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Sovereign Nations. Different Laws. One Complicated Payments System. On Indigenous Peoples' Day, it's time to examine why tribal gaming, ...
Cannabis technology automation challenges facing the industry could hinder its growth and efficiency. In a recent Qredible Live interview, Josh Kincaid, Director of Financial Operations at Robo Advisor Hero, shared insights about how cannabis businesses are failing to leverage available technological solutions. His conversation with Qredible CEO and Chairman Brian Fitzpatrick reveals a concerning pattern of missed opportunities in automation and data utilization.
Basic technology implementation remains a challenge for many dispensaries. "There's a shop right down the street from me, it's within walking distance almost, but if you order online and get there, they say we don't have it," Kincaid explains. This disconnect between online inventory and actual stock forces him to drive 30 minutes past half a dozen stores to reach a retailer with reliable inventory management.
The industry has access to sophisticated technology solutions, yet implementation lags. "There's plenty of data, there's BDS Analytics and Headset has phenomenal reports, there's all of this stuff that you could incorporate and utilize for your operations and your financial bottom line, and they just don't," Kincaid observes. This reluctance to embrace available tools affects everything from joint rolling machines, to manual Certificate of Analysis management, to point-of-sale systems.
Despite the availability of comprehensive market data and analytics tools, many businesses fail to leverage these resources for strategic decision-making. Kincaid points out that companies have access to "phenomenal reports" but often don't incorporate this valuable information into their operations and financial planning. This oversight limits their ability to make data-driven decisions and optimize their business models.
While automation solutions exist for various aspects of cannabis operations, their implementation often falls short. Even when businesses invest in automation technology, such as pre-roll machines, the quality of output doesn't always meet expectations. This suggests a need for better integration of technology with quality control processes.
The future of cannabis retail may depend on embracing technological solutions. In Las Vegas, Kincaid notes a promising development: "Amazon-style lockers are at least in Vegas now. When you pre-order, you can get there, and that eliminates the line, reduces a lot of cost, makes it quick and easy, and better for that customer experience."
The resistance to technology adoption often stems from what Kincaid describes as ego and naivety in the industry. "There's a lot of naive individuals out there that investors are not going to put up with," he warns. This suggests that future investment in the industry may increasingly depend on businesses demonstrating technological competence and operational efficiency.
Adopting technology and automation will likely become critical to business success as the cannabis industry matures. From inventory management to customer service, businesses that embrace technological solutions position themselves for growth and efficiency. Those who resist modernization may be left behind.
