7 Cannabis Inventory Software Solutions for Businesses

The day-to-day operations of cannabis businesses require a lot of forethought and planning to comply with the regulations set in place for the cannabis industry.

This is where cannabis software can be an excellent tool. When it comes to your inventory, keeping track of your products the old-fashioned way just won’t cut it.

Cannabis inventory management software is designed to automate your cannabis related bookkeeping inventory tracking and seamlessly integrate with the other systems you have in place for your business.

In this guide, we’re going to take a deep dive into all things cannabis software and review the top inventory software solutions to help you choose the best one for your needs.

What are the different types of cannabis software?

POS, Seed-to-sale, and Track and Trace software are all popular in the cannabis industry.

There are various types of cannabis software used by businesses to streamline their operations, including the following:

• Point-of-sale (POS) software: Used for its CRM capabilities, order management, payment processing, tracking inventory, and limiting customer orders when stock is low.

• Marketplace software: Used to create digital storefronts with products from multiple vendors, process orders, and manage inventory.

• Seed-to-sale software: According to Growflow, “Seed-to-sale software is a digital inventory control system that state regulators use in marijuana programs to track the cultivation, processing, and sales of cannabis to consumers.”

• Track and Trace software: Used to track and trace a product’s location in a business’s supply chain every step of the way.

• Laboratory Information Management software: Used for managing test results of cannabis products and sample tracking.

• Enterprise Resource Planning software: Incorporates seed-to-sale features with risk management, cannabis accounting, regulation compliance, project management, financial forecasting, and more.

As you can see, there are many software options that combine inventory management with other systems to make your cannabis business operate more efficiently.

Why is cannabis software important?

Because the cannabis industry is still illegal in 12 states in the US, it’s heavily regulated by federal and state governments, which can make it challenging to operate a marijuana business without the right software.

Cannabis software is important for the following reasons:

• Compliance with state regulations: Cannabis software helps business owners stay within the confines of the law by monitoring the sale and distribution of cannabis products every step of the way.

• Streamline business operations: Keeping track of inventory is a tedious process when it’s done manually. Inventory software helps to streamline your business operations so you and your employees can spend time doing more valuable tasks.

• Increased profitability: With redundant tasks eliminated, you won’t need as many (if any) employees to do tedious data entry work. That saves you money in the long run and increases your product output, and therefore your revenue, by streamlining inventory management.

What are the benefits of cannabis inventory systems?

Cannabis inventory systems let you monitor your supply and sales in real time.

Cannabis inventory systems can greatly improve the way you manage inventory in your cannabis business.

With streamlined features and automated processes, these software solutions can help optimize efficiency, allowing you to focus on growing and scaling your company.

Cannabis inventory systems have multiple benefits for businesses, including the following:

• Real-time inventory tracking and management. This is especially important in the cannabis industry, where strict regulations and compliance requirements must be met.

• Inventory management systems reduce manual labor and minimize the risk of human error. By automating your cannabis operations, you can save time and resources on day-to-day tasks and improve the overall operational efficiency of your business.

• Valuable insights into your supply chain and sales data. With comprehensive reporting features and analytics, you can gain a deeper understanding of your business operations, customer preferences, and the most effective strategies.

• Manage and improve customer relationships. Many inventory systems integrate with customer relationship management (CRM) software, allowing you to better understand your customers, their preferences, and their purchasing habits. 

• Cannabis inventory software offers scalability. As your business grows and expands into multiple locations, managing inventory becomes more challenging. The right cannabis software solution can easily accommodate growth and simplify the logistics process.

Investing in a cannabis inventory management system can greatly benefit your business by improving regulatory compliance, automating operations, providing valuable insights, enhancing customer management, and offering scalability for future growth.

By adopting a dependable software solution, you equip your cannabis business with the tools necessary to thrive in a competitive market.

Can I just use spreadsheets to manage my inventory?

Spreadsheets can be a valuable tool for any business, but when it comes to your inventory, you want something that’s more advanced and scalable.

This is because spreadsheets aren’t designed to scale your inventory and operations, integrate with other software, track COGS (cost of goods sold), automate inventory upkeep, or report on compliance.

What features should you look for in Cannabis inventory software?

When looking for inventory software, you’ll want to make sure it has built-in compliance measures.

1. Point-of-sale management

A reliable point-of-sale system is crucial for managing your cannabis retail operations efficiently.

A POS system should seamlessly integrate with your inventory, allowing you to accurately track sales and product levels.

This helps your dispensary comply with regulations and ensures a smooth customer experience at the checkout.

Good point-of-sale management also provides you with real-time data on sales trends and customer behaviors, enabling you to make informed decisions for your business.

Some point-of-sale systems offer features such as bulk editing and mass product adjustments, which can save you time and make your day-to-day operations easier.

2. Compliance tracking and reporting

Compliance is critical for dispensaries, as non-compliant cannabis businesses may face penalties or even closure.

An effective inventory management system should be able to track and report on compliance-related data, ensuring that you’re up to date with the latest regulations and avoid any legal issues.

Look for features like automatic inventory adjustments and clear data presentation, which can help you stay compliant.

A reliable system will also have a high uptime rate, ensuring that you can access your compliance information when needed.

3. Purchase orders and invoicing

Efficient purchase order and invoicing features are essential for managing your cannabis retail business effectively.

Your inventory management system should allow for easy creation, tracking, and processing of purchase orders, improving your supply chain management.

Invoicing functionality should provide the ability to generate invoices for your vendors and customers, making it simple to track and manage both incoming and outgoing payments.

With a focus on point of sale, compliance tracking, and purchase orders, you can ensure your dispensary runs smoothly and stays successful in an increasingly competitive market.

Questions to ask when choosing cannabis inventory software

When deciding on the right cannabis inventory software for your business, there are various factors you’ll need to consider to effectively manage your inventory and ensure compliance with industry regulations.

Below is a list of questions we asked to choose the best inventory software on the market:

1. Does the software provide comprehensive inventory management?

Look for a solution that covers all key aspects of inventory management, such as tracking cannabis and non-cannabis inventory, monitoring the supply chain, and offering real-time updates on inventory levels.

The cannabis inventory software should streamline operations and provide accurate reports.

2. Is the software fully compliant with industry regulations?

Your chosen solution should stay up-to-date with regulatory changes to ensure your business maintains compliance.

Look for features such as seed-to-sale tracking, environmental data monitoring, and hardware integration to monitor the entire process from cannabis cultivation to final sale.

3. Does the software support multiple locations and integrate with other software?

For cannabis businesses operating in multiple locations or planning to expand, it’s crucial to have a software solution that supports scalability.

Cannabis ERP software should integrate with other systems, such as point of sale (POS), customer relationship management (CRM), and business intelligence tools, to optimize your operations and provide a holistic view of your business.

4. Can the software provide actionable business insights?

Effective cannabis inventory management software should offer reporting features, key performance indicators, and other data-driven insights to help you make informed decisions and improve your business’s operational efficiency.

5. Is the software user-friendly and accessible from multiple platforms?

Consider choosing a software solution with an intuitive user interface that your team can easily adopt.

Additionally, look for mobile apps and responsive web designs that allow your team to access the system from various devices.

6. What is the level of customer support?

The customer support of the cannabis software provider is an essential aspect to consider.

Ensure the provider offers prompt, attentive support during onboarding and throughout your use of the software.

With these questions, you can better evaluate different cannabis inventory software options and select the right solution that meets your business needs and helps you succeed.

Remember to prioritize compliance, integration, usability, and support as you examine the top inventory management software.

How we chose the best cannabis software for inventory management