Why a great security plan could be one of the best investments you could make for your Cannabis Business
The future’s looking bright for the cannabis market. There are various states such as New York and New Jersey likely to legalize in 2021. What if you want to be part of this burgeoning industry? It is safe to say you want your investment of time, money, and hard work to pay off. However, there are aspects of running a cannabis business that you might not think of at first and if not planned correctly could have your business plans go up in smoke.
The one crucial cornerstone is your Cannabis Security Plan.
Based on requirements of current application license information and relevant to keep your cannabis business safe and prosperous, your security plan for your cannabis business can include:
- Floor Plans and Facility Design
- How plan will help assist law enforcement
- Record keeping, tracking, monitoring inventory
- Criminal Activity deterrents
- Armed/Unarmed Guards
- Disposal of surplus cannabis
- Access Control
- Storage Rooms
- Safes & Vaults
- Intrusion Alarm System
- Product Shipping & Transportation
- Demonstrating you are abiding by local and state statutes
- Cybersecurity & Protection of data
The security plan is so vital that most recently, the state of Illinois graded it as 26% of the points you receive on your application. From the state’s standpoint, security is critical. A dispensary that is insecure will attract violent crime robberies and burglaries. It can put stolen products illegally on the market.
When competition is intense for awarding a limited amount of licenses, having a professional security plan can make or break your chances of being put at the top of the list. There are various examples of a limited amount of licenses being granted and many applying. We expect this to be the case in multiple situations over the next few years.
It is not just about getting a competitive edge and losing out on your chances for a license. Generally, when you submit your application, there is a non-refundable application fee. To give an example of this, New York granted medical marijuana licenses in 2015; there were 43 applicants and five organizations chosen to be given a marijuana permit. Each applicant submitted a $10,000 application fee. Not having your security on point can risk losing your money as well.
Having a security plan that helps you overcome the hurdle of marijuana permits is one thing. Still, there are even more significant implications to take into account when you spend the money to get your business opening its doors.
Bottom line, Cannabis businesses are appealing targets for criminals. If you’re in the cannabis business, you will be handling large sums of cash and generally have a precious amount of product on inventory. The appeal of a criminal finding a way to rob or burglarize a cannabis business can be put into perspective in the following way. A convenience store robbery will usually result in a few hundred dollars for a criminal, and bank robbery can net mid-4 figures; however, burglarizing/robbing a cannabis business can result in tens of thousands of dollars to a criminal that successfully does it. Here are some examples of how cannabis businesses can get hit. These hits can sometimes be in the 6 figures range.
One Million Dollar Warehouse/Distribution Center Heist
$145,000 stolen from Cannabis Money Courier picking up cash deliveries
$100,000 Inside-Job burglary on Illinois dispensary
Recent Dispensary burglary breaking through dry-wall, concrete, and steel door of safe
Store burglarized twice in two weeks
30,000 cannabis patients had their data exposed through a software vulnerability
These robberies/burglaries can be unsophisticated or they can attract career criminals that create thorough plans. Having the right security plan from the floor plans, physical prevention, data security, and employee training can dissuade and help prevent your business from being a target.
Cannaspire’s team includes security experts, including former police/military, digital security experts, and planning experts that understand how to create security plans that help your application, help keep you compliant, and make your business a much less likely target.
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