Multi-state operators (MSOs) in the cannabis space have been beginning to face unique challenges versus their single state operator counterparts. Leaders in the MSO space are a special breed focused on brand impact and overall growth, and with that mindset comes the need for innovations to expedite all processes. As the marijuana market continues to develop and MSOs continue to grow, it’s more clear than ever that reliable innovations in the cannabis tech space are the key to ensuring continued growth.
Unlike other retail, cannabis has never had to evolve into the age of computers- it was born into it. As the regulated market began to expand in recent memory it has always been reliant on digital resources to ensure efficiencies for medicated product tracking. While some platforms have certainly fallen by the wayside, others have emerged as industry leaders for cannabis and compliance. Leaders in the ERP-specific technology space have certainly solidified their hold on the market by drilling down on efficiencies to directly drive growth. A reliable platform to streamline all business processes while managing the delicate balance of cannabis regulatory limits ensures an operator’s future in the space and encourages growth.
When an MSO aligns all platforms into one ERP it creates a web of efficiency that trickles through all different teams who rely on compliance and regulatory software. Immediately, finance teams are able to better manage purchasing, processes, POs, and communications across the board. As cannabis is an expensive business not only to start but to maintain, aligning finance tracking and goals is a high priority.
Following finance efficiencies across the board, compliance becomes the key component as discussed that relieves risk of penalization. With varying restrictions in all markets, sometimes down to the city level, supporting a compliance officer with compliance-focused software eliminates headache and risk. Seasoned ERP platforms such as 365 Cannabis have spent years in the field to ensure they only allow for regulatory moves to take place and create roadblocks when activities out of compliance are attempted. The extra work on the ERP end creates more than peace of mind for the operator- it builds a positive business reputation in the space. Establishing an operator as a leader in the industry with a clean record builds positive press and overall brand affinity for both the B2C and B2B sides.
Another area of opportunity for MSOs in managing uniform experiences across locations. While of course there are natural cultural differences going state to state in cannabis retail, streamlining service training keeps labor down and standards up. By utilizing an ERP that is compatible with all relevant markets and developing internal processes with a singular platform (with minor regional tweaks, of course), onboarding is streamlined, employees are able to support additional markets with ease, and troubleshooting is minimized to only having to pertain to one platform. Regional Directors are empowered to support stores in any region with ease and developing internal SOP documentation is accessible and achievable.
While branching into the MSO category of cannabis operators there are certainly risks and challenges pertaining to that specific kind of growth, partnering with the right platform is the key to setting yourself up for success. To start aligning MSO operations to an ERP solution that creates efficiencies, reduces risks, and looks forward to growing with you, request a demo here.