Top Five Takeaways from MJBizCon 2019
As we wind down the year and get ready for 2020, let’s recap the MJBizCon show in Vegas just less than two weeks ago. Our team was able to spend valuable time with clients, partners, competitors, prospects, and consultants. Now that many of us have a few years under our belt in this industry it’s always great to see familiar faces and continue to build new relationships.
As our team had a chance to take a breath and debrief, here are the top takeaways from the Flourish team as we get ready to enter 2020!
How are MSOs handling compliance?
We’re all paying attention to anything that might happen federally with de-scheduling or legalization of cannabis, in addition to progress with banking reform, but from a compliance perspective everything is local. Operators are primarily concerned with what is happening in their state as it relates to regulations, compliance and ever-changing rules and market conditions. While many operators are focused on issues and opportunities within their state, we talked to a large number of groups who are pursuing licenses in multiple states. Taking a successful operation or brand and re-creating that footprint in another state appears to be a growing trend.
This year we enhanced the Flourish architecture to not only transmit compliance data to the state for an individual license, but to also roll up and aggregate data from all licenses, regardless of state, offering MSOs a holistic view of their entire operation through global analytics and insights.
Metrc is all pain, no gain.
California, Michigan, and Massachusetts are all learning what Alaska, Colorado and Oregon already know: there are a significant number of ways to get Metrc wrong, but only a few ways to get it right.
Flourish has spent a lot of time and resources successfully integrating with the state seed-to-sale tracking application, enabling our customers to step away from the clunky Metrc interface, rest assured their data is being properly reported to the state.
Many Organizations Still Don't Have a Budget Line Item for Software.
When you sell a product or service one of the top questions is always: “How much does it cost?” We always want to make sure we understand as much as possible before giving quotes out.
But think about it this way: Are you willing to budget 1 to 3% of your gross revenue on a system which is the heartbeat of your operation? A system that: manages ALL of your inventory, including non-cannabis raw materials and supplies, collects your critical compliance/regulatory data and passes it to Metrc, helps you streamline processes for consistent outputs, and provides real time insights and analytics that aid in decision making and forecasting?
The Hemp market is exploding.
We’re all cognizant of the increasing demand and supply of hemp-derived products. Compared to previous years, the amount of hemp cultivators, processors, distributors and retailers attending or exhibiting at MJBizCon has increased tenfold.
With few regulations in place, the hemp industry can thrive in markets where THC is strictly prohibited. However, due to this lack of oversight, many hemp business owners are finding certain pitfalls in their daily operations.
While we can argue the need for government oversight in an industry that is still fighting prohibition, we can’t deny the need for established industry standards. Many of the hemp professionals we spoke with in Vegas agree. Flourish’s seed to sale tracking, and ability to attach test results to finished goods, provides complete ancestry recall both internally and for the consumer, making it an optimal choice for those currently maintaining a high standard for their hemp products and processes.
It’s time to start automating processes.
We’ve touched on it before, but it was even more apparent at this year’s expo: if you want to increase your efficiency, it’s time to start automating your processes with the help of advanced cannabis technology.
Items such as digital menu boards in dispensaries, environmental control systems in your grow and lot scales integrated to your inventory management software will not only help increase your yields and productivity but minimize the risk of human error. This is crucial in an industry where regulations dictate our actions. Flourish is built to integrate and communicate with these technologies. For example, when an item is pulled from a bin on a scale the data is automatically recorded in your inventory, or when a dispensary sells out of a product, the update is not only recorded in Flourish but on the customer-facing, digital menu boards in the store, and so on.
We had a strong presence at this year’s MJBizCon, with over a dozen members of our team networking and providing demos to some 30,000 attendees. The five key takeaways mentioned above barely scratch the surface when we reflect upon the thousands of conversations had with fellow industry professionals. As the cannabis market continues to evolve, Flourish remains vigilant in identifying industry-specific operational gaps and pinch points, and will proudly continue to create and offer efficient solutions.