As cannabis and cannabis derivative products become legal in many markets across the United States … [+]
The cannabis industry is one of the fastest growing industries in the world, and for good reason. The legalization of marijuana for medical and recreational use has led to an increase in demand for cannabis products, and as a result, the number of cannabis businesses has increased. From growers and manufacturers to dispensaries and retailers, the cannabis industry is now a multi-billion dollar market that is expected to continue to grow at an astonishing pace.
However, the cannabis industry is still in its infancy, and as such, many cannabis businesses struggle to keep up with the demands of running a legitimate and successful operation. As cannabis moves from back alleys to high street retailers and the industry becomes mainstream, it is important for cannabis producers and distributors to focus on running a streamlined and efficient business. This is where Figgro comes in. Figgro developed Cannabis Manufacturing ERP (Enterprise Resource Planning) to provide cannabis manufacturing and distribution companies with the tools they need to manage their operations effectively and efficiently from end to end.
Business Management from Seed-to-Sale
The Figgro platform is a comprehensive system that includes modules for inventory management, order management, accounting, and compliance. It also includes a customer relationship management (CRM) system and a point of sale (POS) system.
It allows cannabis businesses to manage all aspects of their operations, from tracking inventory and managing orders to analyzing sales data and ensuring compliance with state and federal regulations.
I spoke with Gerry Dumani, co-founder of Figgro, about the company and its vision. “What we do with Figgro is we can tell customers. ‘Let’s look at the data.’ We help them optimize in the simplest way possible, so they can say, ‘This is the lot, this is the farmer, this is how we’re going to rate this particular lot because of the quality of the output.’ That’s right. ? And, ‘These are our processes. If we streamline our processes and Figgro SOPs [standard operating procedures]we keep getting the same amount of harvest every time. “
Gerry also told me that Figgro is currently developing a Plant Cultivation and Management Platform for growers in 38 legal weed markets.
Cannabis ERP in the Cloud
One of the key benefits of Cannabis Manufacturing ERP is that it is cloud-based, which means it can be accessed from anywhere with an internet connection. This allows businesses to manage their operations remotely, which is especially important for companies that have multiple locations or operate in multiple states. In addition, since the system is cloud-based, it is always up-to-date and does not require additional hardware or software to be installed.
Another benefit of the Figgro platform is its ability to integrate with other systems. It allows businesses to seamlessly connect their systems, such as accounting software, to the Cannabis Manufacturing ERP. This eliminates the need for manual data entry and ensures that all business data is accurate and up-to-date.
Reporting and Compliance
Cannabis Manufacturing ERP also includes advanced reporting and analytics features that allow businesses to gain valuable insights into their operations. For example, businesses can track sales data and inventory levels in real time, helping them make smarter decisions about production and inventory management. In addition, businesses can analyze sales data to identify trends and make strategic decisions about marketing and product development.
One of the most important aspects of any business is compliance, and the cannabis industry is no different. The Cannabis Manufacturing ERP includes a compliance module that helps businesses ensure they meet all state and federal regulations. This includes tracking inventory, keeping accurate records, and reporting to state and federal agencies.
As part of its reporting and compliance expansion, Figgro recently won a contract to provide Retail Marijuana Excise Tax Reporting and Filing for the City of Moffat, located in Colorado as part of its revenue assurance. The service will be available to all 81 licensed operators in the City of Moffat and will go live in May this year.
An Analysis for Figgro
Harry Brelsford, founder and Principal Analyst of The CannaTech Group, shares his thoughts on Figgro. “There are many cannabis software solutions that enter and leave this early stage of market growth. I would suggest that the first wave in the last few years are solutions that try to be CannaTech solutions but do not stick to their path to be effective. What impressed me about Figgro are a few things. First, the solution is to take a holistic view of the world platform and position itself as the true seed-to- sale, CannaTech’s common term for ERP.Secondly, compliance integrations suggest that this solution is ready.
Brelsford also noted a couple of areas where Figgro has room for improvement. “A couple of important observations that warrant mention are these. First, while joining QuickBooks is a no-brainer, a surprising number of multi-state operators use Sage X3 in that that space—and that’s gone. Likewise, there are state-specific compliance solutions, such as the one used by Washington State, and it appears that Figgro is not included in that ecosystem.
Figgro executives recognized this issue and noted that they are currently working on expanding the platform’s third-party integrations to include additional accounting products—namely, Sage, Xero and Accounting Suite.
The Operative Word in the Cannabis Business is “Business”
The cannabis industry is a fast-growing and rapidly changing industry, and it can be challenging for businesses to keep up. Figgro’s Cannabis Manufacturing ERP is a comprehensive system that provides cannabis manufacturing and distribution companies with the tools they need to manage their operations effectively and efficiently.
The issues noted by Brelsford notwithstanding, with inventory management, order management, accounting, compliance, CRM, and POS modules, the platform offers a useful solution for a cannabis business looking to continue ahead of the curve.
