Federal legislation and banking laws force use of cash in this industry
Due to federal legislation, U.S. cannabis dispensaries face the singular challenge of having to process just about every transaction in cash. With $1.67 trillion cash currently in circulation and with the sale of cannabis limited to cash as a form of tender, there is a growing market opportunity for cash management technology within the marijuana industry. Cash management is time-consuming and error-prone unless merchants get access to robust intelligent cash management and POS solutions to successfully run their businesses.
POS hardware solutions that marijuana retailers should deploy include POS stations with receipt printers and durable cash drawers. Dispensary owners also should consider surveillance equipment, digital signage, and inventory-tracking solutions, all of which contribute to an efficient, well-run business. Proper cash management, is an acute need for cannabis merchants. This is an area where POS solution providers can help steer merchants to robust solutions suitable to the industry’s singular needs for cash-handling accuracy and security in a high-volume transaction environment.
APG Cash Drawer provides high-capacity cash drawers, cash management solutions, and cash recyclers to help cannabis merchants with their cash handling needs. Discover our solutions below.
Federal legislation and banking laws force use of cash in this industry
Businesses forced to only tender cash as a form of payment (Arcview Market Research/BDS Analytics)
U.S. market forecasted to experience a $23B growth by 2022
$23.4 billion in legal cannabis spending (Arcview Market Research/BDS Analytics)
Recreational cannabis was legalized in Canada on October 17, 2018
Worldwide cannabis spending is forecasted to reach $17 billion in 2019 (BDS Analytics)
11 states + D.C. have legalized recreational cannabis use
Medical marijuana is legal in 33 states. 33% increase since 2016 (BDS Analytics)
There are over 9,400 active cannabis license merchants in the U.S.
They employed 211,000 people in 2019 (Arcview Market Research/BDS Analytics)