Cannabis has been legalized in various states, and the remaining states might legalize it with time. However, even with the boom in business, cannabis businesses are still facing a lot of challenges. There is a lot being done to reduce these challenges to make this business as normal as the rest. The industry is facing problems at the federal and state levels, but developments are being made to curb these issues. This article will discuss the big four problems faced by cannabis dispensaries and various remedies to overcome them.
Banking is the main problem that weed dispensaries are facing. Today, these businesses have limited financial options such that almost all of them operate on a cash basis. Even with the huge amount of money that cannabis dispensaries make, banks are reluctant to host them. This is because, under federal law, cannabis is still considered an illegal drug. Even with the numerous banking options available for businesses today, cannabis dispensaries are still using the old methods. There are small banks and credit unions trying to provide a secure option for these businesses. However, the cost is high, and there is a lot of uncertainty. When it comes to paying taxes, the businesses do not have the banking options, and thus, they have to deliver the money in cash. To solve this problem, credit unions should find a way of supporting these businesses until the dust settles for them.
The Federal Government
Growing and selling cannabis is considered illegal by the feds. Even if these businesses are registered and licensed, they still face a problem with the law. That means there is almost zero support coming from the federal level for these businesses. This makes it hard for many people to open weed stores since there is a lot involved. However, progress is being made to avoid problems with federal law. The best that can be done for now is to support the organizations that advocate for the legalization of these businesses.
Cannabis dispensaries are trying as much as possible to stay clean to avoid all the problems around them. However, the security around these businesses is a bit weak. There are a lot of theft cases, and considering that most of them operate in cash, theft is rampant. Installing security cameras, especially for small businesses, is a bit expensive. Furthermore, these businesses face cyber security problems as they are the main targets for many hackers. The best way to curb the issue of security is the giant cyber tech companies coming together to help these businesses protect themselves from cyber-attacks.
There is a black market for every product that is regulated by the government, including cannabis. You will find many markets selling cannabis to persons under the legal age, say 21 years. This has tainted the good name of cannabis businesses and there is a lot that needs to be done to clear the name. Dispensaries must avoid selling unauthorized weed, and criminals known to sell in the black market should be blacklisted.
These are the main problems that cannabis businesses are facing today. However, each of them has a solution, and until the federal law legalizes cannabis, everyone has a big part to play. There is still a lot of ground that these businesses must cover. However, with time, things may cool down, and the air might be favorable for the businesses.