3 Ways Video Monitoring Can Keep Cannabis Retail in Business

The business of growing and selling marijuana shows some of the fastest growth of any new industry today. Current valuations show the U.S cannabis industry to be worth $61 billion. Analysts are now predicting that the industry will be worth $100 billion by 2030.

This explosive growth has brought with it an array of challenges for dispensary owners. While many states have legalized its sale in retail dispensaries, cannabis is still a drug. Because of that, there is a higher risk of criminal activity at a retail cannabis dispensary than at other types of retail establishments.

There are also strict state regulations for sellers with fines for non-compliance. These directives cover floorplans, locked areas for storage, and video surveillance. Regulations around video surveillance for cannabis businesses are lengthy, including factors like camera resolution, camera location, video retention times, and more.

To help combat threats and avoid penalties, many professionals in this industry are discovering the value of remote monitoring. Here are three ways remote video monitoring can help keep your cannabis business running smoothly.

1. It protects your marijuana plants and dispensary inventory

Your inventory is a desirable target, both to professional thieves and the customers who come into your dispensary to shop. Yet, statistics have shown that the biggest threat to cannabis plants, pipes, edibles, and other assets is your personnel. According to MJBizDaily, up to 90% of product theft can be attributed to employees.

Remote video monitoring can reduce this risk factor by keeping inventory, cash, and products in view at all times. When customers and employees know that they are on video, they may also be less likely to commit illegal actions. Proactive video monitoring takes this one step further, with audio interventions from trained experts who can speak directly to the would-be thief, stopping them in their tracks and preventing the theft.

2. It keeps personnel and customers safe

Any criminal activity brings with it a risk factor for people as well. Burglars, thieves, and others intent on doing harm, may also create a violent presence in your dispensary or grow facility. Remote video monitoring delivers the same preventive assistance as it does against theft, helping to ensure the safety of your customers and your employees. Further, video can provide evidence to law enforcement to help identify the perpetrator if an incident does occur.

3. It helps maintain compliance with state laws

Every state that has legalized cannabis has its own set of regulations for the industry. For example, each state mandates the number of surveillance cameras, camera image resolution, placement of cameras, remote access to surveillance video storage, and length of storage of recorded video. There are minimums for the number of days footage must be stored; California, for example, has a 1-year minimum which several other states are expected to follow in the future. Law enforcement must always have access to stored video immediately upon request in the event of an incident or compliance audit.

With these strict regulations, your remote video monitoring provider must have deep expertise in the laws in your state to ensure you don’t incur expensive fines or fees for compliance shortfalls relating to video surveillance.

In conclusion, there is an incredible opportunity right now in the cannabis industry. But with this incredible opportunity also comes tremendous risk due to the nature of the products and the fact that it is still primarily a cash business. Growers and retail owners need to protect themselves from threats by working with a remote video monitoring vendor with expertise in the cannabis industry.

How Can Sapphire Risk Help?

Tony Gallo and the team at Sapphire Risk Advisory Group have experience working with PVM companies like Netwatch to ensure the highest level of security. Follow us on social media to stay up to date with the latest cannabis security strategies!

Author

Rochelle Thompson is a senior-level marketing professional with over 20 years of experience in leading marketing strategy, operations and communications. In her current role as CMO of Netwatch Group, she is leading marketing strategy, operations and execution for the three business units within Netwatch Group, Netwatch North America, National Monitoring Center and Netwatch Ireland/UK. Throughout her career, she has been instrumental in developing a brand’s presence and driving the customer journey through a strategic approach. Rochelle holds a BS from Santa Clara State University and lives in Northern California.