Managing a Dispensary: All You Need to Know

Because of the unique characteristics of the cannabis industry, the job of a dispensary manager involves certain specifics that differ from the duties of managers in other fields. While it can be an immensely rewarding and lucrative venture, managing a dispensary comes with its own set of challenges.

After you’ve created a thorough and precise business plan, found a funding opportunity that works for you, and obtained access to cannabis banking services, it’s time to delve deeper into the daily operations of a cannabis business. Keep reading to explore the day-to-day duties of a dispensary manager and see how you can be an effective leader for your staff.

How do you manage a dispensary?

Managing your budtenders, your inventory, and legal regulations are crucial components of running a successful business. Here are some practical tips to help you do it right:How do dispensaries handle cash

  • Provide training and resources: Budtenders need to be up-to-date with the best practices in the industry in order to do their job well. Provide them with both initial and ongoing training, monitor their performance, and offer assistance when needed.
  • Conduct regular meetings: Meet with your staff periodically to discuss goals and concerns. This could be the perfect time to give and receive feedback and agree to adopt novel, more productive strategies.
  • Give praise and nurture team spirit: Get the staff together and make them involved in setting goals for the company. Ask everyone to suggest more effective ways of doing things. Praise excellent performance and encourage top performers to share their tips.
  • Keep track of the inventory: To minimize losses and increase gains, you will need to carefully monitor purchases, store and organize your products safely, and fulfill orders on time.
  • Make sure you’re operating legally: Keep an eye out for the latest changes in cannabis regulations by checking relevant government websites. You can ensure financial and other forms of compliance and avoid trouble with the law with the help of a leading provider of cannabis banking services, like Confia.
  • Learn and adapt: Keep up with the latest innovations in the industry by attending seminars and talking to peers. Adjusting to novel methods and staying one step ahead of the competition makes all the difference.

How do dispensaries handle cash?

Since traditional banking has been largely out of cannabis operators’ reach, they often choose to work on a cash-based model. This means that they have to store, transport, and protect large amounts of cash on a regular basis. By doing so, however, they put themselves at risk of financial loss through inside or outside theft.

To protect your earnings, it’s highly advisable to find a secure cashless payment option and dependable banking solutions that are becoming available to cannabis operators nowadays. These modern platforms provide cannabis companies with the same standards of service that are taken for granted in other fields, but difficult to obtain in this one.

How do I find innovative cannabis banking services?

How do you manage a dispensaryConfia offers straightforward and time-saving financial services to cannabis operators in order to help them overcome one of the most challenging aspects of the industry – banking. You’ll be able to monitor your transactions anytime, anywhere using our sophisticated online platform. All of your financial operations will be strictly regulated and compliant. In addition, we’ll help you gain access to the best financing options.

Get the professional assistance you need to run a booming dispensary or another business in the cannabis supply chain. Focus on solidifying your brand and creating a niche for yourself while we handle the financial side of your business with precision, speed, and diligence. Reach out to us to establish a fruitful partnership with one of the best banking service providers.

A Cannabis Operator’s Guide to Writing a Business Plan

If the current upward trend continues, the legal cannabis market in the U.S. could surpass $40 billion in annual sales by 2026. With these promising estimates, the future of the cannabis industry looks very bright. This means that now’s a great time to get in on the action and find your footing in this sector.

If you’re interested in running a company in the cannabis supply chain, you will benefit from working out a comprehensive business plan. With clear goals, innovative strategies, and extensive cannabis financial services, you will have increased chances of establishing and growing your brand. Read on to learn how to put together a meticulous business plan that checks all the boxes.

How to write a business plan for a cannabis company?

How to write a business plan for a cannabis companyCreating a solid business plan means laying the groundwork for all of your future operations. A cannabis operator can benefit from thorough planning in several ways. With a detailed business plan, you’ll have a higher likelihood of attracting investors and candidates for other managerial roles. A comprehensive plan can also help you receive your business license more easily.

To get started, you could try finding a premade template. Another option is to consider purchasing specialized software that’s intended for this purpose. Alternatively, you may want to hire a professional consultant with relevant experience in the field.

It’s advisable to pay attention to these general guidelines:

  • Your spelling and grammar should be correct and consistent.
  • It’s best to keep your sentences short and precise.
  • The tone should be professional and straight to the point.
  • Adding bullet points to increase readability is a good idea.
  • It’s advisable to add charts to illustrate your points more clearly.

What sections should I include in my business plan?

You could either make a traditional business plan, which is more detailed and better if you’re looking for funding, or a lean business plan, which is simpler and adequate for your in-house needs. They will generally include some or all of the following parts:

  • Executive Summary encapsulates the business plan and presents the company’s mission and objectives.
  • Company Description outlines what your company does and how it differs from other companies in the field.
  • Market Analysis showcases your research-based understanding of the market and your competitors’ best practices.
  • Organization and Management presents your business structure (sole proprietorship, partnership, limited liability company, etc).
  • Products and Services talks about the services or products you offer as well as how they benefit your clients and stand out from the competition.
  • Marketing Strategy explains how you’re going to advertise your business and generate more leads.
  • Financial Plan says why your outlook is positive and how you intend to generate revenue.
  • Funding Request should be added if you’re searching for financing options, to explain how much funds you require and how you’re going to spend them.
  • Additional Documents, such as credit history, permits, licenses, and resumes, may be included if necessary.

To get the finer details of your plan ironed out, explore more resources for creating a business plan assembled by the Small Business Administration. Don’t forget to go back to your plan and adjust it as your business expands and its needs change.

Who provides best-in-class cannabis financial services?

Who provides best-in-class cannabis financial servicesConfia is a solution to cannabis operators’ essential need for effective, streamlined, and transparent financial services. If you’re a cannabis operator seeking access to funding, robust banking capabilities, and automated compliance, you’re in the right place.Receive a powerful banking toolkit that can facilitate the management of your cannabis business. Give us a call and let our dedicated experts help you with every facet of your financial operations.

2021 SAFE Banking Act: What Cannabis Operators Need to Know

Even though cannabis is legal in most states across the U.S., behind the scenes, dispensaries, manufacturers and producers all struggle with one common thing – banking. Unlike food or clothing industries, banks are not handing out loans or facilitating seamless money transfers for marijuana-related businesses (MRBs). As a result, cannabis companies are struggling to get the funds and services they need to succeed and operate as a true business.

That’s where the SAFE Banking Act comes into play.

What is the SAFE Banking Act? First introduced in 2019, the SAFE Banking Act has continued to push the federal government along to consider better, safer banking options for MRBs. However, years later, concerns still loomed from all sides of the industry that needed to be addressed. Thankfully, these issues were addressed this year, and in a monumental effort to advance the industry, a revised SAFE Banking Act was passed by a vote of 321-101.

The revised bill, which still needs to pass through the Senate, will create vital protection for financial institutions, from fines and other penalties, if they provide their services to legitimate cannabis-related businesses.

Why Do Banks Need Protection?

Due to cannabis being federally illegal, financial institutions’ hands are often tied when it comes to helping MRBs find the funds they need to operate and scale. This is because federal banking regulators have a hawk’s eye on these institutions, and are ready to enact hefty fines and penalties.

What Restrictions Does the SAFE Banking Act Now Have?

The excitement around the SAFE Banking Act stems from its ability to prevent federal banking regulators from implementing certain penalties, such as:

  • Terminating or limiting a depository institution’s access to deposit insurance or share insurance;
  • Prohibiting, penalizing, or otherwise discouraging depository institutions from providing traditional banking services to a covered business;
  • Recommending, incentivizing, or encouraging a depository institution not to offer financial services to an individual or business entity because of their status as, or relationship with, a covered business; or
  • Taking adverse action on a loan made to a covered business

Why is the SAFE Banking Act So Important?
The cannabis industry has a lot of money tied to its name. In fact, it is estimated that in 2026, there will be $41 billion in cannabis sales in the United States alone. The problem is – a large portion of this money is handled in cash.

The safety of employees and businesses are at stake when banks do not allow MRBs to operate with the same financial framework as other industries. However, not only does the SAFE Banking Act ensure safety, it can also help MRBs sustainability in this competitive environment. Right now, it is extremely difficult to get a loan as an MRB. Which means in order to scale and properly market your company, cannabis businesses need to find outside investors, borrow money from friends and family, or potentially risk having to shut down altogether.

Without access to banks and its financial services, a legitimate cannabis company, even with a great business model, may be pushed to the brink of survival.

Financial Services to MRBs Right Now

The limited number of banks that do offer cannabis banking programs, do so at an extremely predatory price. Confia affords MRBs the same banking rights and privileges as any other industry, providing the safety, and accountability, these businesses deserve.

As a leading system that has been specifically designed to support the compliance and transactional complexity of the cannabis industry, Confia provides MRBs with streamlined access to integral cannabis business funding and banking services. These services include automated compliance, deposit balances, access to lenders and affordable electronic transactions.