The cannabis supply chain is becoming more complex and important every day. As the cannabis industry matures rapidly, the need to scale and evolve supply chain operations at every step is increasingly essential for business success.
Cannabis businesses need the right software solutions, including an enterprise resource planning (ERP) platform that drives operational excellence. Here’s a look at how the right cannabis ERP delivers more efficient operations, resulting in lower costs and better production timelines and outcomes.
Sophisticated operations call for sophisticated solutions
As the cannabis industry expands, your business needs solutions that automate and provide real-time information for better decisions. As seen in the recently released 7th edition of the Annual Marijuana Business Factbook, state-by-state data and analyst reports predict continued growth for the industry.
Managing your cannabis company means putting away the ad hoc methods that rely on your memory, emails, and spreadsheets.
Today’s mature and growing businesses need a cannabis ERP that helps solve some of the most common challenges facing companies today, including:
- Scalable supply chains. As businesses grow, they need an ERP that will allow them to expand quickly and without lag. That means systems that can build logistics networks, track data on vendors and partners, manage contracts and track deliverables, reliability, and quality.
- Regulatory management. Your cannabis ERP needs to track details at each step of the operations, including testing, cultivation, harvesting, manufacturing, packaging, and distribution. With multiple (and sometimes contradictory) regulatory mandates, there is an increasing need to track myriad details, including pesticide and nutrient usage (and sourcing), grow conditions, handling processes, cultivation timing, product creation, packaging and labeling. Tracking, documenting and reporting on these multiple mandates is a critical component of any business ERP solution.
- Testing. Developing new products requires discipline and data. Laboratory guidelines must be established and followed. Results and recipes need to be recorded and tracked for labeling and packaging. Testing samples need to be accounted for. A cannabis ERP is the ideal tool for all your testing data and documentation.
- Tax Management. In the United States, IRS regulation 280E prohibits businesses from taking tax deductions related to the trafficking of a group of controlled substances that includes cannabis. That means cannabis companies need to carefully report revenue without using deductions for business expenses. Navigating the highly scrutinized tax requirements is an important business need.
Using the right cannabis ERP
NexTec’s CannaBusiness ERP is an industry leader in cannabis ERP solutions. With CannaBusiness ERP, your business benefits from a turnkey ERP platform that’s ready to manage your cannabis operations. With data that is stored and shared across operations, your teams have access to information in the moment of need, able to make smarter, faster decisions that can propel business forward.
Among the top features are:
- Business optimization, including operations and finance across multiple locations, regions, and international borders
- Plant lifecycle management
- Full lifecycle traceability from seed to sale and product recall management
- Full visibility to all costs
- Support US State and Health Canada compliance reporting
- Production scheduling for seamless and continuous growing and processing operations
NexTec is a leading business software reseller and consultancy. We help cannabis businesses identify the right software solutions that meet business needs today and in the future. Take a free tour of CannaBusiness ERP today.