Marijuana Business Magazine January 2019

By Joey Peña New technology, agile teams and a watchful eye help with inventory management and forecasting Stock Taking In the nascent cannabis industry, ever-changing regulations and new markets make inventory management and forecasting a challenge. Industry experts shared these tips on managing and forecasting inventory: • Integrate technology for real-time indicators of inventory, particularly if you’re a vertically integrated busi- ness with wholesale operations. • Hire inventory control managers with experience in highly regulated indus- tries and in high-traffic, high-volume, direct-to-consumer businesses. • Capitalize on slow seasons to replenish backstock of items so you have them when business picks up. • Track regulatory changes so you can anticipate how new or revised regulations will impact inventory management; manage your packag- ing inventory as tightly as possible, because packaging and labeling changes are common. • Look at point-of-sale solutions that integrate with data and wholesale marketplace technology to stream- line inventory management and forecasting. 70 Marijuana Business Magazine | January 2019