We talk about your marketing strategy, the customers, social media, and SEO in business. But, at the center of it all is your product. You’re a cannabis dispensary, after all. Cannabis comes first. For dispensaries, managing your inventory means managing marijuana vendors.
You’ll need to find reliable growers as well as edible manufacturers. You’ll want to guarantee the quality and quantity of the provided product. Managing marijuana vendors is easier said than done, however. Just as any business struggles with its product suppliers, it’s no different for dispensaries.
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Below we’ll discuss the top tips for managing marijuana vendors, finding top quality products, and, in general, managing your in-store inventory.
All companies want a top-quality product for the price. Finding it is another matter, however. When searching for marijuana vendors for your business, you’ll first need to take account of the state you’re in. Numerous states have stringent laws regarding the number of growers and vendors allowed, so you’ll have a limited pool from which to pick.
Marijuana laws frequently change, however, meaning you should keep up-to-date to see if any new marijuana vendors have recently opened.
Marijuana vendors are the lifeblood of your business. You’re not a marijuana business if you don’t have marijuana ready and available to sell.
Before signing a contract with your marijuana vendors, always sample the product and research the vendor’s background. You’ll want to see any previous reviews and talk to existing customers about their experience if possible. What’s good? What’s bad?
Here’s a list of checks to complete:
No supplier is perfect. But, with your business on the line, you’ll want to have key performance indicator metrics to help you determine if the vendor can deliver what they’re promising.
It’s not your business, so you don’t need to know every nut and bolt. However, it certainly helps to have a solid understanding of how they function. Critical insights include what challenges could potentially impact the fulfillment of their promises and contractual obligations.
For dispensaries, you need products delivered on time when stocks begin to run low. You need a marijuana vendor who can be flexible with their schedule to meet your demand. You don’t want to be managing marijuana vendors who can’t meet your business’s needs.
Gone are the days when we relied on pen and paper. Today, there’s a software package for everything. Using a reliable software package can remove the confusion and headaches from managing marijuana vendors. You’ll be able to see product listing, payment logs, lab results, and review vendor contracts.
There’s no need for complex – and mind-boggling – spreadsheets. Instead, keep everything organized in one vendor management system.
In some systems, you can even purchase orders and forecast future demand. So, you aren’t ordering another batch at the very last minute. It’s critical not only for managing marijuana vendors but your entire stock process.
Part of managing marijuana vendors is ensuring their product is high-quality. Delivery of poor-quality stock can damage your business’s reputation, lead to significant delays, and cost a small fortune. Nor do you want “deadstock” – stock you cannot sell.
Sampling the product is always one potential solution. But you’ll also want to see lab reports and understand their production facilities.
If in doubt, you can always rely on the firm favorites. The top cannabis strains of 2021 were:
Green flag signs are indicators of a reliable vendor. If you see these, you should definitely consider signing a contract:
Managing marijuana vendors is a skill you build up over time. It’s learning from your mistakes. Nevertheless, following the above tips and advice will significantly improve your management process. You should never work with a vendor you feel uncomfortable about. It’s not a science – so trust your gut.
You don’t want to get stuck with a poor-quality product you can’t sell. Nor do you want customers going away frustrated because your vendor delivered late.
Remember – select, screen, and meet in person.
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