In Ontario, currently, the AGCO requires licensed cannabis retail stores to submit their completed monthly compliance reports through their iAGCO account before 11:59 PM on the 5th day of every calendar month. However, these requirements are about to change in 2022, and cannabis retailers will have to switch to a new automated reporting system that will entail a continuous daily submission of compliance reports.
Until now, cannabis retailers could technically use any generic POS system to run their store operations, albeit at a serious cost of time, and still collate data manually at the end of every month for the reports. But with the proposed changes by the AGCO, it would become mandatory for retailers to use an approved cannabis-specific POS that integrates seamlessly with the OCS through an API and automatically tracks all products that an authorized store purchases, stocks, or sells.
For cannabis retailers using a cannabis-specific POS with API capabilities, this is good news. With automated reporting, you’ll not only save the hours that you spent assembling all data in the required format but also avoid compliance infractions. But a generic POS does not offer such capabilities and puts your cannabis retail operations at even higher compliance risks than before. Without an AGCO-approved cannabis POS system, you could be in deep trouble. If you choose a robust cannabis POS system that offers the best API integration with the new reporting system, you’ll always be assured of 100% compliance. Let us dive into the details of these upcoming regulatory changes and how they will affect your retail operations.
AGCO’s Current Monthly Reporting For Ontario Cannabis Stores
The Integrated Cannabis Retail Report required by the AGCO combines different regulatory reports, contained in separate tabs, into one monthly report to be submitted at the end of the reporting period (calendar month). The sub-report tabs include 1. Federal Reporting, 2. Monthly Sales, 3. Inventory Adjustments, 4. Destructions, 5. Inter-Store Transfer—Incoming, 6. Inter-Store Transfer—Outgoing. All these fulfill different regulatory prerequisites and are required by the AGCO to support regulatory compliance assurance.
All cannabis retail licensees must comply with the guidelines and specifications when submitting the monthly report, including using the most current template, reporting all amounts in $CA, tracking and reporting on all relevant transactions for cannabis products purchased from the Ontario Cannabis Store (OCS), etc. If you’re a retailer doing this regularly, you probably understand the hassle. And if you haven’t already been using a POS and inventory management system that tracks all your authorized purchases, stocks, and sales, then it’s high time you switch to an approved cannabis POS to stay compliant with the upcoming regulations.
AGCO’s New Daily Reporting For Ontario Cannabis Stores
Spending 15-20 hours at the end of every month is a reasonable amount of work, and even after juggling between different reporting tabs and verifying all the amounts, your monthly reports may not be accurate. Hence, it was imperative for AGCO to introduce a new automated reporting system that’d make everyone’s life much easier. In fact, the regulatory authorities have been working with Cova, used by a majority of Ontario cannabis retailers, to design the best API for daily compliance reporting via the POS system. Let us dive into the main changes that cannabis compliance reporting will undergo in Ontario:
- Instead of a monthly report, compliance reporting will now happen throughout the day through an automated reporting system via an API seamlessly integrated with your POS.
- All inventory data will be synced with the OCS, and there will be daily tracking and reporting of all purchases, stock, and sale of cannabis products to the AGCO.
- You won’t need to log into your iAGCO account or work with a spreadsheet template anymore, as daily reporting will be an automated compliance feature via an API.
- Separate reporting tabs for Federal and Provincial regulatory authorities won’t be required anymore, as automated daily reporting will meet all the updated requirements.
- For seamless integration for inventory tracking with the OCS and automated reporting with the AGCO, cannabis retailers must use a cannabis-specific POS system.
Cova’s Automated Compliance Reporting will Help you Stay Ahead
With easy 1-click reporting for all cannabis retailers Cova's POS system in Ontario, compliance has never been an issue for our clients. A cannabis-specific POS has many advantages, but Cova simplifies operations as no other POS does. From quick approval of cannabis retail license by the AGCO to 100% accurate regulatory reporting, cannabis retailers using Cova POS save time and money while always staying compliant with constantly changing regulations.
The upcoming regulatory changes will require retailers to submit automated daily reports to the AGCO through an approved cannabis POS system with a well-designed API that connects seamlessly to the OCS as well. Cova has been working with the AGCO to ensure that the transition is as smooth as possible for cannabis retailers, and we will be the first ones to offer this automated reporting system as soon as it’s launched later this year.
For cannabis retailers already using Cova POS, you have nothing to worry about — these added features will be immediately available to all our clients once the AGCO implements this new reporting system. As always, we’ll ensure that you stay ahead of all compliance changes. But if you’re not using an AGCO-approved POS system at your cannabis retail store, then switch now to ensure you remain compliant with the upcoming changes.
Automated reporting is just one of the ways how Cova keeps Ontario cannabis retailers compliant with AGCO regulations. Learn more about how Cova can help you streamline your operations and boost the bottom line — click below to book a free demo today!