Having the right selection of cannabis products in stock makes a significant difference to a dispensary’s end-of-year profits and long-term success.
But staying on top of the latest product trends isn’t the only essential thing. Working toward strong, long-lasting relationships with reliable cannabis vendors will help your business grow.
Here’s your guide to finding the right vendors for your dispensary.
How To Identify Quality Cannabis Vendors
Finding the right vendor for your new dispensary is only possible once you’ve created an airtight business plan. A good cannabis dispensary business plan will help you determine:
- Which products local consumers are buying, and how much of them
- Where people are buying products from
- Which types of products you’re going to sell
- How much of which products you will need to purchase
- How you’ll fund your stock purchases
What Qualities Does a Good Cannabis Vendor Have?
Finding a wholesaler that ticks all of the criteria you need is difficult, but it’s well worth the effort. Here’s what to look for in a cannabis vendor.
A cannabis supplier should be dependable and fit your dispensary’s needs. You could buy the best cannabis products on the market, but if you’re left guessing whether shipments will actually arrive on the date you’ve been told, this will hurt your business.
Your cannabis vendor should be able to get what you need in a reasonable time frame and without logistical difficulties. It may benefit you to search for a company that’s local to your dispensary.
The numbers simply have to add up, which means finding a wholesaler who can offer the product either at or near your target price. If you can afford to purchase in bulk and save money, strongly consider it.
If you’ve found a dispensary vendor who can get the quality, quantity, and price you need, they’re likely a renowned business in the cannabis industry. Connecting with suppliers like these is a great networking opportunity for you.
Make sure your vendor only sells quality products. Otherwise, you might end up on the receiving end of a cheap deal they could only offer you because they cut corners on the way.
How Should You Verify the Authenticity of Cannabis Products?
How can you test that your vendor’s products are the real deal?
- Always look for third-party testing: In-house product quality testing means very little; look for test results from reputable, accredited third-party labs.
- Check product labels: Look for vendors that are transparent about their product ingredients, safety standards, and manufacturing facility auditing.
- Find out where they source their plants: Does this vendor source responsibly grown cannabis, free from herbicides and pesticides, grown at a US legal growing operation?
The Importance of Strong Vendor Partnerships
Developing strong vendor partnerships will help you stay up to date with industry trends, ensure your business runs more smoothly, and place you in good company you enjoy.
But this is only one of the challenges of running a dispensary. Finding the funding up front to secure the product deals you want from your vendors can be a barrier to your business’s success. Take a look at Bespoke Financial‘s inventory financing options. Once you’re approved, we pay your vendors directly and you pay us later — helping you maintain positive relationships with your suppliers.