It’s what cannabis growers fear most, a new survey shows
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Dama Financial recently conducted a survey of operators across all cannabis legal states about their concerns and struggles.
When asked what business issues or challenges are keeping them up at night, more than half of respondents cited either robbery or employee safety as their top concern, while a quarter said the threat of bank account closures was their top concern .
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“More than half of respondents to our survey cited either fear of theft or employee safety as their top concern, but nearly 6 in 10 said they work exclusively with cash and nearly 7 in 10 say they don’t opened a bank account. said Anh Hatzopoulos, co-founder and chief executive officer of Dama. “The risk of crime will never be entirely avoidable, but it can be significantly reduced by being transparent about the banking system, using cash management tools and implementing consumer payment products that remove cash from operations.”
Compliance also emerged as a concern for operators, with 70% of respondents reporting that they find it difficult to navigate their state’s regulations on operating a cannabis business.
“The results confirm that cannabis owners need help to manage the rules not only in banking but also in operations at every stage of the supply chain,” continued Hatzopoulos. “CRBs that do not implement systems and technologies to maximize both operational and regulatory efficiencies will struggle to survive as the industry becomes more competitive.”
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Dama recently announced plans to acquire GrowFlow, whose business management and compliance tools have processed more than $3.3 billion for cannabis retailers, growers, processors and distributors.
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The combinations of Dama’s fintech and payments solutions and GrowFlow’s software platform provide operators with a comprehensive platform that meets the business needs and regulatory obligations of any licensed cannabis company – in any industry – wherever cannabis is legal.
This article originally appeared on Benzinga and has been republished with permission.
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