What can Ontario retailers expect?
With Ontario finally licensing cannabis stores, we noticed that some Ontario retailers were left in the dark, unprepared for the new AGCO reports due every month. The opening month is often a growing pain, and given the all the other responsibilities and regulations to meet, Ontario retailers benefit from understanding their compliance reports and selecting a Cannabis POS system that works to simplify reporting.
“Prior to opening, AGCO will conduct a number of compliance activities to ensure licence conditions and regulatory requirements are met – such as product display, security, and advertising and promotion restrictions. Once a store opens, there will be ongoing store inspections, including mystery shopping to ensure that age/ID requirements are being met.” – statement from an AGCO spokesperson
What reports are required?
Ontario retailers are required to submit 3 different reports: A monthly sales report, a monthly Federal report, and periodic reports for non-standard inventory movements.
The monthly sales report tracks every sale in and out, as well as the monetary value of each product moved and markdown. The Federal report for Health Canada focuses on tracking of sales inventory levels on opening and closing and how they came to be. And lastly, the periodic report is used when discrepancies, waste destruction, theft, or transfers between locations occur – they don’t have a standard timeframe for periodic reports, but operate on a case by case basis.
The two monthly AGCO and Federal compliance reports require accuracy and details that may catch retailers unprepared – and not every manager can afford to spend a full week preparing their report and potentially jeopardizing their licences. Understandably, POS systems don’t always make it easy to prepare your compliance reports. Even dedicated cannabis POS software might struggle to update their software in time.
When looking for your Cannabis POS selection, pay attention to the key point of compliance report generation – do they provide a section on their reporting dashboard to generate a spreadsheet file to the exact specifications of the province, or do they simply allow for stores to put the information together themselves?
TechPOS’s Cannabis POS
We’re proud to say that TechPOS’s Cannabis POS only services Canadian cannabis retailers, and will focus exclusively on Canadian compliance reporting. We’re always up to date on any provincial changes to give you all the information you need with a click of a button. With our help, retailers never have to worry about preparing for compliance reports.
Through TechPOS’s Cannabis POS, users only need to select their province, select the month/year they want their report in, and with a click, our software generates the Monthly sales report or the Federal report, as needed. No matter which one retailers need generated, TechPOS’s Inventory management system tracks what you need, satisfying the needs of both provincial and federal regulators.
TechPOS’s Cannabis POS system does more than just compliance reporting to make your life easier. Click here to learn more about TechPOS’s Cannabis POS features.