No matter what business you’re in, it is important to manage your inventory effectively in order to ensure that you never run out of stock of your bestselling products. Cannabis businesses in particular need to be proactive about inventory management, especially since many retailers sell edibles or other food products that have specific storage requirements. It can be difficult to assess your needs, particularly if you’re new to the industry. Fortunately, there are a lot of resources available for cannabis business owners that can help you make a plan. If you’re just starting out or need some advice, keep reading for some useful tips on how to better manage your cannabusiness inventory.
How can you effectively manage your cannabusiness inventory?
If your goal is to ensure that you have a reliable and steady supply of cannabis, it’s a good idea to look into growing your own, rather than purchasing from a supplier. You can invest in commercial grow room design to ensure that you maximize your yields and get the most out of the space you have available. You can talk to the designers about building storage space into the grow room so you will have somewhere safe to put your crops after you harvest them so they will stay fresh until they’re able to be packaged and put on shelves.
Packaging your products can also make them easier to store, so it should be a priority. One company that has become known for providing high quality packaging materials for cannabis businesses is Earthwise Packaging. Their containers, jars, and pre-roll tubes will make it possible for you to fit even more of your inventory into the storage space you have available, in addition to protecting the integrity of your products. You can learn more about Earthwise packaging and their product line by visiting earthwisepackaging.com.
Security concerns can also be an issue for businesses that deal in substances like marijuana. Use a secure storage system to keep your products safe and organized. You should also keep track of your inventory on a regular basis and conduct regular inventory audits to make sure you are not running out of products. This will also ensure that you notice if anything should go missing, in the event of a theft of some kind. You can never be too careful when it comes to guarding your inventory.
Is now an ideal time to get into the cannabis industry?
If you’re thinking of getting involved in the cannabis industry, now is the time to do it. Experts project that the CBD market alone will be worth $20 billion by 2024, and that doesn’t even take into account the revenue from sales of other types of cannabis products. This sharp rise in profitability has also attracted the interest of others, so you’ll need to be innovative to stand out from your competition in a crowded market. Just make sure you let your customers know that they should check with their healthcare provider before trying cannabis for the first time, as their doctor can explain how it may impact any of their health conditions or interact with their prescription medications. Customers will always appreciate being educated and informed.
The legal landscape is also becoming more cannabis-friendly in the United States. The 2018 Farm Bill legalized hemp byproducts like CBD on a federal level, as long as they don’t contain more than .3 percent delta-9 THC. 38 states have some type of medical marijuana program, and 18 states have legalized marijuana for recreational use. Many other states are considering legislation or ballot measures and may opt for legalization in the coming years. There’s never been a better time to work in cannabis, from a legal or financial perspective.
As you can see, there’s a lot to learn about the cannabis industry before you dive in. Inventory management needs to be a priority for any retail business, but there are unique hurdles that cannabis business owners face. This is due to the storage requirements of the products themselves and the complex legal landscape.
The positive news is that there’s a lot you can do to give you an edge and protect your products. A professional grow room setup, durable and sustainable packaging, and good business practices will help you keep your customer’s favorite products in stock and outsell the competition.