Seed-to-sale tracking for cannabis dispensaries that is more than just red-tape

 

Most cannabis dispensaries see seed-to-sale tracking and compliance as something they have to do. At best it is a checkbox exercise for regulation purposes and adds no real value to their business. At worst it costs them time and money to maintain.

Parsl is looking to turn that idea on its head.

Through a combination of technologies, Parsl is able to provide dispensaries with a system that can verify any individual cannabis product with a single scan. All information about a product and it’s full history is securely stored by the platform. That means that when a transaction takes place, all related product and financial activity is recorded as a transparent and immutable transaction on a public ledger.

This allows Parsl to not only automate compliance for dispensaries, but to also add a host of other tangible business related benefits.

Key benefits for cannabis dispensaries

Automating compliance will lower costs

Currently, dispensaries shoulder operational costs for detailed compliance reporting. In some cases this involves hiring staff purely to handle compliance related data. Parsl reduces these costs in a single swoop. Once someone is KYCed on the Parsl system, a simple product scan is all that is needed to satisfy mandatory seed-to-sale tracking regulations.

Provides access to banking

Banking remains a significant problem for cannabis related businesses. Complex and conflicting laws means that financial institutions see dealing with the finances of cannabis related businesses as being fraught with risk and uncertainty. As a result many cannabis businesses are denied access to financial services.

Parsl’s system allows dispensaries to operate cashlessly using it’s own stablecoin currency. This provides a full and contained lifecycle of financial activity that comprehensively addresses all Anti-Money Laundering and KYCC considerations.

Specific inventory management

As all products are tracked from beginning to end, dispensaries are able to maintain precise inventory control. Product movement and related financial activity can also be tracked in real time. 

In addition to the normal business benefits that strong inventory management can provide, the granular detail that Parsl’s platform delivers allows for comprehensive recall capabilities and the ability to trace specific products all the way back up the supply chain.

No training required

The nature of Parsl’s tracking solution means that little to no training is required for dispensary employees. There is no potential problems with incorrect data entry or products being misattributed. If they can scan a product then they can operate Parsl.

Targeted marketing

Because the tracking on Parsl’s platform is specific, it opens up a whole new marketing channel for dispensaries all the way down the supply chain. Marketing messages can be targeted, non repetitive and informed by customer’s historic behavior.

Drive repeat business with recycling collection

To address the problem of recycling of cannabis packaging Parsl have implemented a reward system that rewards consumers for returning their packaging at designated collection points to allow for the processing required for cannabis related materials to enter generic recycling systems.

Dispensaries can nominate to be a collection point, making them a high traffic point for repeat consumers.

Interested? Contact us today