In 2019, retail cannabis sales in California alone totaled nearly $3 billion. And while the National Retail Federation estimates overall retail sales in the Golden State to be more than 7 times this figure, the security concerns for the cannabis industry extend beyond those of traditional retail.
The cannabis industry faces unique challenges compared to retail in general. Elements such as a different regulatory framework by state, a lack of banking options due to federal restrictions, and a still-thriving secondary market all contribute additional security considerations. These aspects can also create attractive theft and fraud opportunities for potential malefactors than is found in more traditional retail sectors.
A 2019 hearing held by the Senate Committee on Banking, Housing, and Urban Affairs featured witness testimony that one in every two cannabis dispensaries were the target of robberies with typical losses as high as $50,000 per robbery. Dispensary operators must manage this security risk while still creating a positive customer experience…Â Security InfoWatch