Square is stepping up its game in providing innovative solutions to cannabis-focused businesses. Most recently, it launched an early access program for licensed dispensaries in Canada, specifically Ontario, allowing them to test the company’s new point-of-sale (POS) system called Square for Retail.
Authorized cannabis sellers get a chance to try out the platform and provide feedback, enabling Square to refine the user experience before its wider release in the future. The early access program marks the company’s commitment to adapting its services to cater to the evolving needs of the blossoming marijuana industry in North America.
Feature-Rich Platform Catering to All Aspects of Cannabis Retail
The Square for Retail platform has numerous features explicitly tailored for managing cannabis retail stores. These offerings include real-time inventory tracking across multiple store locations, giving retailers better control over their stock levels and ensuring adequate supplies. In addition, the system includes a feature that sends compliance alerts if an order runs afoul of Canadian regulations – such as exceeding the purchasing limits for marijuana products.
Roshan Jhunja, head of retail at Square, expressed excitement about this platform’s potential to transform how cannabis dispensaries operate. He said, “We aim to provide an easy-to-use, fully integrated omnichannel solution for cannabis dispensaries, making it seamless for them to manage their business effectively.”
Putting Blockchain Technology into the Mix
Apart from offering critical functionalities for managing a cannabis dispensary, Square for Retail also leverages blockchain technology. It uses distributed ledger technology (DLT) to ensure secure and transparent transactions, track product movements from growers to end-users, and store customer profiles on a tamper-proof database.
Using blockchain technology, Square sets the stage for a more reliable industry by instilling trust in decentralized data ownership. It also enhances the security of financial transactions necessary in an industry that has had its challenges with traditional banking solutions.
Creating Competition Within the Cannabis Industry
The entry of Square into the cannabis payment processing and retail management space will undoubtedly create ripples within the industry. With its established reputation as a leading payment processor and POS provider, Square’s decision to venture further into the fast-growing marijuana sector signifies strong faith in its potential future profitability.
In the past, other payment processors have been reluctant to engage with cannabis businesses due to legal concerns surrounding banking and federal law differences. Some states in the US, such as Maryland, have proposed legislation to protect banks involved in cannabis transactions – but this is still an ongoing discussion.
A Successful Beginning with CBD Companies
Square’s entry into the cannabis space might seem sudden, but it has already accumulated experience working with non-psychoactive cannabidiol (CBD) companies since 2019. It started offering its services to some CBD-focused business types – including retailers, manufacturers, and delivery companies – following the introduction of hemp-derived products approval by the United States FDA regulations.
Working with these clients gave Square a deeper understanding of the unique compliance issues associated with the cannabis market and how to address emerging demands in payment processing and inventory management. Building upon this existing success, Square continues to expand its suite of innovative solutions specifically tailored for modern cannabis dispensaries.
An Exciting Future Ahead
As the cannabis industry continues to mature, it will require technologically advanced solutions like Square for Retail that cater to the unique demands of this emerging market. With growing interest in personalized and reliable services, legal cannabis dispensaries can significantly benefit from solutions like these to scale their operations while remaining compliant with evolving regulations.
Square’s early access program offers a glimpse into the future of secure, transparent, and efficient management of the business side of dispensary operation. As one of the first major companies to venture further into space, it sets an important precedent for other players in the payment processing sector. It strongly positions itself as a limitless player in the rapidly growing cannabis industry.