Eastlake, Colo., January 9, 2017 – Just two years into the state’s experiment in marijuana legalization for recreational use, Colorado businesses are on track see more than $1.3 billion in revenue from the sale of weed and related products. That’s a whopping 30 percent higher than the $1 billion those businesses took in last year.
One of the difficulties faced by the industry has been the primarily cash only transaction. Employees (or budtenders) end up handling a significant amount of cash. In any retail environment employee theft is the largest loss component for retail. Over $50 billion a year.
Recent self-service innovations have emerged which eliminate the employee from that chain.
“What we’re doing with the kiosks is taking the money straight from the customer’s hands and putting it right into the vaults in our kiosks,” said Cannabis Cash Solutions CEO Andrew Savala. “The marijuana business doesn’t touch the cash at all.”
Malvern, PA-based Crane Payment Innovations is taking a similar tack, providing kiosks that include cash acceptors, bank note recyclers and coin dispensers.
“It seems to be quite an up-and-coming market,” said Bassam Estaitieh, director of business development – acquisitions with CPI. And the next step for marijuana retail may be vending the product.
“I was reading an article recently about a company deploying kiosks to dispense packages of tea,” Estaitieh said. “If a kiosk can dispense tea it could easily dispense marijuana.”
You can read our full story on Cannabis and cash automation for self-service payment here [//kioskindustry.org/cannabis-and-the-kiosk-industry/]
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The Kiosk Industry Group is a professional news and marketing association for the kiosk and self-service manufacturers. It is for the benefit of kiosk manufacturers, developers, resources and client companies who are involved in self-service and kiosk systems. News about the industry and by the industry is published on our website when it is relevant to companies that deploy or may deploy automated self-service, or to companies that support those deployers with hardware, software or applications. The Kiosk Industry Group has been active since 1995. Visit //kioskindustry.org for more information.