According to Marijuana Business Daily, there are about 358 licensed recreational marijuana retailers in the state of California, which is considered fairly low compared to other states. Due to this low number of marijuana retailers, California is bringing in lower than average expected tax revenue, suspecting it may be due to the extremely high black market in California. Like many other startup small businesses, many small businesses that disperse medical marijuana have been forced to close down due to a lack of cash flow. Small businesses are known for having issues with their cash flow, preventing them from being able to cover future expenses and business loans for their start up. Once this has occurred, many small businesses have no choice but to end their business and close it down. If only small businesses kept better track of their inventory and costs, there would possibly be room to grow. If you find that you are starting to see a dip in revenue, you may want to consider a different strategy in tracking your inventory.
According to Fool.com, researchers believe that based on previous evidence, legal marijuana sales can increase to more than $22 billion dollars by the year of 2022. There has been a steady and slow increase in marijuana sales, that makes researchers believe that this business would flourish. However, many marijuana retailers have actually experienced losses in their business. There is not enough tracking of their products behind the scenes. If you feel that you have been running short on inventory, perhaps you should recreate your procedures. There are many new and improved software that cannabis companies could utilize in order to build more stability within their inventory process. If you want to try to reduce the amount of losses you have in your cannabis company, then you may want to try to have a better tracking system.
There are many different types of tracking systems that you can experiment with to see which one works best for your company. You can start by conducting an online search for: METRC in California: The Reality. From here, you should be able to discover software that may be able to help your small business. There are many different types of resources that you can utilize to better track you inventory. However, it is important to take time to better analyze your current procedures in place and figure out how you can either improve them or replace them. If you feel that you are taking a significant amount of losses, then you may want to consider actually replacing the whole system. It is amazing on how much of a difference a new tracking system for your inventory will make on your small business.
Overall, it is critical to make sure that you carefully analyze what software would be best for your company. Improving your tracking procedures for your inventory could be a huge improvement in your overall company. Take time to think about how a new inventory tracking system could help your small business.