As the first nation to legalize medical marijuana, Canada has always been an advocate for cannabis. Earlier this year Prime Minister Trudeau introduced legislation to legalize adult-use marijuana by July of 2018. While there is still some debate on whether or not every province will be ready in time for this deadline, recent strides have been encouraging for Canadian dispensaries.
Tax sharing has been the major topic of contention within the Canadian Parliament but fortunately legislators have come come to an agreement. Provinces will be receiving 75% or the eventual tax revenues once legalization takes effect. Previously it was proposed that it should be a 50-50 split between the provinces and the federal branch.
Even though cannabis will be federally legal, it’s up to the provinces to outline a framework for distribution and retail regulations. Every province still has some kinks to iron out before dispensaries open their doors to the public, but once legal, the retail market is expected to generate up to 5 billion in sales.
Settling the tax sharing issue is a huge step in the right direction and many are hopeful that the provinces will benefit tremendously. Cannabis retailers are banking on a July 1st open date but it’s important for Canadian dispensaries to prepare in advance. There are several steps retail owners can take now that will be extremely beneficial down the road.
Installing industry specific POS software will help Canadian dispensaries manage inventory, customer information, as well as compliance reporting. Utilizing software that is capable of customizing sales tax added to each transaction will be very helpful considering each province might be different.
It is very likely that retailers will be receiving their inventory from licensed distributors come July of next year. This is why using a dispensary POS system that can scan in new product, as part of track and trace, will be advantageous.
Canadian dispensaries will also want to select a POS software that provides built-in marketing tools to reach new customers. Creating email and text campaigns for dispensary discounts or events will boost clientele traffic and help marijuana businesses engage different demographics.
Dealing with local law enforcement has always been tricky for Canadian dispensaries and once final regulations are in place it will be vital for retailers to follow the letter of the law. Compliance reporting will be mandated by both provincial and federal officials so cannabis retailers must be diligent in maintaining accurate information.
Automating inventory tracking, daily sales, business expenses, and customer limits will ensure your retailer avoids violations or a potential shutdown. A powerful cannabis POS software can automate these processes and allow dispensary staff to focus on serving customers.
Many Canadian dispensaries may want to offer cannabis delivery service once adult-use marijuana is fully legal. Providing this convenience for customers is certainly a great way to garner new business but managing couriers can present challenges. IndicaOnline simplifies delivery logistics by integrating your POS software with GPS tracking and real-time inventory.
Dispatchers can use smart order assignment to send orders to delivery drivers based on the distance to the customer. This feature will improve delivery times and boost customer satisfaction.
IndicaOnline will also allow couriers to transform their smartphones into mobile registers for paperless checkout. Navigating to each location is easy as our mobile application integrates with popular navigation apps such as Waze or Google Maps. This is paramount in avoiding heavy traffic or road construction.
Implementing IndicaOnline’s dispensary POS system as soon as possible will prepare Canadian dispensaries for the adult-use transition. Sign-up for a free 14-day trial to discover the many ways our software can streamline your cannabis retailer.