How Cannabis Producers are Using New Payment Tech to Get Ahead
Apr 20, 2019 04:21
In the jurisdictions where cannabis has been legalized for medical and recreational uses, business is booming. Cannabis products of all kinds are flying off the shelves, and cannabis production has struggled to keep up with the demand. The growth of this new industry shows no signs of flagging, and it seems likely that it will continue to be a vibrant economic sector for years to come.
The speed of this growth, however, has drawn attention to blind spots and weaknesses in the cannabis supply chain. Because cannabis is a controlled substance, producers need to provide large amounts of documentation to prove that their production process is compliant with regulations.
This has led to an explosion in cannabis tech companies that specialize in providing producers with cutting edge software to help them stay compliant with regulations. These cannabis tech platforms also come with a range of tools to help cannabis producers bring their product to market, and connect them directly with clinics to provide patients with the medication they need.
Increasingly, eCommerce has become a mainstay of the cannabis industry in countries like Canada, as it allows producers to connect with customers in an efficient and direct way.
●Age and Prescription Verification: Given that cannabis is a controlled substance, licensed sellers must verify the prescription of a medical client. This can easily be done by integrating an eCommerce solution with a seed-to-sale platform that securely stores client records. Shipping carriers, in turn, can perform age verification at the door.
●Business-to-Business Payments: Many cannabis producers will be selling their products at wholesale to other businesses. As such, it will be important to find a cannabis platform with payment technology specifically designed to streamline business-to-business sales. This will mitigate risk and reduce the costs associated with authorizing and tracking purchases.
●ECommerce Solutions: There are plenty of eCommerce platforms out there, but in such a specialized business as the cannabis industry, it is important to go with a payment solution that understands the challenges of being a cannabis producer. Selling cannabis products isn’t like selling candles —you’ll want to make sure that your eCommerce platform is designed to meet specific needs that are shaped by regulations and stigma.
Jurisdictions that have legalized recreational cannabis are already starting to see it as a lucrative cash crop providing long-term earning potential for business owners, but cashing in on cannabis means embracing eCommerce.
To do this effectively you will need to invest in cannabis payment tech that will help you connect with customers, manage medical cannabis patients, and remain compliant with the regulations in your jurisdiction.
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