Last updated, January 31, 2020.
Canada made history by becoming the largest country in the world to fully legalize adult-use cannabis on October 17, 2018, and the opportunities for retail-focused entrepreneurs are vast. Monthly sales passed $100 million in July of 2019, and continue to grow. Forecasts estimate cannabis sales to hit $3.16 billion in 2020.
At Cova, we understand the unique needs of cannabis retailers. Our dispensary POS and inventory management, touchscreen menu and Express Checkout solutions are used in hundreds of dispensaries across North America. And as a Canada-based company, we couldn’t be more excited to help fellow Canadian businesses put their best foot forward in the emerging cannabis retail market.
Our parent company, iQmetrix, provides retail management and point-of-sale software to over 20,000 retail locations throughout North America. Our experience in scaling for large, multi-store retail operations uniquely qualifies us to work with both provincial government organizations and private entrepreneurs looking to run cannabis dispensaries.
Compliance with record-keeping and reporting requirements is of paramount concern to all cannabis operators. Health Canada has stipulated that all licensed cannabis activity—including sales, deliveries, and losses—must be recorded in the national Cannabis Tracking System (CTS).
As a retailer, you are required to submit monthly reports to your provincial government, which are then submitted to Health Canada to be updated in the CTS. These reports must be submitted through an online portal, or e-mailed, depending on your province.
.At Cova, we’ve developed a point-of-sale specifically for Canadian cannabis retailers. Cova POS is able to generate 1-click compliance reports that contain all the data required, in the format established for each province. This automated process saves you countless hours in reconciling inventory and sales, and helps you avoid human errors that could cost you your license.
Throughout Canada, more than half of all private stores operating rely on Cova’s POS to keep them compliant.
There are some key differences to the regulatory frameworks within Canada's territories and provinces. We've compiled some frequently asked questions and answers about cannabis retail and licensing rules in the pages linked from the map below (click on a highlighted province), and we'll keep this page updated regularly so you can stay ahead of the curve.
Ron Segev is the founding partner of Segev LLP. A practical-minded business lawyer with expertise in the cannabis industry, he represents cultivators, dispensaries, CBD extractors, oil extractors, food processors, media and marketing companies, consultancies, and other businesses in the legal cannabis market.
