Choose wisely…the success of your cannabis business depends on it!
Let’s be honest here: picking products for your dispensary or delivery service isn’t an easy task. It goes beyond the monetary value that items can bring to your location and right into the ethos that your location represents.
Walking into a dispensary can be a daunting task for customers. The immense variety of products that are available for purchase can be overwhelming. With new brands and products coming out every day, it Is important, now more than ever that the products you carry and where you source them fit your cannabis retail brand.
Source your products by using these steps!
1. Check the test results.
Starting January 1, 2018 testing became mandatory for all cannabis products that are commercially sold. Using three phases to roll out new regulations, the BCC has given a solid chunk of time to brands for adjusting to the policies put in place and are looking to compete for marketshare. This means that there is no excuse for the lack of testing on any product that you’re looking to stock.
Cannabis testing provides the necessary information on present cannabinoid content, pesticides, heavy metals, and solvents.
As the government holds companies responsible for making sure their products are safe for customers, you should too! Running the risk of offering unsafe products on your shelves for the sole purpose of raising revenue is not worth the punishment.
Certificates of Analysis (COA) are another necessary piece of the puzzle. Double checking the way that a brand stores its COAs might be an indicative precursor to the type of relationship you will be able to maintain. Meaning that brands who fail to consistently provide these COAs shouldn’t be an option—no matter what their product is. Reputable sources of products should be at the top of your list as you flesh out your inventory.
Ask these questions about the test results for brands:
– Where was each product tested?
– Do you have the necessary COAs for each product?
– What was the date of the testing?
– Was remediation part of the manufacturing process?
2. Get to know the story behind the branding.
Companies want you to feel something and there’s no better way to do so than to have a backstory that encapsulates the driving force of brands.
Customers buy brands, not products. Few things make this more apparent than the recent shift in consumer attitudes towards cannabis. The days of giving credit to a dispensary for having the best flower, instead of the cultivator, are gone. The same can be said for just about any other category of product that can be found on your shelves.
Furthermore, the core values of a company can inspire individuals to feel empowered. A story drives the purpose for all decisions being made including the driving force for the inspiration behind getting into the industry to begin with! Getting an understanding of the core philosophical beliefs of a company gives you a competitive advantage in marketing the product to your customers. After all, our society pays attention to companies that practice good ethical standards.
Authentic stories create brand loyalty and brand loyalty creates revenue. They create an emotional response, connect to the customer, and force consumers to engage with values that a company holds. Laughs, smiles, and intrigued reactions retain customers—pay attention to the brands that do this with successful repetition.
Inquiry into the philosophy of a company puts your staff one step ahead of the consumer that asks questions such as where the product is grown, what the brand stands for, and the influential factor behind the packaging.
Check out these three questions to ask about a brand’s backstory:
– What are the company’s core values?
– What is the main target audience?
– Is there a fun fact that each customer should know about your product?
3. Compliant packaging matters.
Ultimately, it doesn’t matter how much money you are making if the state comes into your location and realizes that you aren’t practicing a culture of compliance. Staying compliant with packaging is definitely a way to maintain your good standing with the BCC.
Here are some important questions to ask about the brand’s packaging:
– Is the product child-resistant?
– Is packing tamper-evident?
– Do the illustrations fall under compliant requirements?
– What’s the brand’s policy on sustainability?
– Is the Universal Cannabis Symbol for CA on each product?
– Where’s the general surgeon’s warning?
– Are the test results clearly marked?
4. Ask for sales data & purchasing trends.
You wouldn’t make an investment without knowing the ins and outs of what your future ROI might look like, would you? Didn’t think so! The world of cannabis is no different.
The numbers don’t lie. Brands that move a lot of product are a perfect target for a steady stream of income. Bringing in new products should be done with the intent of adding value to your business and a foolproof way of getting the “dirt” on brands is to ask for the hard numbers.
Reading sales reports before sourcing product can act as a way of providing insurance for your investment and give you an idea of how valuable a brand’s product could be to your businesses.
Analytics provide you with a sneak peek of what to expect in terms of profit and expected sales, meaning that you can focus your attention on stocking products that are going to make you money!
Check out these questions to ask about sales data:
– What’s the average number of sales per product in 5 locations?
– What’s the top-selling product in your brand lineup?
– How frequently are locations placing additional orders?
– What’s the general availability of each product and how fast can we receive an order?
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