The cannabis industry hit a pivotal milestone this year as it began moving out of the growth stage and towards maturation. When cannabis first became legalized, there was a rush to be first to market and hundreds of cannabis businesses began popping up all over North America to take advantage of an untapped market. The biggest hurdle at the time was compliance, which was a key component in the race to get established as a credible cannabis company. As the industry begins to mature, however, cultivators, processors and manufacturers are moving into more of an operational phase, where profitability and efficiency are king.
CannaBusiness ERP recently took part in a webinar hosted by Business of Cannabis, which discussed the co-existence of compliance and profitability and the importance of marrying those together with the help of software. Cannabis operators have to go through extra steps to ensure compliance in packaging, labelling, traceability and reporting. The more that they can automate these steps in ensuring compliance, the more time their workforce can spend on the operational side making the business more profitable.
So how does software do this?
Enterprise Resource Software, or ERP, works by connecting all parts of your business into a single system. Unlike seed to sale software, which helps with tracking plants and cultivation for regulatory purposes, ERP connects all your company’s data into one system and ties all of that back to your financials so you can get a clear picture of the health of your business. Not only are you tracking your operations for traceability purposes, but with an ERP you can also track the cost of labor, how much waste you’re producing, what your yield is and inefficiencies in changeovers to get a full understanding of your business as a whole. It is with this visibility that leading cannabis companies can optimize their businesses, uncover inefficiencies and become more profitable.
ERP for Growing Cannabis Companies
As industry focus shifts from growth to profitability and efficiency, more and more growing cannabis companies are looking to make the leap into industry-grade software. While spreadsheets and manual tasks worked for these companies in the past, as they grow and their processes become more complex, they require a software solution that will help streamline their cannabis operations.
CannaBusiness ERP Essentials is an ERP solution built specifically for growing cannabis companies. This pre-packaged solution includes the core elements required for launching an ERP project at a single location; it also provides an easy upgrade path to scale up to additional locations if needed in the future.
By relying on software to track production, inventory, sales and quality processes from a single platform, business leaders can focus on growing their operations rather than managing day-to-day departmental tasks. It is this ability to streamline and optimize operations that allows cannabis companies to take their businesses to the next level.
For more information on how CannaBusiness ERP can help your business make the operational jump to the next stage of growth, check out our webinar. You’ll see a live demo of the regulatory and operational components within the software as well as some of the prebuilt reporting dashboards needed to make better business decisions. To learn if CannaBusiness ERP is right for your growing cannabis business, reach out to us. We’d love to chat.