ERP solutions for the cannabis industry use technology to manage and integrate the essential parts of cannabis businesses. Enterprise resource planning (ERP) solutions, simplify the management of the multiple requirements set out in the Health Canada Cannabis Act and supporting regulations. What challenges is the cannabis industry facing, how can the right ERP solutions help, and will it assist with streamlining your quality management process?
Challenges the Cannabis Industry Faces in 2022
Although the legal cannabis industry is new compared to other industries, it is already experiencing many of the same challenges, including supply chain disruption, cyber insecurity, and complex taxation systems. According to the Cannabis Council of Canada (C3), the legal cannabis sector created 50,000 jobs, contributed $15 billion to government revenue, and $45 billion to Canada’s GDP within three and a half years. There are concerns about unpaid federal excise duties, and the council has been working with the government to simplify the cannabis excise tax framework.
Customer expectations for enough legal cannabis products were unrealized, after a cyber attack on the parent company of the Ontario Cannabis Store (OCS) logistics partner, forcing the OCS to stop deliveries as a precaution. The consequences of the cyber attack prevented retailers from placing orders, severely disrupting the supply chain, and negatively impacting store owners. The Ontario Cannabis Store (OCS) is the only wholesaler in the province and is government owned. This raised concerns with the Cannabis Council of Canada as the various business risks could force consumers to use illicit cannabis, threatening the social and economic gains made by the legitimate cannabis industry.
Develop a Business Case and Technology Roadmap With the Right ERP Solutions
As a member of the cannabis industry, you can develop a business case and technology roadmap with the enterprise resource planning (ERP) solutions offered by Panni Management. It will integrate the processes necessary to run the company, such as production management, supply chain management, inventory planning, financial management, reporting and real-time insights.
Sage X3 is the base of our ERP solutions, and we take cyber security very seriously. According to Sage, their products are secure by design, as security vulnerabilities are ironed out at the product design stage. What can we offer you? Panni’s ERP solutions for the cannabis industry include products unique to retailers and extractors. Our current cannabis industry clients can attest to the effectiveness of the solutions. With the relevant regulatory module, you can also calculate your cannabis excise duties.
Our cannabis retail management system (CRMS) solution, integrates Cova point-of-sale software with Sage X3 to deliver retail, multi-company finance, and supply chain capabilities. With our software solutions, you can seamlessly manage your cannabis extraction processes in one place, including contractual agreements. The legal tracking, licensing, and reporting requirements are easily complied with when using Panni’s Sage X3-powered CTLS and B300 solutions for cannabis extractors.
Streamline Your Quality Management Process
The quality management process required by the Cannabis Act includes complying with good production practices (GPP). It can be challenging, unless managed by a digital industry-specific enterprise resource planning (ERP) system, such as those offered by Panni. To ensure high product quality, one of the GPP material requirements, producers must check for quality standard adherence at each step of the manufacturing process.
The GPP establishes standardised operating procedures, sanitation programs, and systems to track products, ensuring product quality and safety by preventing contamination. It also promotes environmental protection. The highly regulated quality management process can cause manufacturing challenges, and be time-consuming, unless you use a dedicated cannabis-industry enterprise resource planning system.
Panni Management and Technology Corporation has more than a decade of experience helping companies leverage technology, to improve operational efficiencies and productivity across North America and the United Kingdom. With the use of Sage X3 enterprise resource planning (ERP) solutions, you can achieve maximum return on investment (ROI). Are you researching ERP solutions for the cannabis industry? Contact Panni today.