If you’ve ever made a cannabis purchase, your can probably guess that cash is one of the industry’s most obnoxious problems.
Well, that might soon change.
Despite the fact that half of the states have legalized medical marijuana and several others have legalized recreational cannabis, we still run into many complications – not only is it not federally legal, but it also remains classified as a Schedule I substance. Because of this, traditional banking relationships with these Schedule I dispensaries are not exactly a thing. So, these businesses must be run by cash; thus leading to issues with managing money, reconciling the books each day, and dealing with the IRS.
But a retail kiosk payment solution would allow for increased financial transparency and more accurate accounting.
A Denver-based startup, called Jane is trying to apply traditional retail kiosk technology to the cannabis industry. Once a customer is registered, he or she can pre-order items on the Jane app and pick their purchases up in a store that has a kiosk (they can also of course order right there, from the kiosk). Upon pickup, they will simply insert cash into the kiosk and show the cashier their receipt; all within under 5 minutes.
But it doesn’t just help the consumer. It is integrated with the seed-to-sale software, to track what is being bought and sold (thus making it easier to reconcile the books at the end of the day). Plus, it is just another way and another step to legitimize and normalize the industry.
Marijuana money was once seen as cartel cash. But, this kiosk is one way to show compliance and that it is a real industry, backed by a much needed business mindset.
As of now, these babies will cost you $15,000 – but it is a part of a bigger investment. Using the kiosks provides dispensaries with cash controls and regulatory compliance. And most importantly, it keeps lines shorter and customers happier, so that ultimately the dispensary owners can put more cash in their pockets.