6 Cannabis Point-of-Sale Systems Blazing Trails for Nascent Retail Sector
As New York moves forward with plans to legalize recreational marijuana, the cannabis industry is on the verge of massive growth. Spending on legal cannabis is expected to hit $57 billion in the next 10 years, and with that comes a host of technology providers with products aimed squarely at dispensaries and other industry players.
Complex guidelines and state-specific compliance regulations have created a demand among dispensaries for cannabis-specific point-of-sale solutions. Unlike traditional POS solutions, or even mobile systems like Square, cannabis point-of-sale systems are designed in a way that helps dispensaries operate under the appropriate guidelines, particularly when it comes to processing cash and managing inventory. When they’re implemented properly, these systems save dispensary owners time and decrease the chances of unanticipated compliance issues.
Here are six cannabis point-of-sale systems that dispensaries are using right now.
IndicaOnline makes a point-of-sale system for dispensaries and deliveries. With a focus on simplifying every aspect of cannabis sales, IndicaOnline’s system includes all-in-one registers that shop employees can use to process transactions and look up customer profiles. Dispensaries with multiple locations can use the platform to track inventory and staff at each retail store. Dispensaries can also manage vendors from any connected device using IndicaOnline’s mobile interface. Depending on the local regulations, dispensary customers can check in or sign forms using tablets, and those documents are uploaded to their profiles in the IndicaOnline system. IndicaOnline’s Basic pricing starts at $299 per month.
2. Green Bits
Green Bits provides cannabis POS software that helps dispensaries stay in line with changing compliance regulations. The company does this by automatically syncing its dispensaries’ data with state traceability systems in real time, which helps avoid fines and store closures. In addition to processing transactions and maintaining detailed customer records for its users, Green Bits offers a customer loyalty program, and it integrates with Weedmaps and Leafly. Green Bits is currently available in 11 states, and expansion of the product is ongoing. Dispensaries can contact the company directly for specific pricing information.
Processing more than $1 billion in sales annually, Flowhub’s cannabis POS software was designed to be as intuitive as possible for both boutique dispensaries and established enterprises. Flowhub says its POS system speeds up transaction times, minimizes losses, and increases sales. Dispensaries have complete control over the setup, and the system is compatible with both Mac and PC computers. Flowhub provides clients with the ability to automate compliance, with Metrc integration and “smart cart” limits that prevent sales from exceeding state transaction limits. Flowhub’s pricing starts at $449 per month, plus a one-time payment of $1,000.
Cova’s POS solution is designed for both beginners and experts in the cannabis industry. The company says its system was designed for compliance, with features such as an age verification scanner, purchase limits alerting, and hours of operation compliance that are designed to ensure dispensaries don’t make any operational mistakes. Cova’s POS includes an offline mode feature, along with advanced mobile capabilities that allow dispensary employees to showcase inventory from the sales floor. Cova’s system integrates with BioTrackTHC, Leaf Data Systems, and Metrc. Cova’s POS software starts at $499 to run tablets. For that price, businesses get access to a mobile dashboard and integration with Cova partner ecosystems.
5. MJ Freeway
A business solutions provider for the cannabis industry, MJ Freeway has a popular POS that dispensaries can use to manage both front-end and back-end operations. Dispensaries that adopt the system, dubbed MJ Platform, can complete customer sales, manage inventory, and safely store customer data. MJ Freeway’s onboarding process guides new customers as they purchase hardware and transfer their databases. MJ Freeway says its solution is scalable, which means dispensaries can continue using the same software, even as they expand with new locations. MJ Platform integrates with tools for accounting, customer loyalty, menu integration, and payroll. Dispensaries can connect with MJ Freeway for specific pricing details.
BioTrackTHC’s cannabis software is used by more than 2,000 industry professionals. The company’s dispensary POS system monitors thousands of product variations, and keeps track of recalls and expiration dates, through a single interface. Advanced inventory management features are used to keep dispensaries compliant, with automatic reports that make it easy for dispensaries to send the required information to regulating bodies. BioTrackTHC offers its POS as both a cloud-based and a locally-hosted service. BioTrackTHC also provides clients with on-site representatives who can walk them through setting up and maintaining their new POS systems. BioTrackTHC’s system costs approximately $1,000 to $2,000 to install, and around $400 per month to run.
Stephanie Miles is a senior editor at Street Fight.