So, you want to try your luck in the cannabis dispensary business, huh? Audacious you are! Or perhaps you already did and wanna make sure you don’t end up on the long list of fallen entrepreneurs. Smart you are!
If you’re the former, let me tell you right now that you need more than just luck. And if you’re the latter, you’re in the right place. Whichever you may be, you’re in for a treat and you don’t wanna miss out.
That’s because today, we’ll go over the things you need to know when getting started. And more importantly, you’ll discover how to keep your dispensary business secure and as a result… successful.
Sounds cool?
Then let’s get down to business.
Dispensary business analysis⸺ Is it worth it?
First off, let’s take a look at where the dispensary business is going. Is it just a hype thing? And as a business owner, is it still worth keeping the doors open and continue expanding?
Well, I don’t know about you but I let science and numbers direct my decision-making. And so should you. With that, let’s take a look at some numbers that don’t lie about the dispensary business getting high.
According to New Frontier Data, a highly trusted source for Cannabis Business Intelligence, the total sum of legal weed sales at the end of 2016 was 6.56 billion USD. That’s massive! What’s more? By the year 2025, total sales of legal cannabis in the US will be… get this…24.07 billion USD!
On top of that, research done by BDS Analytics; ArcView (provider of a complete view of the global cannabinoid market) reports that marijuana consumption will constantly increase by at least 1.2 billion USD in the following years up to 2025.
You see, we’re talking about an industry worth BILLIONS of USD here, my hardworking friend! And mind you, it’s not going anywhere anytime soon. How’s that for motivation?
So, going back… is it just hype? The research statistics refute so. And as a business owner (maybe on a crossroad), this should if anything motivates you to take care of your business and see it grow exponentially by the years to come.
Dispensary business’ success ain’t a smooth sail
It’s not all sunshine and rainbows though, I’m afraid. Your dispensary’s road to success is not without challenges and threats. Like any other business venture, it’s not infallible.
We’re talking about criminal acts like burglary, arson, vandalism, and more. I mean, with all the dope you have, you can’t help but become a target to every desperate, broke addict in town (unless your dispensary is in a holy community of saints, which isn’t). Not to mention ravaging threats like earthquakes, hurricanes, floods, terrorist attacks, and the list goes on.
And for sure, you don’t wanna lose everything you’ve worked hard for in the blink of an eye, do you? Especially since most of these threats are easily preventable. That’s right. With the right knowledge and security measures, your business doesn’t have to suffer unnecessary financial losses and property damages.
Are you with me?
Okay, now you might be asking, “How?” So, let’s read on.
How to keep your dispensary and cannabis safe
When it comes to dispensary business, security cannot be overemphasized. Thus, if you don’t want your dispensary to become a shopping area with a 100% discount for the bad guys and your beloved cannabis to be taken easily, then security should be taken seriously.
Note: The federal and state regulatory agencies charged with developing, implementing, and enforcing regulations that impact the cannabis business industry are ever-changing. They sometimes differ vastly depending on the state you plan to open or operate your business in. Therefore, we suggest you do regional regulation research before purchasing security equipment or planning any loss prevention measures.
Also, check out Cannabisbusinesstimes.com for news and updates on legislation and regulations.
Financial Security
Let’s talk about money for a moment since it’s the bloodline of your cannabis dispensary business. For people planning to open a dispensary (either the first one or the tenth branch), expenditure should be figured out and allotted systematically beforehand.
That includes but is not limited to the start-up cost (application fees, building construction, inventory); maintenance (labor/employee cost, marketing); and emergency fund.
Oh, and yeah… taxes! You wanna consult a tax advisor (they don’t work for free either) prior. If you have time, you can read more about taxes⸺ state comparisons, terminologies, and more⸺ from the chamber of commerce’s website: Taxing Marijuana: Which Recreational States Levy The Highest Taxes?
And speaking of money, avoid flaunting your earnings. Although the dispensary business can be lucrative, secrecy can save you big time. Deposit your cash in the bank daily or ASAP. But if you must keep some (or you don’t trust banks for some wise reasons), keep them in a business safe⸺ safes rated TL-30 from the Safe & Vault Store for absolute protection. Doing so will not only protect your hard-earned money from thieves but also from fire and water in case sprinklers go off or flood pays you a visit.
By the way, are you sure it’s real money that you have? Well, to be on the safe side and for a more efficient way to count money, take advantage of currency discriminators. They sort denominations while telling how rich you are. That’s one less work for you.
Perimeter Security
When it comes to total security, the focus should not only be within the building’s four walls. Because once the burglar has entered, your chance of not getting robbed goes down drastically. Security should start on the surrounding perimeter.
1. Outer Perimeter
The goal here is deterrence. It’s to discourage criminal minds from targeting your cannabis dispensary in the first place. And here’s how you go about it.
- Familiarize yourself with your surrounding premises. Know who runs what. It’s always worth building a community of trust where business owners look after each other. As they say, “no man is an island”⸺ same goes with business.
- Flood with light. Darkness attracts dark-minded people providing them cover where they can easily close the distance. Yeah, surprises can be great (like winning awards or birthday treats). But from criminals? No thanks!
- Enlist trusted security guard services. When no one is around, perps abound.
- Invest in a security system. For this, you can start with some dependable CCTV and alarms⸺ be the one on the watch, not the one being watched!
2. Inner Perimeter
The goal here is an effective barrier. In case the burglar was able to close the distance, you better hope your inner perimeter’s security can stop them right there and then. Of course, it goes without saying that your dispensary building must be built like a tank.
Other than that, here are some security measures to incorporate to lock out the bad guys (or gals).
- Reinforce entry points like doors and windows. Make sure there are no weak points and that they’re made of durable materials that can withstand forceful kicks or blows (even from a 6’8” tall, 400 lbs gym freak).
- Reinforce locks. Even if your door is made of indestructible steel, it would be futile if the locks are easily sawed or picked. Take it to the next level and install keypad door locks in addition to your top-security padlock.
- Limit access to keys. Keys shall be issued on a need-for basis only. Extra keys must be stored somewhere secure like a vault/safe. FYI Safe & Vault Store has some of the best business safes for your needs.
- Don’t keep valuables on display. You wanna make sure there’s nothing to tempt burglars when they peek inside. Let me tell you, burglars love to window shop as much as you do.
Indoor Security
Now, if for some reason the burglar or intruder was able to get past your perimeter security and enter your dispensary, then indoor security is your last line of defense. It could be the final deciding factor between you getting back to business the next day or going out of business and have a bad day.
You think it’s unlikely? Think again.
Based on the FBI’s Uniform Crime Reporting (UCR) Program 2019 record, there were an estimated 6,925,677 property crime offenses in the US. During which, victims (arson excluded) suffered losses estimated at $15.8 billion collectively. Whew!
So, make no mistake about it. Here’s how to address it.
Alarms, motion detectors, and surveillance system (yes, again, because you can never have too much)
Opt for a surveillance system that notifies the police in real-time and stores the data online. This way, even if the intruder smashes your camera, you’ll have a copy and the police will be on their way to save the day (or night).
Place registers (with little to no cash) and decoy safes in the front section of the dispensary
This may sound counter-intuitive but it increases the chance of police patrols or someone spotting a robbery in progress from the outside.
Prevent unauthorized room entry
This applies to burglars (obviously), employees (who knows), and customers (they give you money, not the other way around). People should not be where they should not be. For this, put up signage or even better, install biometric security locks.
Invest in high-security safes
Never disregard the possibility of getting visited by a world-class master thief (it’s not like we praise such evil acts fraught with bad intention). It’s always wise to prepare for the worst-case scenario, you know.
When shopping for a business safe, look for one that can not only give headache to burglars (TL-30 preferably) but also protect your cash and valuables from fire, water, and the elements (waterproof, fireproof, dustproof, rustproof).
And I did say earlier that broke addicts will be craving for your cannabis inventory, didn’t I? Therefore, opt for a cannabis safe that will keep their hands off your goodies while meeting federal and state regulations.
Not only do you want to protect your precious inventory, but you will also want to keep your money safe and secure!
Why not swing by the Safe & Vault Store in Spokane Valley, Washington for free expert advice and get the best safe suited for your dispensary business? Sounds like a plan.
Whatever safe/vault you choose, it’s best to bolt it to the concrete ground or strong structure otherwise, they’ll magically disappear.
Let’s wrap it up
The secret to a secure and successful cannabis dispensary business is not rocket science. It’s all about not underestimating what burglars or criminals can do, investing in both proven-effective security systems and business safes, and above all… utilizing that state-of-the-art superpower called, “common sense”.
It’s time to start your dispensary business on the success lane. It’s time to secure and expand your business chain. And it’s time to stop making your loss the burglar’s gain.
The business safety professionals at Safe & Vault Store can help you choose the best business products to protect your assets and develop a cannabis business security plan. Call or chat with us today!
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