Industrywide, it’s estimated that between 95 and 99% of all cannabis-related transactions are carried out in cash. There isn’t one reason why this is the case, rather it’s a trifecta of causes – legal, financial, and social. Until all three of those are relaxed, cash volumes will continue to pour into the cannabis space. This session is designed to share insights into how the industry can benefit from the idea of “cash automation,” or leveraging technology to better manage, count, and store cash as well as improve security and compliance while reducing the risk associated with handling cash.
A cash automation strategy ensures cash is secure and accounted for providing insights for back-office operations reducing risk, losses due to human error or theft while verifying procedural compliance at every location. The goal is to eliminate manual processes to streamline cash operations. Leveraging technology reduces time counting and recounting by over 70%, while informing operational decisions like how much cash should be kept in a recycler on any given day and when armored transport is needed. A cash automation strategy enables owners, managers and financial resources to identify how much cash should be on-site in a store or dispensary.