you’ll need a point of sale (POS) solution that lets you work compliantly yet still quickly to maintain the customer experience.
Payment Options
At the end of 2021, Visa put out a warning that the use of cashless ATMs at dispensaries are prohibited. We wrote a whole blog about this topic, sharing ideas of other payment options you could consider. Assessing POS systems and fintech partners who are savvy in the cannabis industry can help you set up seamless transaction and banking services that are reliable and keep you compliant and safe. With purchase limits going down, that can also mean more transactions in general, so solid payment options like accepting card payments, integrated solutions, and pre-payment through an online menu can ensure your customers have short wait times and a seamless ordering experience.
What’s my next step?
Reach out to MJ Stack for a free, 30 minute consultation so we can help quickly assess what parts of your tech stack need some updating so your business can be in compliance this year, but also so you can save time and money and be positioned to expand your sales and customer base.
We’ll also ensure you have access to flexible technology solutions that offer short term and month-to-month agreements so that you are not locked into a relationship. We’ll provide a complete assessment so you can have the cannatech you need to grow your business seamlessly and safely. And all of MJ Stack’s guidance is always 100% free to you.
