From eye-catching marketing to establishing a relationship of trust with your clientele, a lot goes into running a successful dispensary. For example, having access to a dispensary banking account is vital to streamlining your financial dealings and securing legal compliance. However, offering consumers high quality products probably tops all of the other requirements. Without this element in place, you’ll have trouble retaining customers and growing your business.
If you’re interested in where dispensaries obtain their products and how the supply chain works, read on. You’ll find out how to manage supply more effectively and boost your profit.
Where do dispensaries get their products?
Show-stopping products are the crux of every retail operation and selling cannabis is no different. Dispensaries generally acquire theirs in one of these two ways.
1. Cultivating their own plants
Some operators both run dispensaries and cultivate cannabis on their own. They only sell products manufactured from the plants they grow. This gives their offer an air of exclusivity, which can give them a competitive edge over other retailers.
These dispensaries typically cater to high-paying clients and the customer experience is above par. The products usually come in sophisticated packaging and the retail spaces are curated to reflect their unique brand image. While their goods come at a higher price, many consumers value having a one-of-a-kind brand experience. Cannabis connoisseurs also appreciate the chance to find out in-depth information about the product, such as its CBD percentage and cultivation process, which these dispensaries are able to provide.
Because they merge cultivation and retail, they’re perfect destinations for cannabis tourism. Visitors can learn more about growing the plant as well as sample and purchase it all in one location. This has proven to be a successful business model.
2. Buying products from cultivators
Since cultivation and retail require very different skills and resources, most cannabis operators focus on either one or the other. The majority of dispensaries actually purchase products from manufacturers. However, this option isn’t without its challenges. They have to select the right supplier in order to meet the needs of their consumers.
Dispensaries need to determine how a grower’s product fits in with their consumer base. They do this by keeping in touch with cultivators and manufacturers, exploring samples, having the product tested in a laboratory, and taking other steps. It’s also important to keep an eye on your consumers’ feedback and take it into account in the future.
While dispensaries that sell their own products are typically high-end, those that get them elsewhere can have varying pricing and product quality. These features often depend on the source of their products. For example, those sourced from organic farms tend to be pricier.
After a while, most dispensaries establish lasting connections with cultivators and producers and this mutual relationship facilitates operations on both ends of the supply chain. This can also give the dispensary access to multiple perks, like lower prices and a better insight into product details.
Where can you open a reliable dispensary banking account?
Apart from knowing how to identify the best products, dispensaries also need to make their brand experience as streamlined and enjoyable as possible for the consumer. Maximize your customers’ satisfaction by giving them an easy and hassle-free way to purchase their favorite products. With Confia’s secure POS payments, you’ll be able to increase your sales and enjoy a financial boom.
We’ll offer you three versatile packages to choose from. Reach out to us to explore your membership options and make the right decision for your business. We’ll be your trusted ally on your way to the top!