The cannabis industry is one of the fastest-growing industries in the world, and for good reason. The legalization of marijuana for both medical and recreational use has led to a surge in demand for cannabis products, and as a result, the number of cannabis businesses has skyrocketed. From growers and manufacturers to dispensaries and retailers, the cannabis industry is now a multi-billion dollar market that is projected to continue growing at an astonishing pace.
However, the cannabis industry is still in its infancy, and as such, many cannabis businesses are struggling to keep up with the demands of running a legitimate and successful operation. As cannabis transitions from back alleys to main street retailers and the industry becomes mainstream, it will be crucial for cannabis producers and distributors to focus on running a streamlined and efficient business. This is where Figgro comes in. Figgro has 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.
Managing Business 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.
This 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’re doing with Figgro is that we are able say to customers. ‘Let’s look at the data.’ We help them optimize in the most simplest way possible, so that they’re able to 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 output.’ Right? And, ‘These are our processes. If we streamline our processes and Figgro SOPs [standard operating procedures], we are able to continuously get the same amount of yield every time.” Gerry also told me that Figgro is currently developing a Plant Cultivation and Management Platform for growers in the 38 legal weed markets.
One of the key benefits of Cannabis Manufacturing ERP is that it is cloud-based, which means that 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 that operate in multiple states. Additionally, because the system is cloud-based, it is always up-to-date and requires no additional hardware or software to be installed.
Another benefit of the Figgro platform is its ability to integrate with other systems. This allows businesses to seamlessly connect their existing systems, such as accounting software, with Cannabis Manufacturing ERP. This eliminates the need for manual data entry and ensures that all of the business’s 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, which helps them make more informed decisions about production and inventory management. Additionally, 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 that they are meeting all state and federal regulations. This includes tracking inventory, keeping accurate records, and reporting to state and federal agencies.
As part of extending its reporting and compliance footprint, Figgro recently won the contract to provide Retail Marijuana Excise Tax Reporting and Filing for the Town of Moffat, located in Colorado as part of its revenue assurance. The service will be available to all 81 licensed operators in the Town of Moffat and goes live in May of this year.
An Analysis for Figgro
Harry Brelsford, founder and Principal Analyst at The CannaTech Group, shared his thoughts on Figgro. “There are many cannabis software solutions entering and leaving this early-stage growth market. I’d offer the first wave over the past few years were solutions trying to be CannaTech solutions but not staying in their lane to be effective. What impressed me about Figgro were a few things. First, the solution is taking a holistic platform view of the world and positioning itself as truly seed-to-sale, the common term in CannaTech for ERP. Second, the compliance integrations suggest this solution is ready to go.”
Brelsford also noted a couple of areas where Figgro has room for improvement. “A couple of noteworthy observations that demand mentioning are these. First, while integrating with QuickBooks is a no-brainer, a surprising number of multi-state operators are using Sage X3 in that space—and that is missing. Likewise, there are state-specific compliance solutions, such as that used by the State of Washington, and it appears Figgro isn’t integrated into that ecosystem.“
Figgro executives acknowledged this issue and noted that they are currently working on extending the third-party integrations of the platform to include additional accounting products—namely, Sage, Xero and Accounting Suite.
The Operative Word in Cannabis Business is “Business”
The cannabis industry is a rapidly 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 Brelsford noted notwithstanding, with its inventory management, order management, accounting, compliance, CRM, and POS modules, the platform offers a useful solution for a cannabis business looking to stay ahead of the curve.