More than half of respondents to a recent survey cited either fear of theft or employee security as their top concern, yet nearly 6 in 10 said they operate entirely in cash.
Dama Financial recently conducted a survey of operators across all cannabis-legal states regarding their concerns and struggles.
When asked what business issues or challenges keep them up at night, more than half of respondents cited either robbery or employee safety as their top concern, while a quarter said the looming threat of a bank account shutdown is their main source of worry.
“More than half of respondents to our survey cited either fear of theft or employee security as their top concern, yet nearly 6 in 10 said they operate entirely in cash, and close to 7 in 10 say they haven’t opened a bank account,” Anh Hatzopoulos, co-founder and chief executive officer at Dama, said. “The risk of crime will never be entirely avoidable, but it can be reduced significantly by engaging transparently with the banking system, utilizing cash management tools, and implementing consumer payments products that remove cash from operations.”
Compliance also emerged as a concern among operators, with 70% of respondents stating they have a hard time navigating their state’s regulations around operating a cannabis business.
“The results confirm that cannabis owners need help navigating the rules not only around banking, but around operations at every step of the supply chain,” Hatzopoulos continued. “CRBs that don’t implement systems and technologies to maximize both operational and regulatory efficiencies are going to have a hard time surviving as the industry becomes more competitive.”
Dama recently announced plans to acquire GrowFlow, whose business management and compliance tools have processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors.
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The combinations of Dama’s fintech and payment solutions and GrowFlow’s software platform will offer operators a comprehensive platform that fulfills the business needs and regulatory obligations of any licensed cannabis business — across all verticals — everywhere cannabis is legal.