How to Protect Your Cannabis Business from Theft
As you start your cannabis business, it’s important to take into account how you are going to ensure the safety of your product and employees. Regardless of the type of business or product, preventing theft is paramount to a successful and thriving business. The probability of theft is exponentially higher in the cannabis industry, so we’ve put together a few things to consider to protect your cannabis business from theft.
Take Standard Anti-Theft Protective Measures
If you do nothing else, you must employ standard anti-theft protective measures for your business. These include, but are not limited to multiple security cameras, alarm systems and SOPs for all employees who handle product or have access to the store.
Consider Long-Term Protective Needs
Once you have the standard protective measures in place once, it might be tempting to believe that’s enough. Not true – it’s equally important to scale your security systems as your business grows. Many businesses don’t do this and end up failing to properly protect both their products and their employees in the process. If you are unsure how to scale your security measures appropriately, consider the following strategies you can use to protect your cannabis business.
Security Cameras and Backup Procedures
Keep security systems and cameras up to date with the latest technology. This is critical if you want to protect your business against theft. If you fail to upgrade your systems and cameras, you allow for the possibility of someone breaking into your building or system.
While most businesses upgrade and maintain their security cameras, many overlook a backup system in case the primary system and cameras are hacked, or the power goes out. Having a backup plan in place should be of the utmost importance when mitigating your risk of theft.
Employee Protocols
It might seem silly if you know and trust your employees, but staying up to date on your employee protocols is crucial to protecting your cannabis business. Implementing protocols such as bag/person checks when entering and exiting the product site or even requiring certain scrubs to be worn around the product could help with keeping the amount of employee theft down to very little – hopefully nothing.
While it may be a little uncomfortable to enforce these rules on your employees, if you continually emphasize that it is company procedure and needed to protect your growing cannabis business, it’ll make it easier for everyone to follow. You may not believe that your employees would steal from you, but you can never be too careful.
Employee Screening
In addition to having protocols for your employees once they are hired make sure you also have protocols for the hiring process. When you are hiring for your cannabis business, the most important thing you can do is screen your employees before giving them access to your product. There is no way of knowing, strictly through one initial interview, the motives, and desires behind each employee. Extensive background checks are always recommended. When you do due diligence as an employer and fully research the past of those you wish to hire, you’ll do yourself a favor in protecting the future of your cannabis business.
Proper Insurance Coverage
Many businesses believe they can skirt around having insurance for their business, when in fact, this is one of the best ways to protect your cannabis business! Ensuring that your business is staying within full compliance with the insurance laws in your state will help provide peace of mind for yourself and your employees in the event of a breach or break-in.
As the cannabis industry is relatively new, there may not be specific coverages in place that are must-haves. Make sure to have clear discussions with your insurance agent to confirm you will be fully covered in the event of a unique off-the-wall situation. As in any case, make sure your insurance agent understands the fine print of each policy and will explain it in its totality with you.
Learn More at CannaCon
Theft can occur from any source – make sure you’re completely covered! Protecting your cannabis business from theft is incredibly important as the cannabis industry starts to grow in all 50 states. Proactive measures will help to keep the risk of theft at bay in your business. You can never be too careful.
Want to learn more about the measures you can take to protect your cannabis business? Join us for a CannaCon event in your area and you’ll have the opportunity to talk with established cannabis business owners and industry experts. Get your tickets today!