The legal cannabis industry, one of the world’s fastest-growing industries, is coming of age in the middle of a technology revolution. While the space faces unique regulatory challenges and remains highly fragmented, new and advanced technology solutions exist that are catered specifically to the complex needs of a cannabis business and designed to propel the industry forward.
While retailers’ technology is often hidden in the backend of administrative or business operations, cannabis technology platforms and other software solutions can be a driving force behind merchants’ ability to grow their businesses, meet surging demands on a dime, and adapt to new regulations.
Here are three areas where tech can give cannabis entrepreneurs the leg up they need:
Ecommerce
The COVID-19 pandemic forever altered the cannabis retail landscape. Now, consumers not only expect but demand solutions like curbside, in-store pickup, and delivery that keep employees and customers safe. To meet these needs, dispensaries can incorporate scalable, quick-to-implement technology to help streamline a lot of the heavy lifting, so business owners can instead focus on providing modern online shopping options.
Given that online sales are typically 30% higher than in-store sales, ecommerce solutions are a cost-effective avenue for businesses to increase their bottom line and retain more customers. The tailored technology can automate compliance for dispensaries and empower them to track sales metrics, manage inventory, and so much more. It’s a simple and intuitive way to manage multiple locations and scale quickly.
Point-of-Sale
Point-of-sale solutions are the future of the cannabis industry. Due to outdated regulations that have forced the industry to remain primarily cash-based, many retailers are held back in providing modern payment solutions at scale. However, businesses must have a tech backbone in place for when regulators inevitably catch up with the rest of society and where the industry is likely headed.
Turnkey point-of-sale solutions — with user-friendly design and detailed sales analytics — are built to keep up across multiple high-volume retail locations. Plus, cannabis retailers can take advantage of complete seed-to-sale integration to manage their operations, eliminate the risk of dealing in cash, and maximize efficiency and profits.
Compliance and Analytics
The cannabis industry must navigate a complex web of banking, financial, and other regulations for cannabis sales that vary across states and cities. Many businesses must adjust operations or update policies, typically on short notice, to comply with ever-evolving regulations.
New technology solutions constantly monitor regulatory and legislative changes in local jurisdictions and automatically integrate these changes into their platforms, keeping customers compliant and open for business.
The technology also offers advanced analytics with actionable insights about potential and existing customers — an especially important edge in an industry dealing with a patchwork of marketing laws and regulations.
The Future of Cannabis Technology
The legal cannabis market is projected to be worth $70.6 billion globally by 2028, and legal cannabis sales are expected to hit $24 billion in 2021.
At Dutchie, we are a technology platform powering cannabis commerce and streamlining dispensary operations, and we’re working to expand access to the modern solutions cannabis retailers need to compete online and with the illicit market.
We power over 5,000 dispensaries throughout the U.S. and Canada and process $14 billion in sales annually. We’re committing more than $100M in R&D over the next year to continue building and launching innovative technology products and solutions that the industry needs to thrive.
Our mission is to provide safe and easy access and we believe cannabis is good for humanity. That’s why we’re committed to doing our part to propel this remarkable industry forward based on that core belief.
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