According to data by Fortune Business Insights, the global legal cannabis market was valued at $10.6 billion in 2018 and is forecast to grow to $97.35 billion by 2026. The rising demand of marijuana for recreational use and medical use is a key factor driving the growth, with new states legalizing it to different degrees almost yearly.
The cannabis industry has a complex and very tight regulatory structure, and cash is king, as Federal law currently prohibits banks and credit unions from taking marijuana money. Cannabis operations are also required to create and implement comprehensive security plans detailing how they will secure their business. In Costa Mesa, California, for example, cannabis dispensaries will be required to submit their security plans to the city police force, who will review and approve it, or make recommended suggestions and fixes.
Some of the security requirements for cannabis cultivation centers and dispensaries include tightly controlled access, secured storage vaults, complete security camera coverage, ability for state officials to log in to the security system remotely and monitoring of the environment in cultivation rooms.
A physical key management system is an integral part of a cannabis security plan and a method to manage access control and physical keys that are used within a cannabis dispensary or cultivation center.
For vehicles traveling to and from a dispensary or cultivation center that carry product, KeyWatcher Fleet will put you in control of when the vehicles are deployed, when they are returned and who is authorized to drive them. The system can also restrict access to the vehicles to certain times of the day and limit certain users to specific vehicles.
Roughly 90% of financial and product loss in the marijuana industry can be attributed to employee theft. The other 10% of product loss results from either external theft, such as robberies, or simply poor tracking by companies. Morse Watchmans KeyWatcher allows you to manage access to individual keys. You decide who has permission to remove each key, and with KeyWatcher’s advanced communications capabilities, you always know who removed any key and when it was taken. It’s the solution that gives you an electronic, convenient and secure way to manage your keys.
Taking security a step further, Morse Watchmans AssetWatcher allows for secure storage of cannabis products and accessories. The RFID-enabled locker system tracks who removes and replaces each asset in the system, along with when assets were placed in or taken from a locker. The technology also provides data on whether a specific asset is in the system, and if so, which locker it has been placed in. AssetWatcher can also be used by employees to store their valuables while they are at work.
In a fast-growing business such as the cannabis industry, it’s important to stay on top of ever-changing security requirements and regulations. Your security strategy should incorporate proven and easy-to-use methods to secure physical keys and access control to your facilities. Physical key management is an integral part of a comprehensive security plan from the cultivation center to the dispensary.