Industrious pioneers are often attracted to emerging industries- cannabis being a key focal point in the last few years. As established entrepreneurs migrate to the marijuana industry, with them comes the background of their former forays into the world. While cannabis is itself a unique challenge of compliance, raw materials, and unique supply chain challenges it does have incredible crossover from other industries. While there is admittedly a learning curve with cannabis, several core competencies do apply and strengthen an emerging cannabis brand. Outlined are a select few of the more valuable strengths that translate to the cannabis industry.
Supply Chain Management
Cannabis is in the unique sector between agriculture, ingestible food and beverage goods, and technology. Specifically, vertically integrated brands often find challenges balancing purchasing both perishable product as well as supplies needed to support those same SKUs. The art of balancing and anticipating the needs of internal processes as well as consumer trends is a skill that cannot be overlooked.
Product Knowledge Training
As marijuana first emerged in the market for its medicinal properties, product knowledge cannot be overlooked. Similarly to the food service industry, menu knowledge and a deep understanding of how products commonly function and affect the user is key. While it is common to advise guests that budtenders or brand representatives cannot medically diagnose or advise specific products to treat ailments, team members can say products commonly have certain affects on users. Many cannabis users look for relaxation or sleep-inducing products and may ask for edibles or combustibles to achieve those goals. Being able to sell to those specific needs while maintaining that only medical professionals can properly advise on medication is a key balance needed to ensure brand authority in the cannabis space.
As with any industry with perishable or restricted goods, cannabis has an incredible focus on compliance. Compliance regulations vary on a state level and may even vary on a county or city level in certain areas. These strict guidelines apply to both cultivation and retail, restricting elements of production and sales such as plant count, medicated sales allotment, product medication limits, and more. Additionally, it is common for each stage of the cannabis production process as well as intake to sales process to be tracked to remain compliant with local cannabis regulators as well, so not only are the guardrails of the process strict but the tracking of the process is also strict. Stakeholders must ensure that at every step, compliance is as the forefront or the entire business license is as risk.
Along with compliance comes technology that ensures compliance across the board for vertically and non-vertically integrated organizations. Investing in the appropriate technologies with proven results is a core competency from all industries and certainly aligns especially with the cannabis industry. Akerna has diligently identified areas of opportunity for both POS retail systems and production tracking to ensure safeguards are in place to protect the business at every step. To connect with our team to identify the appropriate software solution for your business venture, click here.