Interested in setting up your own weed dispensary or are you just curious on how the market is doing? According to an article from the Rolling Stone, the CBD market could actually reach $20 billion by 2022. It can actually outpace marijuana with the rate that it’s going.
Cannabis has become more accessible, especially since its recreational legalization. Before marijuana was legalized for recreational use, one has to have a cannabis card to be able to purchase such a product. This became a way to limit and “buffer” those who are coming into a weed dispensary. But because of its legalization in some states, anyone can now purchase cannabis products even if they don’t need it medically.
Legalization made access easier. When access is easier, this also means that there are higher demand and more inventory, which leads to more profit and cash flow. Plus, with money continuously coming into a weed dispensary, the more security it would need. Below are some tips on how to increase the security of a cannabis dispensary.
Tip #1: Make sure to secure all points of entry of the weed dispensary
Securing the store’s points of entry and exit is a minimum requirement when it comes to any establishment. It is recommended that the store has both a reliable video surveillance system as well as 24-hour security guards. However, in making sure that your store is safe, you also have to guarantee a respectful treatment between your security guard/s and customers.
It is essential to find this balance, and the key is to orient your security staff properly. Make sure that your crew understand and respect the customer experience that you’re trying to provide to your customer. You have to ensure openness and help make your customers feel welcome and invited to the dispensary. Although, do bear in mind that there should be zero-tolerance to any customers who will pose as a threat to your weed dispensary’s security.
Again, finding that balance between security and an unforgettable retail experience is crucial. You don’t want to lose possible customers by scaring them away. However, you also don’t want malicious people entering your store.
Tip #2: Do a cyber-security sweep
Protecting your customers’ data should be one of the things that you should ensure in weed dispensary. You don’t want sensitive data being hacked and being exposed to the public for thousands of dollars. Make sure to do a regular cyber-security check and secure all your digital activities. This includes inventory, point-of-sale system, and your client database.
Tip #3: Protect your store from theft and have strict visitor and employee identification protocols
Did you know that around 90% of both financial and product loss in the cannabis industry is due to employee theft? This number can be scary for any weed dispensary owner. That’s why it is recommended to also ensure the security of the store by preventing employee theft. This can be done by doing the following:
- Conduct background checks for all your applicants.
- Make sure that you can immediately differentiate your employees from your customers.
- Reconsider employee discounts that can be awarded to their friends and family. Set just the right percentage.
- Clearly brief the employee on how the cash and the products are tracked.
- Do daily checks on your sales and inventory via your POS and inventory management software.
Sometimes, ensuring the safety of your store requires a retail structure. So, make sure that all of your employees are on board on all of your policies.
Tip #4: Get insurance
Investing in a business is a gamble, especially in the cannabis industry. This is because weed dispensaries are more susceptible to getting hit with product liability claims brought about by the nature of the product itself. Because of this, it’s critical to get insurance for your dispensary.
Consider getting a product liability insurance. It can protect you against property damage claims or even personal injury which can be the result of your products. Should you be served with a liability claim, product liability insurance can help cover your legal fees or court costs.
Tip #5: Prioritize proper equipment installation
So you know what you need to do to improve your dispensary’s security, you’ve also bought all the recommended equipment. The next step is to install these properly. Don’t let your hard-earned money go to waste just because your high-tech security equipment is not installed properly. In these kinds of situations, be sure only to get a reliable weed dispensary security group who can help you out.
Yes, you’ve invested in the equipment but don’t make the installation an afterthought. Invest in a professional security group who can handle and install the necessary equipment for your establishment.