Cannabis compliance and reporting is a frustrating and time-consuming part of running a cannabis company. Regulations are different in every state and reporting is different in each part of the cannabis supply chain. Most states with a legal cannabis market have contracted their cannabis compliance management to private software companies, such as Metrc and Biotrack.
It’s so important to a company‘s success that operators stay up-to-date with state regulations and compliance reports. That‘s why many businesses in the cannabis market have selected their own software solution for compliance management, bypassing the most frustrating part of state reporting, and improving their profitability.
Cannabis Tech is full of software solutions, such as seed-to-sale software, ERP software, cannabis cultivation software, etc. When shopping for the best cannabis compliance software for your company, here are three key features to look for:
- Integrations & an API
- Robust Inventory Management
- Granular Reporting
Integrations and an API
Your business needs to choose a compliance software that has a lot of integrations. Direct integration with your state regulatory software is a must. You should also be able to integrate with accounting software and other services you use to prevent the need for double entry and streamline your operations.
Integrations with third-party applications such as Slack and Salesforce can help you automate processes, send alerts and notifications, and keep your team in sync.
You should also look for an easy-to-use API for developers so that you can build custom integrations for your specific needs. The more integrations a compliance solution offers, the better it will work for you.
Robust Inventory Management
For all businesses, not just in the cannabis industry, inventory management is a critical function to their operations. You need to know what you have in stock, what you need to reorder and when you need to order it. Inventory management is also an important part of compliance because it helps ensure that you are tracking your inventory correctly.
Most state regulatory systems offer basic inventory features that allow users to track quantities and keep an eye on their stock levels. However, these features can be clunky and limiting. A good compliance software should be able to manage all of your inventory, both cannabis and non-cannabis, in real-time. The best compliance software solutions will also offer inventory tools such as Inventory Forecasting & Production Planning
Inventory forecasting is particularly useful for businesses that sell products with seasonal demand. By predicting how much product will be sold over time, businesses can plan ahead so they don't run out of stock during peak seasons or have too many items left over at the end of the season.
Production planning allows companies to determine how much product they'll need at each stage of production so they can schedule production accordingly. This means companies won't be caught short if there's a surge in demand for a particular product or strain because there won't be enough.
One of the biggest values offered by a cannabis software solution is advanced reporting capabilities. Companies can have access to costs of goods sold, harvest profitability metrics, manufacturing yield outputs, historical reporting, sales reporting, and many other data points unavailable in the basic state compliance software platform.
The reporting features are especially helpful for businesses that want to improve their operations by making informed decisions based on data-backed analysis. Business owners can track their growth patterns over time and make adjustments when necessary to stay competitive in their markets.
Advanced reports also allow companies to keep an eye on their labor costs and productivity levels. By monitoring these factors, business owners can ensure that they are keeping up with industry standards while staying profitable. The more information they have at their fingertips, the easier it will be for them to make smart business decisions that benefit both employees and consumers alike.
How to Select a Cannabis Compliance Software
At the end of the day, the best software solution is the one that best serves your cannabis business. As the cannabis industry continues to expand and establish industry standards, software for cannabis regulation will become more necessary. Be sure to take your time when selecting your compliance software. You can start by requesting demos and talking to other processors and growers in the industry. And when your business begins an onboarding process with your chosen cannabis compliance software, be ready to take advantage of all of the available features.