Wholesale cannabis operators have become more sophisticated in how they buy and sell cannabis, and this is especially true for the cannabis retailers at the forefront of today’s multibillion-dollar legal cannabis industry.
Cannabis retail and other wholesalers are increasingly turning to managed marketplaces to operate more efficiently and profitably.
See how Windy City Cannabis uses Leaf Trade to streamline its retail operations in this short video.
What Is a Managed Marketplace?
Managed marketplaces give cannabis wholesalers the ability to use one integrative digital platform to buy and sell wholesale cannabis and ancillary products. These B2B tech platforms offer wholesalers the eCommerce benefits of dynamic ordering and the ability to better manage inventory and fulfill orders.
An ideal managed marketplace will support an array of integrations needed for vital everyday business transactions, too. For example, Leaf Trade’s managed marketplace integrates with accounting services such as Sage Intacct and cloud-based QuickBooks.
Leaf Trade sellers can be paid directly through the Leaf Trade platform, which allows wholesalers to engage their retailers directly. The platform’s innovative Leaf Pay tool allows vendors and buyers to pay electronically via ACH instead of sending checks and cash in the mail leading to the risk of late fees.
Integrations to Promote Efficiency & Compliance Mandates
A managed marketplace is all about operational efficiency, especially when it comes to managing inventory, fulfilling orders, and processing payments. Cannabis retailers no longer have to manage orders and payments with inefficient and outdated methods and tools, such as spreadsheets and PDFs.
Retailers also don’t have to rely on multiple phone calls and email exchanges to set up and place orders. In addition to being inefficient, these and other old-school ways of conducting wholesale cannabis transactions make it easy for cannabis operators to fall outside of compliance mandates, in both order fulfillment and missed payments.
Why a Managed Marketplace Is Important for Cannabis Retailers
A managed marketplace means retailers can get shelves stocked more quickly with the products their consumers want. This is important because consumers have so many choices in today’s competitive retail space.
A managed marketplace platform helps retailers better understand the product and consumer trends by directly connecting retailers with other cannabis wholesalers using the platform. Retailers can, in one place, shop by sellers or brands to learn more about what’s being offered in their specific markets.
A Managed Marketplace is More Than Cannabis Sales
Managed marketplaces connect users with ancillary businesses that offer other kinds of products, in addition to cannabis products like flower, CBD, and vapes, to expand sales opportunities. For dispensaries, this could be anything from glassware smoking products to promotional and branding services.
Managed-market platforms offer other benefits, such as digital tools to help companies grow and scale. Leaf Trade does this through its eCommerce suite of tools like a marketplace, integrations, payments, advanced analytics, and advertising while ensuring compliance at all points.