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  • The Cannabis Industry: What Lies Ahead in 2019

    The Cannabis Industry: What Lies Ahead in 2019

    As more states and countries continue to legalize medicinal and recreational cannabis use, one thing is clear: the cannabis industry is here to stay – and it’s rapidly growing. This new industry doesn’t just affect cannabis users – it affects countless markets. So, what’s to come in 2019, in terms of cannabis? Here are four key predictions for this year:

    Cannabis-Infused Products Will Thrive

    If you only think of dry leaf marijuana when you imagine cannabis, you are missing out on a ton of the market’s hottest products. Non-leaf CBD-infused items have a very high profit margin. Derived from the Cannabis Sativa plant, but without any psychoactive properties, hemp products infused with CBD are a great way to introduce cannabis to a larger crowd. Cannabis-infused beverages, in particular, are slated to be a huge hit in 2019, but other infused products include oils, beauty and skin care products, pain relief ointments, chocolates, nuts, gummies – and even dog treats. These alternative forms of cannabis are expected to spread across North America, thanks to the recently passed U.S. Farm Bill which legalized industrial hemp. Many of these products (minus the dog treats) also come in psychoactive THC-infused forms, and are experiencing widespread popularity, thanks to medical and recreational marijuana bills being passed in several states, as well as Canada’s recent legalization of recreational usage.

    The Key Players Will Emerge

    Until now, it’s been tricky figuring out who the top players will be in the cannabis industry. However, with consumer spending expected to jump 40% this year, those who are executing successful cannabis business plans should get a big boost this year as sales continue to grow. Strategy in this rapidly-expanding market will be key, and by the end of the year (or before), we should have a good idea of who the top dogs are. However, because interstate commerce is denied and it is currently difficult to create any sort of national brand, we will likely not see any nationwide dominators – yet. In the meantime, it will be of utmost importance for cannabis retailers to successfully promote themselves and maintain a tight business plan.

    Legalization Will Continue

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    2018 was a big year for legalization – in fact, it was arguably the biggest one yet – and that trend is expected to continue into 2019. At least six more countries are slated to legalize medicinal marijuana usage, and at least one is expected to legalize recreational use. In terms of the U.S., at least three states have plans to legalize medicinal or recreational usage, with Illinois, New Jersey, and New York being the biggest possibilities. Even more traditionally-conservative states like Texas could change their current marijuana regulations.

    (More) Research Will Be Conducted

    Cannabis research has already been taking place, but it will pick up speed even more this year. Because of the more open regulatory environment, more research will be conducted, which is expected to spark even more innovation within the cannabis industry. The Farm Bill has opened the CBD market this year, and will support overall marijuana consumption, meaning more knowledge will soon be uncovered on each specific cannabinoid’s (the chemical compounds secreted by cannabis flowers) powers. For example, therapeutic uses include treating and managing obesity, anorexia, emesis, pain, multiple sclerosis, neuroprotection, inflammation, Parkinson’s disease, Huntington’s disease, Tourette’s syndrome, Alzheimer’s disease, epilepsy, bipolar disorder, schizophrenia, PTSD, depression, anxiety, insomnia, asthma, cardiovascular disorders, glaucoma, cancer, and more.

    The cannabis industry is booming. Are you looking to cash in on cannabis point of sale? Download our e-book now!

  • Star Micronics Unveils Their New Line of mG-Scales

    Star Micronics Unveils Their New Line of mG-Scales

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    Somerset, NJ – October 15, 2018 – Star Micronics, a leading global manufacturer of mobile, point of sale (POS), and customer engagement technologies, is proud to announce Star’s new NTEP Certified mG-Scales that allow retailers to legally and accurately measure to a fraction of a gram. The scales are perfect for industries that must comply with regulations or that demand a greater degree of accuracy such as pharmacy, cannabis, jewelry, and grocery.

    There are three models with different capacities and sensitivities to meet the needs of different industries and applications:

    1. mG-S322 (320g, 0.01g)
    2. mG-S1501 (1500g, 0.1g)
    3. mG-S8200 (8200g, 1g)

    Each of the three models includes a triple interface including BLE (Bluetooth Low Energy), USB, and serial and the ability to support Windows, iOS, and Android. The scales can also be battery powered, making them ideal for virtually any application. Everything is all in the box, including a waterproof and dustproof cover, power cable, and USB cable.

    “Certain retail niches need scales that measure the smallest quantities—down to the one-hundredth or one-thousandth of a gram—so they can comply with regulations and keep tight control on inventory,” Christophe Naasz, the Director of Business Development at Star Micronics, said. “The mG-Scales are the best solution.”

    Star Micronics also provides software support to ensure the fast and easy integration of the scales to the POS system used by the specific retailer. To learn more about the mG-Scales, visit our website or call us at 1-800-782-7636.

  • The Future of Cannabis Retail is Looking Good

    The Future of Cannabis Retail is Looking Good

    The retail cannabis industry is growing fast, $75 billion by 2030 fast.

    But let’s look at the nearer future. According to Arcview Market Research and BDS Analytics, by 2021 the cannabis market is expected to reach $24.5 billion. Currently, cannabis is legal in 9 states for recreational use while 30 states have legalized cannabis for medical usage.

    With such a high market growth expectancy, dispensaries sell a variety of cannabis products in the forms of hash, rosin, shatter, and oils which can be smoked or vaped. In addition, as many are aware, cannabis is also sold in the forms of candy and baked goods. As for pharmaceutical use, cannabis contains cannabidiol (CBD) which when used in the form of candy or oil aids in the treatment of pain and epilepsy. Now that sounds pretty good.

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    There’s no doubt that cannabis has health benefits that aid in the relief of:

    • Pain
    • Muscle spasms
    • Arthritis
    • Dravet’s Syndrome
    • Mental health symptoms
    • Etc.

    But what about benefits for businesses?

    Well, as was mentioned earlier, legal cannabis reached $9.7 billion in sales in 2017.

    But let’s dig a little deeper into the facts and figures…

    By 2021, marijuana sales are expected to reach a whopping $24.5 billion. Younger generations are turning to cannabis consumption and slowly turning away from alcohol. This has resulted in a decrease in binge drinking, 9% below the nation’s average, in the states where marijuana is legalized. Funnily enough, the industry’s sales will be led by people 55 and older. With such a diverse market, the cannabis industry is opening up multiple opportunities for businesses to flourish.

    The increased popularity, and acceptance, of the cannabis industry is leading to the establishment of more small businesses with an increase in employment opportunities. With cannabis stores becoming more common in legalized states, the industry of creating products to efficiently, and legally, weigh and sell marijuana to meet regulations are necessary for the success of the business. Additionally, with cannabis being legalized all over Canada, there may even be a possibility that the East coast will speed up its state adoption for recreational use.

    Regardless, cannabis is creating a diverse industry that includes the need for different markets to ensure its success, thus providing a positive impact on the nation’s economy.

    The Cannabis POS Industry

    With Cannabis creating such a diverse industry, it only makes sense that businesses will need reliable POS systems…image-e1574796602929

    Keep in mind that the cannabis industry is different than your average retail business.

    There are multiple rules and regulations that need to be followed in order to ensure that your business is legal. Here are some key points to remember when choosing your POS system:

    1. Cannabis is a cash business
    2. Sensitive scales are a necessity
    3. Labels are regulated
    4. Receipts are essential

    How Resellers Can Cash in on Cannabis Point of Sale

    The cannabis industry has become one of the fastest growing markets. Here’s how resellers can take advantage.



    Download eBook

  • How to Choose the Right POS Scale for Your Application and Industry

    How to Choose the Right POS Scale for Your Application and Industry

    If you’re in the market for a new POS scale, consider these points to help you make a smart choice for your business.

    POS scales are used in different types of businesses that charge for items by weight, including supermarkets, self-service restaurants and buffets, butcher shops, candy stores, health food markets with bulk bins, cannabis dispensaries, and more. From a pound of cold cuts to a cup of frozen yogurt, scales measure the weight of a customer’s purchase and calculate the price accurately.

    Scales ensure you are not over- or under-charging customers and assist with inventory tracking at your store or restaurant. Running a business that charges based on weight is impossible without a properly calibrated scale, so make sure you choose the one that best takes care of your needs.

    If you’re in the market for a new point of sale (POS) scale, consider these points to help you make a smart choice for your business.

    • Application: Why do you need the scale? Before you purchase POS scales, identify how they’re going to be used and what you need to weigh. Is it fresh produce in a supermarket, bulk candy, and meat or items like mail and packages? Are most of your products heavy or light? Large or small? Identify the types of items you need to weigh and use that as a starting point.
    • Accuracy: How accurate do you need the measurements to be? Scale accuracy is important because it tells the customer they are receiving the exact amount of product they’re paying for. An accurate scale also ensures that the retailer is receiving the correct payment. Across the U.S., every state has its own agencies and departments that regulate scales and inspect them for accuracy. Some states may require a yearly inspection, while others are inspected less frequently. Make sure the scales you purchase will meet requirements for accuracy.
    • Capacity: What is the largest possible load you need the scales to handle? If you own a candy store or a supermarket, would anyone ever purchase 500 pounds of candy? It seems unlikely, so if you’re a purveyor of sweet treats, the scale’s capacity can be lower. For a butcher weighing large pieces of meat, or a UPS shipping store, however, a scale with a higher capacity would be in order.
    • Environment: Where will this scale be used? Choose a scale that’s durable enough for your business. If it is meant for high-volume use weighing food products, choose a hygienic scale designed for easy cleaning. Also, consider where the POS scales will be used. Are there extreme temperature variations? Are there disruptive vibrations, interference from other electronics, or even air currents that could affect the scale’s accuracy? Choose the type of scale with the right features for the environment.
    • Installation and calibration: Choose the location for your POS scales carefully, because you shouldn’t move them around once they’ve been installed. Connect the scale to your POS system so it can be set up and calibrated properly. Scales that are used daily will need frequent calibration to maintain accuracy and stay in compliance with local weights and measures laws.

    Business owners who sell items by weight need an accurate scale to protect their customers and their business. If you’re looking for a new scale for your store or restaurant, be honest about your needs, how accurate it needs to be, where it will be set up and how often it should be calibrated. Taking time to understand your business’ requirements for POS scales and the options available to you will result in a greater ability to provide excellent customer service and to manage inventory down to the ounce—or less.

    Available for Free: Scale Buyer’s Guide



    POS Scales

  • 3 Things Cannabis Retailers Need to Know About Cannabis Receipt Regulations

    3 Things Cannabis Retailers Need to Know About Cannabis Receipt Regulations

     

    Running a marijuana dispensary requires in-depth knowledge of the local laws and meticulous recordkeeping including retaining copies of each cannabis receipt.

    Running a medical or retail marijuana dispensary requires in-depth knowledge of the local laws and meticulous recordkeeping including retaining copies of each cannabis receipt. As of April 2017, 29 states have legalized medical marijuana, which can be used to treat several illnesses, including multiple sclerosis, HIV/AIDS, inflammation, pain, mental disorders and substance abuse, among others. In addition, 9 states have legalized recreational use. That means cannabis retailers are legally operating in more than half of the U.S.

    Their businesses can be very different, however, depending on the states in which they are located.  One difference is startup costs. For example, annual licensing fees range from $3,000 in Colorado to $75,000 Connecticut. States may also require a minimum of liquid capital, some places as high as $250,000, so it’s imperative you protect your investment with perfect recordkeeping of every transaction. Retaining a copy of every cannabis receipt ensures your dispensary follows state and local laws and protects your business in the event of an audit.

    What should the receipt include? How can you prove your business is operating in compliance with state and local laws? The cannabis receipt provided to the customer proves you are collecting all the relevant taxes and dispensing marijuana legally.

    If you are considering opening a marijuana dispensary or you want to make sure your business is operating in compliance with your state’s laws and make sure you are correctly formatting and recording cannabis receipts, your point of sale (POS) system is the perfect tool to manage this requirement.

    1. Check the Specific Requirements in Your State

    Understand your state’s tax laws to ensure you are charging the correct amount. For example, in California, retailers charge a consumer-excise and sales tax, while in Colorado, cannabis is subject to different taxation, whether it’s classified as medical or retail marijuana. It’s important to stay up to date on changing tax laws to ensure you are collecting the correct percentage. Failure to comply could subject your business to fines and added scrutiny.

     2. Manage Copies of Cannabis Receipts

    Use your POS system to send a backup copy of each cannabis receipt to the cloud or store the backup offsite. If you are issuing receipts with carbon copy paper, staple or clip the receipts together. It’s also a good idea to keep important financial records, licensing information and other sensitive financial paperwork in a secure place outside of the dispensary. Retain all records for a minimum of three years in case of an audit.

     3. Include All Required Information on the Cannabis Receipt

    Although the exact information you include will depend on your state’s laws, most receipts will include store name and address, the category of taxable products or product category name/product name. Receipts should also include a code or other identifier for the product’s taxes. There may be additional requirements, however. In Oregon, it’s required to list the sale subtotal before tax, amount of state tax, local tax, total sale amount and identifying receipt number. A disclaimer stating that receipts are required for customer tax disputes is also required.

    The cannabis industry is promising for dispensaries, but it is tightly regulated by the states where marijuana has been legalized. Give your business the best chance for compliance and success with a POS system equipped with state-of-the-art printers to meet regulatory requirements while providing convenient customer experiences at the checkout.

    Contact the experts at Star to learn more about ideal solutions for the cannabis industry.

    How Resellers Can Cash in on Cannabis Point of Sale

    The cannabis industry has become one of the fastest growing markets. Here’s how resellers can take advantage.



    Download eBook

  • What’s Next for Cannabis Retail?

    What’s Next for Cannabis Retail?

    Cannabis legalization is not just creating more business opportunities for recreational dispensaries, but for the point of sale industry as well. Star Micronics has found ourselves rapidly gaining popularity among the cannabis point of sale market and are looking forward to what lies ahead.

    First, it’s important to consider the fact that the legal cannabis market is growing quickly with no intention to slow down. The legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual rate of 17%. This is more than 8 times the growth rate of the beer and liquor store market in the U.S.

    While the cannabis market is growing, there are still issues with marijuana businesses and traditional banking, which means it has mostly been a cash-only industry. While this can serve as an inconvenience for those who frequent recreational cannabis dispensaries, it helps us point of sale folk to keep in the market by providing receipts printers and cash drawers for these businesses. With more states beginning to legalize recreational marijuana use, we can predict that more people will begin to heavily invest in this market, and smaller dispensary businesses will soon be able to fold into larger companies.

    In addition to the issues that cannabis businesses face with banking and financial services, recreational marijuana dispensaries are required to practice “seed to sale” tracking compliance. For those unfamiliar with this term, the “seed to sale law” requires every marijuana producing plant to be tracked through each stage of its life, from cultivation to the point of sale.

    With this in mind, software developers are working to create point of sale systems that help dispensaries to easily manage their seed to sale tracking, as well as perform other daily functions that your average retailer would need. For this detailed and complicated task, there is simply too much risk of human error for dispensaries to not use a retail management solution. This is where we begin to see the cannabis market booming in the point of sale industry.

    So, what can we predict for the future of cannabis retail?

    In the recent U.S. election, California, Massachusetts, Maine, and Nevada all passed measures legalizing recreational marijuana. While there are still tax and licensing provisions that will not take effect until January 2018, we can expect a major growth in legal marijuana sales, with California forecast to dominate the market. California, being the oldest medical cannabis state and the largest cannabis consumer population, is predicted to reach $7.6 billion in annual marijuana sales by 2020.

    Similar to the online ordering trend among restaurant take-out and delivery services, we may be looking at the future of remote ordering for cannabis sales. California delivery startup, Eaze, has procured more than $25 million in multiple rounds of funding in the hopes of being the largest provider of on-demand cannabis delivery.

    With the advances of technology and innovation in legal cannabis sales, Star Micronics is very excited to continue to provide support for this emerging market and see our partners grow along the way.