Cannabis Industry

CIMA’s 5 Ps of Doing Business with the Cannabis Industry

Since the first recreational dispensary opened in Colorado in 2014, the retail cannabis industry has steadily gained momentum across the country. There are more than 7,000 dispensaries across the United States and over 12,000 cultivation licenses for growers. The industry generated $26.5 billion in sales in 2021 and is projected to top $32 billion in 2022. CIMA is proud to be part of this industry, and we are guided by our 5Ps of doing business with dispensaries:

Practices

With the staggering amount of money to be made supporting the cannabis industry, it is no surprise that many companies display a green leaf on their brochures and promote their services and products to dispensaries and growers.

CIMA is different. We understand that the cannabis industry needs dedicated techniques, tailored recommendations, and industry-specific procedures. To best serve the needs of the cannabis industry, CIMA approaches each client situation without a preconceived notion because we realize that no two businesses are the same. Learning the specific challenges of each establishment is integral to CIMA’s multi-step approach:

  • Discovery: We dig deep to uncover a particular cannabis business’s unique challenges. Cash handling procedures, cash volume, security concerns, number of locations, reporting requirements, and many other variables are important factors in determining the best suite of solutions.
  • Consultation: We draw on our industry experience to identify possible products and services that meet the business’s cash handling needs and budget.
  • Collaboration: We work with our engineers, installers, the customer, and trusted CIMA certified partners to implement the best configuration of hardware, software, and ongoing support that will increase efficiency and reduce the cost of handling cash.

If you’re like me, I was going crazy dealing with the cash in my retail locations. My life changed after I put the CIMA cash machines in. Cash is secure; my staff is on the floor with customers, not dealing with cash issues in the back office. I would never open a store without them.” -Tom Denha, CFO/CEO of JARS

Partnerships

CIMA is dedicated to helping the cannabis industry thrive. As a heavily involved manufacturer, CIMA is always working with our partners to strategically dive deep into each client. Whether engaging with partners and clients, networking at industry events, or staying informed about cannabis-related legislation, CIMA has proactively built relationships and developed expertise in the sector. Our customers benefit from our extensive experience working with cannabis retailers and our industry connections. We have a number of partnerships and are always exploring new partner relationships as we focus on finding the most knowledgeable and respected service companies and industry minds, investing in our partners as a result.

EMC
CIMA is active with The Emerging Markets Coalition (EMC), a non-profit organization that advocates for the normalization, electronification, and increased accessibility to complete financial services for cannabis-related industries. EMC members are cannabis-related industry players who proactively drive relationships and workable legislation, regulation, and public perception. CIMA supports EMC’s strategy of making cash transparent, traceable and taxable.

MJ Bizcon
CIMA is excited to join other innovators serving the cannabis industry again at MJ BizCon in Las Vegas this November. The premier event is attended by over 35,000 cannabis executives worldwide. Professionals from all levels gather to make deals, hear the latest industry trends and insights into the current political landscape, source the right solution providers, and gain knowledge from leaders in the industry.
Visit our booth in the South Hall Upper #10125.

Are you interested in learning more about CIMA’s involvement in the cannabis industry or exploring ways to partner? Click here.

Products

One thing that has not changed in the cannabis industry is the dependence on cash. Due to federal regulations, most of the billions spent on recreational marijuana are cash-only transactions. Dispensaries must keep track of every dollar and maintain meticulous records to remain in compliance. CIMA offers a broad range of solutions that have proven to be effective tools for the cannabis industry:

    • Point-of-sale cash recycling kiosks
    • Back-office recyclers
    • Smart safes
    • Cash handling machines
    • CIMA software: C-Link, CAOS

CIMA machines are equipped with dedicated software that sets user permissions, creates electronic records of all transactions and is configurable for specific needs.

Please click here for more information on CIMA’s cannabis line of products and services.

People

Vik Devjee is the Vice President of CIMA America, and he has collaborated with cannabis clients on their cash handling procedures from conception to completion. In this role, Vik has helped dispensaries and growers navigate the complex cash handling regulations of the industry. Vik recounts how the sector has grown, and his early experience with the cannabis industry:

“Learning about the cannabis business has been exciting. You can watch a whole industry emerge from the shadows and into the legitimate business space. It’s very community-based and has a spirit of grass-roots cooperation.”

Vik knew what was needed as this business sector grew for CIMA.

“I realized that it was essential for CIMA to find someone who was laser-focused on this sector – someone who could lead the charge in customer service and advocate for the cannabis industry, as well as help them manage their cash handling challenges. And I’m happy to say that we have found that person. We recently welcomed Julie Cudd as our Business Development Manager for the cannabis sector.”

As CIMA’s Business Development Manager for the cannabis sector, Julie will be responsible for developing strategy and support initiatives for cannabis businesses throughout the United States. Julie approaches the challenge from a consultative and collaborative standpoint, and her ultimate goal is to help businesses thrive, not just sell CIMA’s products and services.

“As a family-held company with global recognition as a leader in cash management solutions, CIMA’s emphasis has always been on relationships,” says Vik. “And Julie has the perfect personality to develop those relationships.”

“I’m thrilled to be part of this business,” says Julie. “The people who make up the cannabis sector are the most passionate industry experts. It is a pleasure to work with them. I can draw from my background in fintech, retail management, security, cloud technology, hospitality, payments, and training. I’m excited to help cannabis businesses reduce their cost of managing cash, but more than anything, I value these businesses and love this role because it allows me to be a trusted business advisor in an industry that often deals with a lot of grey. Cash management is painful for cannabis businesses. My goal is the make that the most simple streamlined part of their business.”

To contact our team of dedicated professionals, or to learn more about Julie or Vik, click here.

Purpose

CIMA is dedicated to helping businesses reduce the cost of managing cash. We accomplish this through continuous investment in innovation, best practice manufacturing, and collaboration with our worldwide business partners.

For cannabis dispensaries, CIMA works with business operators to reduce time, control costs, increase revenue and accuracy, and increase security when managing cash. Our solutions are delivered through a network of highly capable partners to implement and support our solutions for the cannabis industry. CIMA Cash Handling America supplies a broad range of solutions to businesses across Banking / Financial Institutions, Retail, Hospitality, and Gaming – not just cannabis.
To learn more about CIMA, click here.

Cash Management for Dispensaries

Cash Management For Cannabis Dispensaries

Cash management is a critical part of operating a successful cannabis dispensary. Medicinal and recreational marijuana sales are on pace to exceed 21 billion dollars in the U.S., and a big slice of those payments will be in cash. Dispensaries are vulnerable to theft from employees and criminals and must find ways to manage their on-site cash safely. By employing cash management for cannabis dispensaries they can automate, collect, track and keep more of the money they earn. 

With a manual system, each step can be an opportunity for employee error or shrink. Accepting cash payments, returning change, checking for counterfeit notes, storing money, and reconciling transactions are all touchpoints that increase the risk of loss. Automation is the best way to safeguard the large volume of cash that is inherent in running a dispensary. CIMA offers a range of solutions that virtually eliminate the need for employees to handle money any more than necessary.  Budtenders can spend more time selling products and interacting with customers.

SMART SAFES

Smart Safes for Cannabis Dispensaries

CIMA’s range of Smart Safes are suited for cannabis dispensaries looking for an affordable deposit-only solution.  All of CIMA’s smart safes incorporate a unique, self-sealing stacking bag technology. The system reduces the possibility of human error or shrink, and ensures accurate counting and secure storage of cash.  

A note validator detects counterfeits, and the safe can only be opened once the bag is fully sealed. Unlike traditional cassette systems, the sealed bag is ready for transport as soon as it is removed from the machine, and the bag swap-over process is quick. 

SDM100S – Designed for small to medium volume environments where back-office OR front of store note deposit is required. The SDM100S stores 1,500 banknotes and is ideal for small format retail environments. Operator identification and printed transactions offer additional oversight.
SDM100S 4.0 – Designed for high-volume environments where a back-office note deposit is required. The model stores 4,000 banknotes. Operator identification and printed transactions offer additional oversight.
SDM500S – Designed for high volume environments where a back-office bulk and high-speed note deposit is required. The model stores 3,000 banknotes and can process six notes per second from an input slot of 200. Operator identification and printed transactions offer additional oversight.
Watch a Demonstration of the SDM500S with Self-Sealing Stacking Bag Technology

BACK-OFFICE CASH RECYCLERS

Back-Office Cash Recyclers

CIMA’s Back-Office Cash Recyclers accept, store, and dispense cash and coins.  Manually counting money in the cash room requires trusted employees and managers to step away from customers to count, recount, and prepare floats. A cash recycler automates this process and eliminates manual till preparation. Dispensaries can customize CIMA cash recyclers for their specific set of needs. 

ARGENTO  – An entry-level back-office note and coin recycling solution for smaller retailers or venues.  Each roll storage module can hold 400 notes of a single denomination. Manages a total recycling capacity of up to 1,600 notes, and self-sealing, stacking bag system for 3,000 surplus notes.  

DIAMANTE – A high capacity back-office note and coin recycling solution which utilizes cassettes for recycling.  Each cassette can store 3,400 notes of a single denomination. Surplus notes are stored in a dedicated deposit-only cassette, which can be emptied by the CIT operator.

POINT OF SALE (POS) SOLUTIONS

Point-of-Sale Solutions

POS Cash Recyclers are fully automated, customer-facing teller stations. With kiosk and in-counter units, cash is paid directly into the recycler, and change is dispensed directly to the customer.  Fewer employees are required to process payments or monitor sales activity.  Cash is collected, recorded, accounted for, and secured in the recycler until ready for transport by CIT service.

CASH@POS – An affordable and compact range of customer-facing recyclers for small retail environments. Customers pay notes and coins directly into the machine. The unit counts, stores, and dispenses change back to the customer.  Some configurations offer flexible surplus coin and note capabilities.

CASH@KIOSK – A self-service or staff-assisted kiosk solution with an integrated note and coin recycling solution. Items for purchase could be selected on an ordering application and customers pay notes and coins directly into the machine. The unit counts, stores, and dispenses change back to the customer.  Some configurations offer flexible surplus coin and note capabilities.