Cannabis companies generally have a significant amount of cash on hand. The correct management of cash increases the safety and security of all employees at the facility and those tasked with cash handling.
The company sets a $1000 per sales terminal threshold. No sales terminal on the retail floor contains more than $1000 at any time. Management handles the tracking, collecting, and safeguarding the funds once the established thresholds have been reached. The point of sale software will maintain these thresholds and alert a member of management when a single drawer/till exceeds the limit.
All excess funds transactions will be logged down to each operator. Fund exchanges will happen in a clear view of cameras. Cash will immediately be stored in the safe or other designated safe storage area, such as a cash recycler. The manager on duty will rectify the log at least daily.
All cash from the retail area will be counted and reconciled daily in accordance with the strict cash handling procedures:
- Only the amount of cash required for daily operations will remain on site.
- Excess funds will be removed by an armored truck transport or trusted agent for deposit in a designated financial institution.
- All funds placed in or removed from the safe will be logged. The entry will identify the exact amount placed in the safe, whom or who removed the funds from the safe, and the manager’s verification.
- Two personnel are to be present during cash counting and the task will be performed in a clear view of a camera.
All employees responsible for large sum cash handling will be required to review and acknowledge the written standard operating procedure on Cash Handling Procedures.
Cash Pick Ups
If the facility is utilizing an armored truck service for cash pick up, use the following procedures:
- Reposition the security guard at the entrance the service is using for the pickup.
- Verify the credentials of the driver and others present in the vehicle.
- Log the driver’s name in the cash log.
- Get a receipt from the driver for the deposit.
- Remain with the vehicle until the deposit is secured.