About 70% of transactions in cannabis dispensaries are cash transactions, while only 30% are credit and debit. In an industry as booming as this one, this means these dispensaries are managing a ton of cash every day. So how does this industry manage so much cash? Well, we certainly see a lot of room for improvement. Take a look at what we’ve found.
In some dispensaries, cash can be counted more than a dozen times by more than 4 different people before it makes it from the cash register drawer to the armored car.
This process comes from an idea originally used in the gambling industry, called a “cash team”. A cash team will count and double count cash, and every time the cash moves in the building from one location to another, it is counted again. These teams run daily audits, and even run more extensive audits weekly or monthly as needed.
Even with so much cash to offer, most banks are unwilling to do business with cannabis dispensaries, as cannabis is still illegal according to federal law. Some banks however, are a bit more willing to accept the risk if dispensaries are able to present transparency and accuracy in their books to keep the banking partners happy.
While these dispensaries are definitely trying, this process gives way to error and dishonesty, while valuable time is being used to count and recount cash. Rolland provides a more secure and efficient process for managing such large amounts of cash in any facility.
With a Rolland cash management machine, you wouldn’t need 4 different people to count your cash 12 different times. A cash management system means that cash is counted accurately the first time, and once it is counted it is out of reach of anyone but an armored car.
A cash management system also saves time. Cash teams count and double count cash and run daily audits as well as regular extensive audits. With a cash management system, an owner or manager of a dispensary could run an audit at any time of day with the touch of a button. This provides instant accuracy and transparency, which brings us to our next point.
A cash management machine instantly provides trustworthy reports for your cash, which means banks are more likely to work with you. And as most banks are staying far far away, we think it’s best to keep potential banking partners happy.
If you’re interested in how you can save your business time and money with the use of a Rolland Cash Management system, give us a call. Please contact Meredith Clinton at 214.845.6824 or email firstname.lastname@example.org