How to Manage Cash in Cannabis Businesses
The legal marijuana industry is one of the fastest growing markets in North America. According to the Marijuana Business Factbook, retail sales of medical and recreational cannabis in the U.S. could total more than $30 billion by 2023. Despite this rapid growth, most banks do not work with legal cannabis operations because marijuana is still considered an illegal narcotic under federal law. That means cannabis businesses have no access to banking and must accept payment in cash only.
Operating solely with cash can be difficult for cannabis businesses. Manually handling currency is inefficient and can be inaccurate. In addition, keeping large sums of cash secure from both internal and external influences can be difficult.
Fujitsu Frontech North America’s currency handling products are the ideal solution for cannabis business operations. Currency handling products such as the GSR50 cash recycler perform both deposits and withdrawals with incredible speed. Not only are transactions more accurate and secure when using Fujitsu cash management products, but they are also much quicker and easier.
The biggest problem with manually handling cash is that it is prone to human error. If you’ve ever worked in a retail environment, you know that there is not a good chance your real cash in register will match up with the amount your POS calculates should be in the register at closing time. Investing in Fujitsu’s cash management technology will provide your cannabis business with efficient, error-free cash counting.
According to the United States Department of Treasury, there is about $70 million in counterfeit notes currently in circulation. Relying on the opinion of individuals to detect counterfeit bills is extremely risky, especially due to the complexity of modern counterfeit notes. Fujitsu currency handling products are equipped with best-in-class bill validators that will immediately reject and return counterfeit notes.
Not only does handling cash manually leave your business susceptible to human error and counterfeit fraud, it is also tremendously inefficient. During a transaction, money is typically counted at least twice – once by the customer and once by the attendant. If change is needed, cash must be counted again. This process can be completed within seconds using Fujitsu’s automated currency handling products, keeping queues short and allowing businesses to redeploy labor elsewhere.
Putting cash in employees’ hands opens the door of temptation for theft. Additionally, cannabis business operators need to be aware of the outside threat of theft. Fujitsu’s currency handling products are designed to improve security and reduce the temptation of theft. Each cassette can be configured with locks so that only the most trusted employees can access actual cash while others can still perform basic transactions like deposits.
Contact Fujitsu Frontech North America Today
Currency handling products offer more security and efficiency than manual cash handling. Ultimately, using Fujitsu’s reliable, configurable currency management systems is more cost effective for cannabis businesses.
To find out more about how Fujitsu’s line of currency dispensers, acceptors and recyclers can help you operate your cannabis business more effectively, contact Fujitsu Frontech North America today at (877) 766-7545 or FFNA.firstname.lastname@example.org.