{"id":168,"date":"2019-09-01T16:09:49","date_gmt":"2019-09-01T16:09:49","guid":{"rendered":"http:\/\/www.klsecurity.com\/blog\/?p=168"},"modified":"2019-11-15T12:55:49","modified_gmt":"2019-11-15T12:55:49","slug":"oklahoma-cash-management-marijuana-point-of-sale","status":"publish","type":"post","link":"https:\/\/www.klsecurity.com\/blog\/oklahoma-cash-management-marijuana-point-of-sale\/","title":{"rendered":"The Oklahoma Obstacle: Cash Management and Marijuana Sales"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u201cOklahoma is the fastest-growing medical marijuana market in the average number of daily patient increases, and MMJ patients represent 4.1% of the state\u2019s total population \u2013 one of the <\/span><a href=\"https:\/\/mjbizdaily.com\/oklahoma-medical-cannabis-program-powered-by-rapidly-growing-patient-pool\/\"><span style=\"font-weight: 400;\">highest rates in the nation<\/span><\/a><span style=\"font-weight: 400;\">.\u201d [1]<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/oklahoma-cannabis-security-requirements.png\"><img loading=\"lazy\" class=\"aligncenter wp-image-170 size-full\" src=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/oklahoma-cannabis-security-requirements.png\" alt=\"\" width=\"900\" height=\"563\" srcset=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/oklahoma-cannabis-security-requirements.png 900w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/oklahoma-cannabis-security-requirements-300x188.png 300w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/oklahoma-cannabis-security-requirements-768x480.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Image Source from: <\/span><a href=\"https:\/\/mjbizdaily.com\/medical-marijuana-market-growth-with-oklahoma-and-florida-leading\/\"><span style=\"font-weight: 400;\">https:\/\/mjbizdaily.com\/medical-marijuana-market-growth-with-oklahoma-and-florida-leading\/<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Who would have thought? Oklahoma is the fastest growing market for medical marijuana sales. Their legislation, whether consciously or not, is set up to do primarily just this. The barriers to entry for cannabis businesses are fairly easy and obtainable (as far as marijuana establishment regulations go). The license application is a mere $2,500 for medical marijuana dispensaries, commercial growers, and processors (Okl. Title 63, Ch. 15, Medical Marijuana). This should make it possible for smaller mom and pop <\/span><span style=\"font-weight: 400;\">retail dispensary, grower or cash in transit<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">Oklahoma legislation also dictates that a separate \u2018transportation\u2019 license must be obtained to \u201cto transport marijuana from an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processor Facility to an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processing Facility.\u201d <\/span><a href=\"https:\/\/advance.lexis.com\/api\/document\/collection\/statutes-legislation\/id\/8S3G-9642-D6RV-H36R-00000-00?cite=63%20Okl.%20St.%20%C2%A7%20424&amp;context=1000516\"><span style=\"font-weight: 400;\">Okla Stat tit. 63, 424<\/span><\/a><span style=\"font-weight: 400;\">) <\/span><span style=\"font-weight: 400;\">establishments <\/span><span style=\"font-weight: 400;\">to do business in the marketplace. <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Also, there\u2019s no list of required medical conditions for patients to suffer from prior to obtaining their medical license; it would appear that if an Oklahoman \u2018patient\u2019 applies for a medical marijuana license for use, they will probably be approved.\u00a0\u00a0<\/span><\/p>\n<p><button style=\"position: relative; display: block; width: 100%; height: 100%; text-align: center; font-size: 1em;\" data-modal-id=\"nav_get_advice\" data-form-action-text=\"Let's Talk\">START A CONVERSATION<\/button><\/p>\n<p><span style=\"font-weight: 400;\">This is all great news for Oklahoman entrepreneurs planning to set up shop and open legal cannabis establishments. Millions of dollars will be pouring in to these establishments from card carrying patients, but these patients will be paying in cash. Marijuana is still considered an illegal drug as per Federal law. Most credit card companies will not allow transactions at marijuana establishments, Visa has explicitly stated they will not permit any transactions involving marijuana on their credit network [2]. This means Oklahoman businesses are going to be faced with the challenge of handling mass amounts of cash.\u00a0\u00a0<\/span><\/p>\n<p><b><a href=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma.jpg\"><img loading=\"lazy\" class=\"size-medium wp-image-171 alignleft\" src=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma-300x300.jpg 300w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma-150x150.jpg 150w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma-768x768.jpg 768w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cannabis-cash-safes-point-of-sale-Oklahoma.jpg 908w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>SSPOS Smart Safe point-of-sale-<\/b><span style=\"font-weight: 400;\">&#8211; <\/span><span style=\"font-weight: 400;\">The SecureCash smart safes are a state-of-the-art solution designed specifically for <\/span><a href=\"https:\/\/www.klsecurity.com\/products\/safes\/cash-management.html\"><span style=\"font-weight: 400;\">cannabis dispensary cash management<\/span><\/a><span style=\"font-weight: 400;\">. Focused on simplicity and security, the unit is ideal for cannabis point-of-sale and under-counter installations. <\/span><b>Retail businesses experience up to 55% savings in time spent on cash counting, tills &amp; daily cash deposits with Smart Cash Safes<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The marijuana industry is estimated at nearly $9 billion in sales, and \u201c&#8230;expected to grow to $50 billion in just a few years&#8230;\u201d [3] most of those sales being completed in cash. The amount of cash exchanging hands presents abundant opportunities for security issues. A standard old-fashioned till is not going to suffice in a successful <\/span><span style=\"font-weight: 400;\">Oklahoma cannabis dispensary.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to security concerns, business owners must adhere to state regulations. The state of Oklahoma requires all marijuana establishments to keep business records (including those pertaining to cash transactions) for seven years for auditing purposes (2018 OK Regulation Text 19159). Cash management software will be the easiest way to meet this requirement.\u00a0<\/span><\/p>\n<p>When properly implemented, a cannabis security plan utilizing <a href=\"https:\/\/www.klsecurity.com\/products\/safes\/cash-management.html\">SSPOS and intelligent video surveillance<\/a> can help drive revenue and create opportunities for a cannabis dispensary to become more profitable. As a premier partner of Total Harvest Coverage, we help cannabis growers, processors, transportation and dispensaries with integrated security that maintains compliance.<\/p>\n<p><a href=\"https:\/\/www.klsecurity.com\/index.php\/cash-control-software.html\"><b>Cash Management Software for Retail Cash Management Safes<\/b><\/a> <span style=\"font-weight: 400;\">\u00a0Dispensary<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignright size-medium wp-image-172\" src=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cash-managment-software-dispensary-Oklahoma-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cash-managment-software-dispensary-Oklahoma-300x300.jpg 300w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cash-managment-software-dispensary-Oklahoma-150x150.jpg 150w, https:\/\/www.klsecurity.com\/blog\/wp-content\/uploads\/2019\/08\/cash-managment-software-dispensary-Oklahoma.jpg 460w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Cash levels can be monitored in real time and end-of-day accounting is performed automatically without the need for employees to manually count cash. Retailers can even monitor the amount of cash collected by CIT across a chain of stores. CashControl\u2019s reporting tools help optimize performance and ensure that in-store security routines are being followed. In addition, technicians can use the application to remotely maintain, update and service SafeCash Retail machines, which means increased uptime and a more reliable closed cash handling process.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.klsecurity.com\/cannabis-facility-design-and-planning.html\">Setting the Standards for Cannabis Facility Design Security &amp; Operational Protocols<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">When you\u2019re ready to begin the process of securing your facility, the consultants at KL Security are available to assist. Well versed in government regulations and recent legal mandates, we are prepared to ensure your business will pass requirements for DEA federal guidelines for <\/span><a href=\"https:\/\/www.klsecurity.com\/\"><span style=\"font-weight: 400;\">Vaults, Safes and retail cash management<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>TOLL FREE 1-866-867-0306<\/b><\/p>\n<p><a href=\"mailto:contact@klsecurity.com\"><b>contact@klsecurity.com<\/b><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice. All license information and security measures taken directly from Oklahoma legislation: OAC 310:681 &amp; Okl. Title 63, Ch. 15, Medical Marijuana &amp; <\/span><a href=\"https:\/\/advance.lexis.com\/api\/document\/collection\/statutes-legislation\/id\/8S3G-9642-D6RV-H36R-00000-00?cite=63%20Okl.%20St.%20%C2%A7%20424&amp;context=1000516\"><span style=\"font-weight: 400;\">Okla Stat tit. 63, 424<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Sources:\u00a0<\/b><\/p>\n<pre><span style=\"font-weight: 400;\">[1] Cowee, Maggie. (2019, August 13). Marijuana Business Daily. <\/span><i><span style=\"font-weight: 400;\">Medical marijuana markets expanding at varying rates, with Oklahoma, Florida setting the pace.<\/span><\/i><\/pre>\n<p><span style=\"font-weight: 400;\">Retrieved from:<\/span> <a href=\"https:\/\/mjbizdaily.com\/medical-marijuana-market-growth-with-oklahoma-and-florida-leading\/\"><span style=\"font-weight: 400;\">https:\/\/mjbizdaily.com\/medical-marijuana-market-growth-with-oklahoma-and-florida-leading\/<\/span><\/a><\/p>\n<pre><span style=\"font-weight: 400;\">[2] Sommer, Constance &amp; Mims Caitlin. (2019, June 18) <\/span><i><span style=\"font-weight: 400;\">Paying with cards at marijuana dispensaries? It\u2019s complicated.<\/span><\/i><\/pre>\n<p><span style=\"font-weight: 400;\">Retrieved from: <\/span><a href=\"https:\/\/www.creditcards.com\/credit-card-news\/marijuana-dispensaries-pay-with-credit-cards.php\"><span style=\"font-weight: 400;\">https:\/\/www.creditcards.com\/credit-card-news\/marijuana-dispensaries-pay-with-credit-cards.php<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">[3] Murphy, Kevin. (2018, September 6). Forbes. <\/span><i><span style=\"font-weight: 400;\">Legal Marijuana: The $9 Billion Industry That Most Banks Won\u2019t Touch.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0 Retrieved from:<\/span> <a href=\"https:\/\/www.forbes.com\/sites\/kevinmurphy\/2018\/09\/06\/legal-marijuana-the-9-billion-industry-that-most-banks-wont-touch\/#6a3d49013c68\"><span style=\"font-weight: 400;\">https:\/\/www.forbes.com\/sites\/kevinmurphy\/2018\/09\/06\/legal-marijuana-the-9-billion-industry-that-most-banks-wont-touch\/#6a3d49013c68<\/span><\/a><\/p>\n<p><b>Helpful Links:<\/b> <span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Code of Federal Regulations: Title 21<\/span><\/p>\n<p><a href=\"https:\/\/www.accessdata.fda.gov\/scripts\/cdrh\/cfdocs\/cfCFR\/CFRSearch.cfm?fr=205.50\"><span style=\"font-weight: 400;\">https:\/\/www.accessdata.fda.gov\/scripts\/cdrh\/cfdocs\/cfCFR\/CFRSearch.cfm?fr=205.50<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">OMMA: Oklahoma Medical Marijuana Authority<\/span><\/p>\n<p><a href=\"http:\/\/omma.ok.gov\/\"><span style=\"font-weight: 400;\">http:\/\/omma.ok.gov\/<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Legislation:\u00a0<\/span><\/p>\n<p><a href=\"http:\/\/omma.ok.gov\/rules-regulations\"><span style=\"font-weight: 400;\">http:\/\/omma.ok.gov\/rules-regulations<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cOklahoma is the fastest-growing medical marijuana market in the average number of daily patient increases, and MMJ patients represent 4.1% of the state\u2019s total population \u2013 one of the highest rates in the nation.\u201d [1] Image Source from: https:\/\/mjbizdaily.com\/medical-marijuana-market-growth-with-oklahoma-and-florida-leading\/\u00a0 Who would have thought? Oklahoma is the fastest growing market for medical marijuana sales. Their legislation, &hellip; <a href=\"https:\/\/www.klsecurity.com\/blog\/oklahoma-cash-management-marijuana-point-of-sale\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">The Oklahoma Obstacle: Cash Management and Marijuana Sales<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[132],"tags":[136,161,137,162],"_links":{"self":[{"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/posts\/168"}],"collection":[{"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/comments?post=168"}],"version-history":[{"count":6,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/posts\/168\/revisions"}],"predecessor-version":[{"id":295,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/posts\/168\/revisions\/295"}],"wp:attachment":[{"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/media?parent=168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/categories?post=168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.klsecurity.com\/blog\/wp-json\/wp\/v2\/tags?post=168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}