How To Keep Your Dispensary Safe & Prevent Money Loss
Dispensaries deal with a lot of cash on a daily basis since most banks still refuse to do business even with legal marijuana operations. Banks run the risk of being slapped with money laundering charges by the federal government, which leaves cannabis businesses with little choice but to operate on an all-cash basis which puts their business at serious risk for theft and violent crime.
It’s up to cannabis business owners to ensure that their business is safe from crime. Without taking precaution, dispensaries can easily lose money and put their business and people at risk.
Here are three effective ways you can safeguard your business:
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Counterfeit money detectors: Counterfeit money is big business in many parts of the world. Fake money with zero value is used by criminals in small amounts to pay for marijuana. Any business that deals an all-cash basis faces a high risk for counterfeit money, especially in dispensaries.
Investing in a counterfeit money detector can save your business, especially considering that most businesses don’t really inspect the money they receive thoroughly and this can translate to significant losses. Marijuana business owners should train their staff to inspect money with each transaction as well as develop an SOP in the event that counterfeit money is detected.
- Invest in security measures such as CCTV’s, safes, alarms. Shops should also have signs informing people that such measures are installed in the shop to deter crime. These tools will also come in handy for keeping track of everyone who comes in and out of the shop. A CCTV camera should also be dedicated to monitoring the cash register while others should also be ideally placed in the shop interior as well as exterior. Security cameras can also provide evidence that can support your insurance claims in the event of a loss.
- A safe should also be used to securely store cash. As a general rule of thumb, marijuana businesses should always keep as little money as possible on-site. When the cash accumulates to a certain amount, it should be taken out of the premises and stored elsewhere for safety.
- Security personnel: We can’t always rely on technology alone to help protect our businesses. Most cannabis businesses have taken to hiring security personnel for an added level of safety to establishments. The very presence of a security guard is already an effective deterrent to crime especially those who operate in high-risk areas. Installing security personnel sends a message to potential criminals that you are serious about protecting your business. Security guards are highly trained in detecting suspicious activity as well as people, and are knowledgeable about how to handle even the trickiest situations. Employing a professional security company will not only keep your investments safe but will also help in legitimizing your business to local law enforcement officials as well as the public.
Given the nature of the business, it’s not uncommon for some marijuana business owners to be approached by family and friends about their operations. However, members of drug cartels can also make contact and this becomes a serious security threat. All communications with members of drug cartels especially in states that have smuggling routes. Remember that when you combine money and drugs, these can make people act irrationally. Having professionals on board who know how to handle these kinds of situations can save your life and your business.
Dispensary owners also need to be meticulous about record-keeping. All products and expenses should be tracked, as well as a list of people who interact with the products during various stages of production. It may seem like a lot of work, but if you want to have a successful dispensary free from crime, all of these are necessary evils - at least until the banks make it easier for cannabusinesses to open accounts.
If you want to keep your business, employees, customers, family, and friends safe in these risky times, it’s necessary to have these measures in place. One isn’t better than the other: all of these tactics work together and have their own benefits in keeping your business secure while also helping to prevent losing money.
HOW TO OPEN A CANNABIS DISPENSARY, CLICK HERE.
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