Cannabusinesses are one of the biggest drivers of economic growth in the United States
In just the past three years, industry employment has grown 110%. That’s faster than the ten year projections for the trendy sectors of solar, wind power, and health care. And it’s why the industry was estimated at $10.4 billion in 2018, accounting for more than 250,000 jobs, and is slated to grow to $21 billion by 2021.
Cannabusiness Growth Requires a Solid ERP Foundation
But with growth comes pressure to produce more, improve productivity, and optimize operations.
Managing a cannabusiness without modern, capable tools hinders growth and leaves opportunities on the table. That’s why fast-growing cannabusinesses are looking to the proven benefits of Enterprise Resource Planning (ERP) software to collect data, manage production, generate reports, and improve business operations. Add in the complex and fluid regulatory environment and the need for robust operational software becomes even more of an imperative.
As a cannabusiness grows, a forwardthinking approach to ERP software can help automate inventory and supply chain processes, reduce costs, and maintain quality while accommodating constantly changing compliance requirements. But what are the most important capabilities to consider when evaluating ERP solutions?
In working with dozens of cannabusinesses over the past year, Rootstock has identified six ERP capabilities specifically for the cannabis industry. Whether for a processor, packager, or distributor, or for a complete seed to sale system, these six requirements serve as a guide when evaluating the operational software necessary to run a cannabusiness for medical, recreational, health, hemp-based, and CBD products. They’ll help identify a comprehensive solution to manage and automate everything from order processing and production management to product track and trace, compliance reporting, and financial management.