How to Get a Handle on Retail Cannabis Inventory Management

Happy Cabbage CEO Andrew Watson delivers a detailed presentation on the subject of dispensary inventory management and the state of the retail cannabis industry in relation to how retailers currently handle inventory purchasing and why it can present a sizable liability. 2024 is already the year of inventory management for retail cannabis dispensaries with a focus on minimizing aging inventory locking capital on shelves and maximizing revenue. Far too many dispensaries find themselves in a sketchy position due to: - Carrying too much low-velocity inventory that won't move out the door, effectively locking cash on your shelves. - Losing revenue due to stockouts. This is when you could be selling more of the popular items your customers want, or have adequate substitutes, but are effectively out of stock until your next re-up. - Both holding too much slow-moving inventory and not carrying enough high-velocity products, which is a terrible place to find yourself as a retail dispensary. On average, 68% of dispensaries have over a month of inventory in stock. What’s more concerning is the fact that the average dispensary is carrying 1.7X of its monthly sales in inventory–or 51 days of inventory. It doesn’t have to be this way. The easiest way to address these issues is by using inventory purchasing software dedicated to getting inventory right and keeping you operation tight. If you're ready to improve the way you approach dispensary inventory purchasing, reach out to Happy Cabbage and we'll get you set up on the best tools for dispensary owners and purchasing managers. Check us out: https://hubs.ly/Q02l6JS-0 Schedule a demo: https://hubs.ly/Q02l6JB60 Tourial: https://hubs.ly/Q02ld_G60