There is an incredible amount of interest and activity in the industry today. There are now 24 states that have legalized marijuana for a variety of medicinal conditions and some have recreational forms as well. There are approximately 3000 dispensaries in the United States now and many more on the planning board.
The medical marijuana industry employs roughly 1.7 million people nationally and has grown a little over 16 percent every year since 2009, with impressive revenues of around $2 billion, according to research firm IBISWorld. This Map Shows Just How Quickly America Has Embraced Marijuana:
The American Herbal Products Association (AHPA) released its long-awaited medical marijuana manufacturing guidelines a couple months back on July 22nd 2014, completing its compendium of industry standards which include regulatory recommendations for cannabis from seed to sale. The new nationwide (PFC) Patient Focused Certification program uses the recently completed AHPA guidelines in combination with standards set by American Herbal Pharmacopoeia (AHP) for the plant’s identity, purity, quality and botanical properties. Now the structure is in place and the guideline established for the cultivation, processing, testing and transport to dispensary.
Now for the Cash! You see, cannabis is legalized on a state level, meaning each state is regulating it in whatever manner they deem necessary and this is where it gets interesting. The banks are federally insured (FDIC) and this demands an auditable trail for all funds deposited. Bankers have been racking their brains trying to come up with a method of taking those deposits. A lot of patrons still like to make their transactions in cash. The challenge is what to do with all it all!
You’ve heard the stories of owners with $500,000.00 in hundred dollar bills sitting in their house. That would make me pretty nervous, I don’t know about you. Robbery is not uncommon amongst these dispensaries. The employees might pocket a bit and just the shear amounts of” cash on hand” is a real issue.
What happens is a client heads into the dispensary and talks to a “Bud-Tender” which is much like flare bartender in this arena and has an astounding amount of knowledge of the products in the dispensary, which in some cases have over 300 different items in house. After the client speaks with the Bud-Tender and the products are selected, a total dollar amount needed to purchase is reached and payment is made.
The thing that was missing was a way to track the purchases, to track the money. We created a kiosk – or rather a “Greeniosk” – to complete these transactions. Now, the client walks over to the Greeniosk and puts the cash amount needed into the unit and gets an encrypted barcode numbered voucher back to complete the transaction. This allows the money to be tracked by the dispensary, by the bank and by the Federal Reserve so it can be deposited and a credit can be issued by the bank the dispensary. Check points and double check points have been put in place to insure this runs smoothly. Debit cards and Credit cards work the same way.
Now the dispensary can rest easy knowing that they won’t be robbed and that they can now make regular auditable deposits just like any other legitimate business. For additional information please visit www.Greeniosk.com and contact us at: Phone: 888.415.6609 9510 W. Sahara Ave. Suite 120 Las Vegas Nevada 89117