The cannabis industry is still definitely an emerging industry throughout the United States, just as it is in other G7 countries. However, in order to maintain a strong profit share of this quickly growing multibillion dollar industry, marijuana producers and retailers need to ensure that they are utilizing their software potential to stay ahead of the curve and keep their profits within an acceptable margin. This isn’t just a matter of increasing revenue and improving efficiency. This is an existential necessity that all cannabis-related companies must navigate. Here are some existential software necessities for cannabis companies…
Being up to date with compliance issues
The first thing that comes to mind when cannabis companies think about existential threats is compliance. Although the legalization of various forms of cannabis has spread across many states, both for recreational and medical usage, there are still a plethora of laws and regulations that need to be navigated.
What makes this especially complicated, however, is that these rules are often changing and adapting all of the time. Because of this fact, it is essential to address that your company’s software solutions are going to have to change to accommodate this fact. Making these changes across an entire enterprise without a powerful software solution is overly complicating a situation that can be fixed with innovation.
Adaptability to compliance
Being up to date with compliance laws is terrific, but if your company cannot quickly adapt to new conditions, then it is doomed to fail. Cannabis companies need to adopt software solutions that allow them to adjust their operation in a timely and efficient manner. This includes integrating software that incorporates government reporting tools, backend to front-end compliance tracking, compliance tax tracking, the ability to adjust labels to regulation, and more.
In addition to these features, this information needs to be readily available in real-time, and accessible to executives and managers from the convenience of their smartphones. Failing to be ready to adapt to new regulations could potentially shut down your business in an industry as highly-regulated as the cannabis industry.