The cannabis business is one that continues to grow and continues to be of high importance in states like California and Colorado, which have legalized cannabis and can sell it freely among licensed vendors. However, just because cannabis is legalized does not mean that selling it comes without danger. There are certain things you can do, as a cannabis show business owner, to ensure your cash stays safe and is transported safely to and from your shop.
Why Do I Need to Use Cash?
Unfortunately, cannabis shops must rely on cash since cannabis is still considered a schedule 1 drug and illegal federally. Due to this, many banks will not work with cannabis shops to help them complete payments with credit card options. This leaves cold, hard cash left vulnerable during transport, meaning cannabis shop owners must take every precaution possible to protect their cash. Below are 5 tips you can use to help keep your cash and inventory safe while it transports to and from your shop.
1. Use Experts to Transport your Cash
Cash compliant transport companies know how to handle cash, use the utmost care when transporting your inventory, and have armed security guards while transporting your cash to protect it against robberies. The best companies will use unmarked vehicles and keep secrecy at a priority to ensure no loose lips get wind of your cash transports. Keeping privacy is the best way to ensure your cash stays safe from would-be robbers.
2. Change Your Transportation Schedule
Many burglars will first case a home or property before attempting their attack. This is especially true in cases of robbers that are targeting large sums of money, such as cash moving to and from your cannabis shop. For these burglars, preparation is everything, and that includes monitoring when a transportation service is moving your cash.
Talk with your team to set up a different schedule for cash transportation. This way, there is no predictable schedule or opportunity to give burglars that want to attack your business.
3. Keep Employee Access Restricted
Sadly, reports have found that most cash and inventory lost at dispensaries is actually due to employees stealing cash from the very business that employs them. To restrict employee access, make sure that only employees that need to know about your cash transports are aware of the timing of your cash.
Limit access to:
- Vault codes
- Key access
- Security camera passcodes
- Access to registers
Doing so will help deter the attempts of employees that want to gain access to cash.
4. Install Security Cameras
It’s important to install security cameras not just inside your business, but outside your business. In fact, a study done by the University of North Carolina found that a whopping 60% of burglars will choose another robbery target if they find cameras in the vicinity.
Point the cameras toward:
- The areas where your cash is stored
- Lobbies and entranceways
- Side alleys where transport occurs
- Parking lots where transport occurs
5. Have Armed Security on Hand
Robberies can happen even before or after your cash transport is done. Make sure to have a guard on hand 24/7 to protect your merchandise, as well as keep you and your employees safe.
These armed guards should have a good military or police background, be trained in weaponry, and have any relevant state licenses required to carry a weapon. In addition, make sure they understand that privacy during and after cash transport is also key.