Blog – Page 2 – Paywana

3 Tips to Reducing Budtender Turnover

August 3, 2020August 9, 2020
by Victor Arocho

Why the Cannabis industry is experiencing growing pains

As is the case with any emerging market, the cannabis industry is experiencing growing pains. Specifically, one of the most prominent issues many dispensaries face is budtender turnover.

On average, a cannabis retailer has a turnover rate of 30 percent. This turnover rate is somewhat justified as some college students seek budtender work as a summer job.

However, both Colorado and Washington experience worse months for turnover than just August. Many argue that, despite their “low” ranking within a company’s hierarchy, budtenders are a company’s most important employees.

Dispensary Managers must find ways to lower budtender turnover

Kiosks

3 Steps to Upsell and Cross-Sell in Your Dispensary

July 28, 2020July 29, 2020
by Victor Arocho

Up-Selling and Cross-Selling is Key in many industries

When you dine out or go shopping, you may notice employees subtly coaxing you to spend more.

At a fast-food establishment, they may ask if you would like to upgrade your chicken nuggets to a combo.

If you’re shopping at a store, they may suggest a shirt to go with the jeans you’re buying.

These are examples of up-selling and cross-selling; up-selling means recommending a more expensive version of the item the customer picked, while cross-selling means recommending a complementary item that goes with the item the customer picked.

These selling methods work wonders in all types of retail, even the cannabis industry.

Up-selling and cross-selling provide cannabis dispensaries with many tangible benefits.

Paywana

How to Create Dispensary Differentiation

July 25, 2020August 9, 2020
by Victor Arocho

The cannabis industry seems to have a bright future. A study in dispensary growth, conducted by Kisi, shows there are already 7,490 dispensaries across the country, and the number will inevitably continue to grow. Importantly, public sentiment has also become more favorable. Though cannabis is still illegal under federal law, the same study by Kisi demonstrates that 62 percent of Americans believe cannabis will be fully legalized, a positive sign for not only the decriminalization but also the de-stigmatization of the cannabis industry.

10.5 billion dollars in cannabis sales in the year of 2018

Payments

How Dispensaries are Processing Cannabis Payments

July 24, 2020July 29, 2020
by Victor Arocho

Sales of $12.5 billion as of 2019 & banks are unable to accept the money?

With the recent legalization of cannabis in many states, the cannabis industry has rapidly grown: many dispensaries are popping up, reaching an all-time high of 3,671 in the United States.

Even though the cannabis industry had sales of $12.5 billion as of 2019, banks are unable to accept money from these businesses due to cannabis’ illegal status at the federal level.

Consumers, therefore, have to pay for cannabis with cash, posing liability, security, and revenue problems for businesses.

Payments

Little Known Ways to Reduce Security Risks

July 8, 2020July 9, 2020
by Victor Arocho

Police found 30 pounds of marijuana and $33,000 in cash.

Why Cashless Solutions Reduce Security Risks

Preview: Many businesses experience security risks, but with cashless solutions, these risks can be mitigated.

Burglars are stealing from marijuana dispensaries

In 2016 alone, approximately nine percent of small businesses experienced burglary or theft, and on average, such incidents cost business owners a staggering $8,000.

Kiosks

How Kiosks will Change the Cannabis Industry

July 8, 2020July 9, 2020
by Victor Arocho

The cannabis industry is on an astronomical growth trajectory. Projections show that it is expected to reach a valuation of $73.6 billion within the decade, expanding at a compound annual growth rate of 18.1% until at least 2027. While the regulatory landscape complicates things for investors and cannabis producers, what isn’t a question is that the demand is there. The market wants cannabis products.

Merchandising

The Secret of energizing your team daily.

June 8, 2020June 9, 2020
by Victor Arocho

The Daily Huddle (Shift Starters) – The most important 10 minutes in any company https://youtu.be/sGQu-Sc6b9I

This is our 3rd article on merchandising. We have created this series to provide dispensaries with insights to help to set your dispensary apart from the competition. Retail is detail, and selling is the key.

Merchandising

How to be 1000% ahead of your dispensary competition.

June 8, 2020June 9, 2020
by Victor Arocho

If you’re one of the medical or recreational dispensaries that set goals, you are 1000% ahead of your competition.

Challenge yourself to set your goals. What’s on the back walls? If you can see it, you can believe it. Have the vision. Build your people on the view. Why are you in this business?