The cannabis industry is undoubtedly one of the biggest markets on the planet, valued at $64.06 billion.
But with that comes an even larger margin for theft, robberies, and unwarranted areas of loss. Cannabis operators understand the challenge of balancing profitability with safety, however, with our tips and solutions, this task becomes significantly easier.
Source: Fortune Business Insights
What exactly are these solutions? Intelligent video and data analytic software provided by DTiQ has successfully addressed thousands of areas retail operations experience loss and worked to diminish them and prevent future occurrences. Effective prevention strategies are critical to safeguarding businesses against theft and other criminal activities.
Key takeaways from this article:
- How theft, robbery, and crime effect the retail cannabis industry
- Strategies and tips retail businesses can implement to minimize loss
- Solutions and new technologies that help improve ROI for retail cannabis operations
In this guide, we'll explore the dynamics of cannabis retail theft, preventive strategies, best practices, real-life case studies, and the importance of prioritizing security.
Understanding cannabis retail theft
Cannabis retail theft involves stealing products, cash, and assets from dispensaries. It also includes shrinkage issues like theft during delivery and inventory management. From organized robberies to internal theft by employees, understanding the methods thieves use is essential to dealing with these threats effectively.
Employee theft
Employee theft can occur in a couple of ways. For instance, an employee could be pocketing products or even cash from the dispensary if they are not properly trained, monitored, and educated on correct company policy. Employees can also pocket cash to make a quick buck.
Similarly, employees can be involved in theft if they encourage or partner with thieves on robberies for their own benefit.
In some instances, employees steal product stock, resulting in cannabis retail shrink––this can take place during deliveries and unloading and stocking shipments as well.
“Roughly 90% of financial and product loss in the marijuana industry can be chalked up to employee theft, according to security experts who work with cannabis companies.”
Steve Owens, the founder and CEO of Adherence Information Management investigated a cannabis client, discovering more than 50 instances in a single month of the employee stealing with that method. The estimated loss to the company: $20,000.
Another story Owens offered was a time when a budtender simply took advantage of an unlocked vault at a cannabis shop where she worked and walked out the door with $75,000 in cash. “The vault was open, and the downstairs door was open as well,” Owens said.
Robberies and external theft
“The other 10% of product loss results from either external theft, such as robberies, or simply poor tracking by companies,” experts said.
This one is self-explanatory, but occurs when you are least expecting it, in ways that are becoming more and more clever and anonymous.
Robberies and external theft at cannabis dispensaries can occur through various means:
- Physical break-Ins: Criminals may forcibly enter the dispensary premises, breaking windows or doors to gain access to the products and cash inside.
- Armed robberies: Some thieves may use weapons to threaten dispensary staff and customers, coercing them to hand over cash, products, or other valuable assets.
- Smash-and-grab: This involves quickly breaking into the dispensary, grabbing products or cash, and fleeing before law enforcement can arrive.
- Organized crime: Sophisticated criminal organizations may plan and execute targeted thefts, utilizing strategies such as diversion tactics or surveillance to identify vulnerabilities in dispensary security.
- Employee collusion: In some cases, employees may collude with external parties to facilitate theft, providing access codes, disabling security systems, or sharing sensitive information about the dispensary's operations.
Delivery theft
In the realm of delivery management, safeguarding products in transit is critical, especially given their susceptibility to theft.
To enhance the protection of your merchandise, it’s important to implement proactive measures such as installing surveillance cameras in delivery vehicles and around the areas where deliveries take place. These cameras offer comprehensive monitoring of both the vehicle's surroundings and the items onboard. Equally important is providing drivers with training on protocols to handle potential robbery situations, ensuring they can respond swiftly and effectively.
Cameras strategically placed in the delivery area serve as a crucial deterrent to external theft and provide valuable insights into any suspicious activity. By having surveillance coverage at delivery docks, cannabis dispensaries can effectively monitor incoming shipments, verify deliveries, and ensure the integrity of their inventory.
Preventive strategies and effective tips for loss prevention
Dispensaries can deploy a range of preventive strategies to enhance security and deter theft. Implementing robust surveillance systems, enforcing access controls, and conducting staff training programs are crucial steps to fortifying defenses against criminal activities.
The gist is that improving your loss prevention and customer experience efforts can contribute to an all-around better dispensary–uplifting areas like compliance, safety, theft, deliveries, and control like ID verification and employee policy assurance.
- Upgrade your loss prevention system: leverage up-to-date video surveillance technology that allows you to capture incidents when you need them most, store footage, and analyze data.
- Monitor and hire trustworthy employees: conduct thorough background and reference checks to ensure the integrity of new hires.
- Similarly, surveillance systems and audits provide insights into high-performing employees who enforce company policy correctly, giving you opportunities to reward your trustworthy staff.
- Establish clear policies and training: develop an employee handbook outlining consequences for theft and provide comprehensive training on ethics and compliance.
- Manage inventory and limit access: implement advanced tracking systems and access controls to minimize theft opportunities and secure high-value items.
- Monitor transactions and encourage reporting: utilize a robust POS system to track transactions and establish whistleblower policies for reporting suspicious activities.
- Enhance customer experience management: utilize mystery shopping to improve guest experience, uphold company mission, and maintain store cleanliness, fostering a culture of integrity and trust.
DTiQ and cannabis loss prevention
Enhancing security in cannabis retail operations is crucial for handling theft risks and safeguarding your business. The complexities of cannabis inventory management, including employee handling, vendor interactions, and delivery logistics, amplify the potential for shrinkage and theft incidents.
Implementing security measures is essential. Regular audits, inventory management protocols, and well-defined policies for cash and product handling form the cornerstone of a comprehensive security strategy.
- Integrating point-of-sale (POS) tracking and DTiQ's advanced analytics tools enables businesses to track transactions, identify irregularities, and monitor for potential employee theft or fraudulent activities. Discount management, employee training on theft scenarios, and proactive measures against robberies and shoplifting further fortify the security infrastructure.
DTiQ's suite of products offers comprehensive solutions tailored to cannabis retail security needs.
- Cloud Archive: ensures secure storage of footage, facilitating seamless collaboration with law enforcement and stakeholders.
- Provides law enforcement with timely evidence, bolsters community relations and expedites incident resolution.
- Audits: a pivotal role in maintaining operational integrity. By leveraging DTiQ's SmartAudit™ system, businesses can streamline the distribution of audit findings, empowering every team member with actionable insights for success.
- Real-time surveillance and intelligent video analytics: including motion detection and alert systems, empower businesses to detect and respond swiftly to security breaches.
- Remote viewing capabilities allow for continuous monitoring from any location, optimizing response times and minimizing vulnerabilities.
- Managed service support: businesses benefit from round-the-clock monitoring and expert assistance to address any system issues promptly.
- By leveraging these tools and integrations, cannabis retailers can enhance security, protect assets, and foster a safer operating environment.
Conclusion
Cannabis retail theft presents a significant challenge for dispensaries, necessitating a proactive approach to security. Owners must prioritize security measures, collaborate with trusted partners like DTiQ, and invest in advanced surveillance technologies. By staying informed about industry best practices and implementing preventive measures, dispensaries can effectively protect their assets and ensure the safety of their operations.
Additional resources
For more insights on cannabis retail theft prevention and security solutions, visit DTiQ's resources on retail loss prevention and industry insights. Explore actionable strategies, case studies, and expert advice to protect your dispensary against security threats.
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The cannabis industry is undoubtedly one of the biggest markets on the planet, valued at $64.06 billion.
But with that comes an even larger margin for theft, robberies, and unwarranted areas of loss. Cannabis operators understand the challenge of balancing profitability with safety, however, with our tips and solutions, this task becomes significantly easier.
Source: Fortune Business Insights
What exactly are these solutions? Intelligent video and data analytic software provided by DTiQ has successfully addressed thousands of areas retail operations experience loss and worked to diminish them and prevent future occurrences. Effective prevention strategies are critical to safeguarding businesses against theft and other criminal activities.
Key takeaways from this article:
- How theft, robbery, and crime effect the retail cannabis industry
- Strategies and tips retail businesses can implement to minimize loss
- Solutions and new technologies that help improve ROI for retail cannabis operations
In this guide, we'll explore the dynamics of cannabis retail theft, preventive strategies, best practices, real-life case studies, and the importance of prioritizing security.
Understanding cannabis retail theft
Cannabis retail theft involves stealing products, cash, and assets from dispensaries. It also includes shrinkage issues like theft during delivery and inventory management. From organized robberies to internal theft by employees, understanding the methods thieves use is essential to dealing with these threats effectively.
Employee theft
Employee theft can occur in a couple of ways. For instance, an employee could be pocketing products or even cash from the dispensary if they are not properly trained, monitored, and educated on correct company policy. Employees can also pocket cash to make a quick buck.
Similarly, employees can be involved in theft if they encourage or partner with thieves on robberies for their own benefit.
In some instances, employees steal product stock, resulting in cannabis retail shrink––this can take place during deliveries and unloading and stocking shipments as well.
“Roughly 90% of financial and product loss in the marijuana industry can be chalked up to employee theft, according to security experts who work with cannabis companies.”
Steve Owens, the founder and CEO of Adherence Information Management investigated a cannabis client, discovering more than 50 instances in a single month of the employee stealing with that method. The estimated loss to the company: $20,000.
Another story Owens offered was a time when a budtender simply took advantage of an unlocked vault at a cannabis shop where she worked and walked out the door with $75,000 in cash. “The vault was open, and the downstairs door was open as well,” Owens said.
Robberies and external theft
“The other 10% of product loss results from either external theft, such as robberies, or simply poor tracking by companies,” experts said.
This one is self-explanatory, but occurs when you are least expecting it, in ways that are becoming more and more clever and anonymous.
Robberies and external theft at cannabis dispensaries can occur through various means:
- Physical break-Ins: Criminals may forcibly enter the dispensary premises, breaking windows or doors to gain access to the products and cash inside.
- Armed robberies: Some thieves may use weapons to threaten dispensary staff and customers, coercing them to hand over cash, products, or other valuable assets.
- Smash-and-grab: This involves quickly breaking into the dispensary, grabbing products or cash, and fleeing before law enforcement can arrive.
- Organized crime: Sophisticated criminal organizations may plan and execute targeted thefts, utilizing strategies such as diversion tactics or surveillance to identify vulnerabilities in dispensary security.
- Employee collusion: In some cases, employees may collude with external parties to facilitate theft, providing access codes, disabling security systems, or sharing sensitive information about the dispensary's operations.
Delivery theft
In the realm of delivery management, safeguarding products in transit is critical, especially given their susceptibility to theft.
To enhance the protection of your merchandise, it’s important to implement proactive measures such as installing surveillance cameras in delivery vehicles and around the areas where deliveries take place. These cameras offer comprehensive monitoring of both the vehicle's surroundings and the items onboard. Equally important is providing drivers with training on protocols to handle potential robbery situations, ensuring they can respond swiftly and effectively.
Cameras strategically placed in the delivery area serve as a crucial deterrent to external theft and provide valuable insights into any suspicious activity. By having surveillance coverage at delivery docks, cannabis dispensaries can effectively monitor incoming shipments, verify deliveries, and ensure the integrity of their inventory.
Preventive strategies and effective tips for loss prevention
Dispensaries can deploy a range of preventive strategies to enhance security and deter theft. Implementing robust surveillance systems, enforcing access controls, and conducting staff training programs are crucial steps to fortifying defenses against criminal activities.
The gist is that improving your loss prevention and customer experience efforts can contribute to an all-around better dispensary–uplifting areas like compliance, safety, theft, deliveries, and control like ID verification and employee policy assurance.
- Upgrade your loss prevention system: leverage up-to-date video surveillance technology that allows you to capture incidents when you need them most, store footage, and analyze data.
- Monitor and hire trustworthy employees: conduct thorough background and reference checks to ensure the integrity of new hires.
- Similarly, surveillance systems and audits provide insights into high-performing employees who enforce company policy correctly, giving you opportunities to reward your trustworthy staff.
- Establish clear policies and training: develop an employee handbook outlining consequences for theft and provide comprehensive training on ethics and compliance.
- Manage inventory and limit access: implement advanced tracking systems and access controls to minimize theft opportunities and secure high-value items.
- Monitor transactions and encourage reporting: utilize a robust POS system to track transactions and establish whistleblower policies for reporting suspicious activities.
- Enhance customer experience management: utilize mystery shopping to improve guest experience, uphold company mission, and maintain store cleanliness, fostering a culture of integrity and trust.
DTiQ and cannabis loss prevention
Enhancing security in cannabis retail operations is crucial for handling theft risks and safeguarding your business. The complexities of cannabis inventory management, including employee handling, vendor interactions, and delivery logistics, amplify the potential for shrinkage and theft incidents.
Implementing security measures is essential. Regular audits, inventory management protocols, and well-defined policies for cash and product handling form the cornerstone of a comprehensive security strategy.
- Integrating point-of-sale (POS) tracking and DTiQ's advanced analytics tools enables businesses to track transactions, identify irregularities, and monitor for potential employee theft or fraudulent activities. Discount management, employee training on theft scenarios, and proactive measures against robberies and shoplifting further fortify the security infrastructure.
DTiQ's suite of products offers comprehensive solutions tailored to cannabis retail security needs.
- Cloud Archive: ensures secure storage of footage, facilitating seamless collaboration with law enforcement and stakeholders.
- Provides law enforcement with timely evidence, bolsters community relations and expedites incident resolution.
- Audits: a pivotal role in maintaining operational integrity. By leveraging DTiQ's SmartAudit™ system, businesses can streamline the distribution of audit findings, empowering every team member with actionable insights for success.
- Real-time surveillance and intelligent video analytics: including motion detection and alert systems, empower businesses to detect and respond swiftly to security breaches.
- Remote viewing capabilities allow for continuous monitoring from any location, optimizing response times and minimizing vulnerabilities.
- Managed service support: businesses benefit from round-the-clock monitoring and expert assistance to address any system issues promptly.
- By leveraging these tools and integrations, cannabis retailers can enhance security, protect assets, and foster a safer operating environment.
Conclusion
Cannabis retail theft presents a significant challenge for dispensaries, necessitating a proactive approach to security. Owners must prioritize security measures, collaborate with trusted partners like DTiQ, and invest in advanced surveillance technologies. By staying informed about industry best practices and implementing preventive measures, dispensaries can effectively protect their assets and ensure the safety of their operations.
Additional resources
For more insights on cannabis retail theft prevention and security solutions, visit DTiQ's resources on retail loss prevention and industry insights. Explore actionable strategies, case studies, and expert advice to protect your dispensary against security threats.
The cannabis industry is undoubtedly one of the biggest markets on the planet, valued at $64.06 billion.
But with that comes an even larger margin for theft, robberies, and unwarranted areas of loss. Cannabis operators understand the challenge of balancing profitability with safety, however, with our tips and solutions, this task becomes significantly easier.
Source: Fortune Business Insights
What exactly are these solutions? Intelligent video and data analytic software provided by DTiQ has successfully addressed thousands of areas retail operations experience loss and worked to diminish them and prevent future occurrences. Effective prevention strategies are critical to safeguarding businesses against theft and other criminal activities.
Key takeaways from this article:
- How theft, robbery, and crime effect the retail cannabis industry
- Strategies and tips retail businesses can implement to minimize loss
- Solutions and new technologies that help improve ROI for retail cannabis operations
In this guide, we'll explore the dynamics of cannabis retail theft, preventive strategies, best practices, real-life case studies, and the importance of prioritizing security.
Understanding cannabis retail theft
Cannabis retail theft involves stealing products, cash, and assets from dispensaries. It also includes shrinkage issues like theft during delivery and inventory management. From organized robberies to internal theft by employees, understanding the methods thieves use is essential to dealing with these threats effectively.
Employee theft
Employee theft can occur in a couple of ways. For instance, an employee could be pocketing products or even cash from the dispensary if they are not properly trained, monitored, and educated on correct company policy. Employees can also pocket cash to make a quick buck.
Similarly, employees can be involved in theft if they encourage or partner with thieves on robberies for their own benefit.
In some instances, employees steal product stock, resulting in cannabis retail shrink––this can take place during deliveries and unloading and stocking shipments as well.
“Roughly 90% of financial and product loss in the marijuana industry can be chalked up to employee theft, according to security experts who work with cannabis companies.”
Steve Owens, the founder and CEO of Adherence Information Management investigated a cannabis client, discovering more than 50 instances in a single month of the employee stealing with that method. The estimated loss to the company: $20,000.
Another story Owens offered was a time when a budtender simply took advantage of an unlocked vault at a cannabis shop where she worked and walked out the door with $75,000 in cash. “The vault was open, and the downstairs door was open as well,” Owens said.
Robberies and external theft
“The other 10% of product loss results from either external theft, such as robberies, or simply poor tracking by companies,” experts said.
This one is self-explanatory, but occurs when you are least expecting it, in ways that are becoming more and more clever and anonymous.
Robberies and external theft at cannabis dispensaries can occur through various means:
- Physical break-Ins: Criminals may forcibly enter the dispensary premises, breaking windows or doors to gain access to the products and cash inside.
- Armed robberies: Some thieves may use weapons to threaten dispensary staff and customers, coercing them to hand over cash, products, or other valuable assets.
- Smash-and-grab: This involves quickly breaking into the dispensary, grabbing products or cash, and fleeing before law enforcement can arrive.
- Organized crime: Sophisticated criminal organizations may plan and execute targeted thefts, utilizing strategies such as diversion tactics or surveillance to identify vulnerabilities in dispensary security.
- Employee collusion: In some cases, employees may collude with external parties to facilitate theft, providing access codes, disabling security systems, or sharing sensitive information about the dispensary's operations.
Delivery theft
In the realm of delivery management, safeguarding products in transit is critical, especially given their susceptibility to theft.
To enhance the protection of your merchandise, it’s important to implement proactive measures such as installing surveillance cameras in delivery vehicles and around the areas where deliveries take place. These cameras offer comprehensive monitoring of both the vehicle's surroundings and the items onboard. Equally important is providing drivers with training on protocols to handle potential robbery situations, ensuring they can respond swiftly and effectively.
Cameras strategically placed in the delivery area serve as a crucial deterrent to external theft and provide valuable insights into any suspicious activity. By having surveillance coverage at delivery docks, cannabis dispensaries can effectively monitor incoming shipments, verify deliveries, and ensure the integrity of their inventory.
Preventive strategies and effective tips for loss prevention
Dispensaries can deploy a range of preventive strategies to enhance security and deter theft. Implementing robust surveillance systems, enforcing access controls, and conducting staff training programs are crucial steps to fortifying defenses against criminal activities.
The gist is that improving your loss prevention and customer experience efforts can contribute to an all-around better dispensary–uplifting areas like compliance, safety, theft, deliveries, and control like ID verification and employee policy assurance.
- Upgrade your loss prevention system: leverage up-to-date video surveillance technology that allows you to capture incidents when you need them most, store footage, and analyze data.
- Monitor and hire trustworthy employees: conduct thorough background and reference checks to ensure the integrity of new hires.
- Similarly, surveillance systems and audits provide insights into high-performing employees who enforce company policy correctly, giving you opportunities to reward your trustworthy staff.
- Establish clear policies and training: develop an employee handbook outlining consequences for theft and provide comprehensive training on ethics and compliance.
- Manage inventory and limit access: implement advanced tracking systems and access controls to minimize theft opportunities and secure high-value items.
- Monitor transactions and encourage reporting: utilize a robust POS system to track transactions and establish whistleblower policies for reporting suspicious activities.
- Enhance customer experience management: utilize mystery shopping to improve guest experience, uphold company mission, and maintain store cleanliness, fostering a culture of integrity and trust.
DTiQ and cannabis loss prevention
Enhancing security in cannabis retail operations is crucial for handling theft risks and safeguarding your business. The complexities of cannabis inventory management, including employee handling, vendor interactions, and delivery logistics, amplify the potential for shrinkage and theft incidents.
Implementing security measures is essential. Regular audits, inventory management protocols, and well-defined policies for cash and product handling form the cornerstone of a comprehensive security strategy.
- Integrating point-of-sale (POS) tracking and DTiQ's advanced analytics tools enables businesses to track transactions, identify irregularities, and monitor for potential employee theft or fraudulent activities. Discount management, employee training on theft scenarios, and proactive measures against robberies and shoplifting further fortify the security infrastructure.
DTiQ's suite of products offers comprehensive solutions tailored to cannabis retail security needs.
- Cloud Archive: ensures secure storage of footage, facilitating seamless collaboration with law enforcement and stakeholders.
- Provides law enforcement with timely evidence, bolsters community relations and expedites incident resolution.
- Audits: a pivotal role in maintaining operational integrity. By leveraging DTiQ's SmartAudit™ system, businesses can streamline the distribution of audit findings, empowering every team member with actionable insights for success.
- Real-time surveillance and intelligent video analytics: including motion detection and alert systems, empower businesses to detect and respond swiftly to security breaches.
- Remote viewing capabilities allow for continuous monitoring from any location, optimizing response times and minimizing vulnerabilities.
- Managed service support: businesses benefit from round-the-clock monitoring and expert assistance to address any system issues promptly.
- By leveraging these tools and integrations, cannabis retailers can enhance security, protect assets, and foster a safer operating environment.
Conclusion
Cannabis retail theft presents a significant challenge for dispensaries, necessitating a proactive approach to security. Owners must prioritize security measures, collaborate with trusted partners like DTiQ, and invest in advanced surveillance technologies. By staying informed about industry best practices and implementing preventive measures, dispensaries can effectively protect their assets and ensure the safety of their operations.
Additional resources
For more insights on cannabis retail theft prevention and security solutions, visit DTiQ's resources on retail loss prevention and industry insights. Explore actionable strategies, case studies, and expert advice to protect your dispensary against security threats.
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