The New Tech Running Canada’s Cannabis Industry

Published on: 21 February 2019 Last Updated on: 08 August 2019

Since cannabis for recreational use was legalized in 2018, many industry watchers have noted that the cannabis industry may well become a major driver of economic growth in the coming years.

With the global cannabis market estimated to be worth $31.4 billion by 2021, investment in all aspects of this industry has soared, with many financiers banking on a significant ROI if Canada becomes an international destination for cannabis tourism.

But not all of this investment is in cannabis production and sales. While the dispensaries popping up in cities across Canada are one of the most visible signs of the cannabis craze, sales are not the only driver of the cannabis economy. In fact, one of the most fruitful areas of investment has proved to be in the tech needed to sustain production in a responsible and streamlined way.

The Cannabis Act stipulates a strict regulatory regime in an effort to end the extensive cannabis black market that exists in Canada.

Central to this regulatory regime is the requirement that every cannabis plant has grown in Canada be tracked from “seed-to-sale” to guarantee that production stays within the mainstream economy.

Because seed-to-sale tracking requires producers to gather and report on vast quantities of information about their stock, many are turning to bespoke tech solutions made for the cannabis industry that help them stay compliant with regulations.

By far the most popular seed-to-sale platform in the country is Ample Organics, which already serves seventy percent of Canada’s licensed producers.

This platform provides the latest seed-to-sale software to help producers track and report the development of every single one of their plants, and because it uses an intuitive system based around barcodes and wireless scanners to provide immediate database updates. It also reduces the risk of human error and makes data gathering completely seamless.

This isn’t just useful when it comes time to provide reports — although Ample Organics software is designed specifically to help licensed producers stay compliant with Canada’s regulatory framework. It also makes quality control, harvesting, packaging, and sales easier as well. With Ample Organics, producers have access to a customized e-commerce site that facilitates inventory control and labeling, so customers always get exactly what they want.

In a brief time, they have been legal for consumption in Canada, recreational cannabis products have already proved to be a hot commodity. And as with all hot commodities, businesses that want to cash in need to be intelligent about how they invest. With such a highly regulated product, it is important for any new producer to make sure no shortcuts are taken, and that their operations are legally compliant at every stage of the production process.

Companies that want to take advantage of the exciting opportunities that exist in the cannabis industry should be sure to invest in the cannabis tech that will set them up for long-term success, and guarantee that their business model takes into account the requirements of Canadian law.

Read Also:

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

3 Forex Trading Tips and Tricks

It is easy to open a trading account on Forex and start trading. However, studying the market and formulating a winning trading strategy takes effort and experience. Even experienced traders often fail to make the right trade and suffer great losses. However, this should not keep you from entering the market. A loss is an opportunity to learn and make better choices in the future. Despite the inevitability of a loss in the long term, avoiding major and frequent losses only requires you to stick to certain tips and tricks when Forex trading. Below are three tips and tricks that can help you build a strong portfolio on your Forex trading account. 1. Simply Trade with the Trend Many traders have heard it many times, “trend is your friend” which ultimately emphasizes the importance of trading with the current trend. This is a very simple trick that promises a profitable outcome, and yet, the vast majority of forex traders do not follow it. Sometimes, the reason why people do not follow this trend is that they do not know how to identify some of the common uptrend indicators and signals. For this, you will have to learn about reading a candlestick graph. Even if you cannot identify using some of the basic technical analysis techniques, some trades have all the fundamental backing towards their rise, and almost all the news shows positive signals towards them. Not capitalizing on those opportunities means that you are letting go of an easy opportunity to bag a profit. 2. Trade Contra Crowd What does this mean? Well, the market is made up of two different players. The first is smart money, which is the banks, institutions, hedge funds, and billionaires. These entities are winning the majority of the time. On the other side, you have the herd or the retail traders, and as you know, the retailers are usually the ones that are oftentimes on the losing end of the trade. Therefore, now that you know that the retailer's trading strategy usually has them in losses and rarely in profits, it is almost a no-brainer to follow what the herd is trading. Instead, you can do just the opposite and have a better win ratio. Simply by trading opposite to how the herd trades, the chances that you will be sitting at a profit ultimately increase. You can find many tools that show you the total number of retail activity in the market and this can help you either short or long positions on a trade by looking at what the vast majority are trading. Once you start making trades that oppose the majority retail sentiment in the long run, your trades will begin to gradually align with the winners in the market, causing your Forex journey to become more profitable. 3. Use Stop Loss Using stop-loss on your trades can give you a better risk to reward ratio. Limiting your buy order to stop loss at a given price can ultimately help you exit when the market becomes very volatile and the price starts to fall below its previous resistance levels. Many traders do not bother putting a market order because they do not want to sell early and miss profits. However, this greed can be the reason for your turmoil in this market. The downside of stop-loss is that sometimes the market may not come to the level that you are expecting. This is just a balance between where you expect the market to go, and at which point can you not bear the loss. Using it on every trade keeps you on the safer side of the trade, even if it means that you have to miss some profits. A rough guideline on where you should put the stop loss is putting it near the market structure. Most of the times, a candlestick graph will have very clear support and resistance, and just by looking at the market structure, you can identify where you should stop your losses. To Conclude: Overall, the tips of making profitable trades are simple and have no secrets to them. They are usually very clear tips that every trader knows bout, yet does not follow. One bonus tip would be to hold your traders except panic selling at a loss. Read Also: CFD Trading: Everything You Need to Know in 2021 Amazing Ways to Maximize Your Profit at Trading

5 Tips to Finding Better Talent for Your Bar Business

Bar business owners or managers face an almost universal challenge: hiring the best staff. It's not about filling shifts nowadays. Your cooks and servers all play a part in the customer's experience. Choosing the best talent for those roles and your cocktails are equally important to your business’s success. Even a novice bar manager will tell you how crucial staff can be. Here are 5 useful tips to get the best employees. 5 Tips to Finding Better Talent for Your Bar Business: Bar business owners must follow the below mentioned points to select the best talent for their organization. 1. Attitude is Important: Your staff is your bar’s face. If a server or bartender approaches a customer with a negative attitude, the customer will leave, never to return. If you feel your staff is not performing well, ask yourself if you can trust them to run the bar for you. Staff is bound to mess up, but it’s their recovery that matters. If their attitude is affecting other employees, do something about it before they bring the whole bar business down. If you hire a great pro with a bad attitude, your cocktails will look nice, but your clientele will flee. Work ethic, team dynamic, and personality are much harder to teach than how to pour a drink right. Part of the process is finding job candidates. The other part is training them. As competition for great employees increases, bars now need to make more effort and tell a better story about the value of working in a team. There’s an imbalance between demand from bars and supply of quality staff. The people you hire have the greatest effect on the bar’s overall culture. 2. Know Your Market: Knowledge of the bar industry is important, but it’s not the only factor. Comprehension of best practices, industry standards, and good suppliers should be second nature to a decent bar manager. Do you know what the market in your area is like? Who are your main competitors? Is the bar you manage just another place to go, or is there a gap you can fill? Why might someone go to your bar business instead of the one down the street? Bar managers need to understand the competitive landscape they inhabit. 3. Hire the Right Bartenders: You cannot afford to hire fresher as bartenders and then train them to deliver. This will eat into your revenue and you will never get the desired results. The bar industry is a vibrant industry that faces a lot of attrition. If you are strategic in terms of looking for the right people, you will be successful. It is always a good idea to have at least 2 experienced bartenders and 4 fresher. This helps maintain the standard and helps you prepare the next rung of the leadership. A good bartender for your bar business is a big reason why some bars are successful, while others shut shop within a few months. Investing in the right bartender is probably going to be one of your toughest decisions. Train Employees to Upsell: Upselling customers is a great way to boost profits in your bar. This is where profits are made and success stories crafted. Upselling involves influencing customer preferences so that they end up making a choice that is beneficial for your establishment. It is also about the staff reading the body language of consumers. For example, if someone is celebrating a promotion, a staff can garner the public opinion of the group and suggest a far more expensive bottle than the one the customer had originally intended to purchase. Peer pressure, wanting to show off and winning over loved ones are reasons people fall easy victims to upselling. A bigger bill means better tips. People usually fix their tips at roughly around 10 to 15 percent of the total bill. Upselling helps boost employee morale as they get more tips and earnings from the same. By training your staff to upsell, you will be contributing to a better working environment. 4. Build Positive Relationships with Staff: Experienced bar managers know that success isn’t possible if you don’t manage your staff wisely. To establish an open and positive rapport, try to build positive relationships with them. A frustrated staff member affects performance, morale, and customer experience. While it’s often claimed business shouldn’t be personal, this is changing in many industries. When bar managers form relationships with their staff, they establish a personalized connection with someone who will become a reliable, long-term employee and attract people to your bar as well as keep loyal patrons coming back. Take the time to interact with your staff. 5. Believe in your Staff: It may seem easy to be a bar manager, but it’s definitely not. If you decided on this job because you thought it was glamorous, you might want to reconsider your decision. However, if you are running a bar because you want to, stay confident and passionate and project this mentality onto your staff. Encourage them and believe in them. They will reciprocate and this will reflect on the customer experience in turn. Your clients will keep coming back. They will visit you whenever they're thinking of a place to go out because of the positive, laid-back atmosphere you’ve managed to create. Final Thoughts: The right employees and attitude are very important for smooth operation, but getting a reliable bar POS system is just as essential. Your bar needs a firm grasp of cash flow, inventory management, and data. Moreover, an outstanding POS system will expedite and ease the bar management process. You can’t afford to dispense with a solid POS system. Read Also: The Best Red Wine That Suits Your Taste Is Your Company Offering Enough To Potential Employees?

Personal Debt! Tips For Small Business Owners Just Starting Out

Avoid Personal Debt: Tips for Small Business Start-Ups

Starting a small business is an exciting yet challenging endeavour. The thrill of creating something from scratch and potentially achieving financial freedom is exhilarating. However, many aspiring entrepreneurs find themselves entangled in debt and financial complications. This scenario can be avoided with careful planning and innovative strategies. Personal debt, especially when related to your business, can become a looming threat that hampers growth, causes stress, and can even lead to the failure of your venture. What Are The Risks Associated With Personal Loans? There are risks and uncertainties associated with personal loans. When you are taking responsibility for the entire money (not of your own), you are unquestionably at risk. Here, we discuss some of the things that are associated with personal loans. Personal debt in business may drag businesses towards the corridor of risks and uncertainty. They must ensure that the business makes the best use of the resources to stay ahead in the competitive framework of business. This is the reason moving into personal debt can be extremely difficult for one to manage in business. Taking Too Much Loans When you are running your own business, it involves your sole risks. Sometimes, the lender goes for a loan that enters the periphery of risks and uncertainty. It may invite issues. Therefore, you must go for a big amount but not too big to manage. With a lump sum loan, you will always be in the corridor of risks and uncertainty. Damaging Your Credit When you are applying for credit, the banks always look for your credit score before giving you the loan amount. With one single missed loan, it can completely damage your credit score. Since you know that the credit score heavily impacts your financial DNA, you need to keep it in check. So, you need to ensure that you do not damage your credits. Developing a good understanding of it can indeed help you manage your loans. Getting Stuck With the Fees A loan may seem perfect if it has a competitive interest rate and in quite a strong term. Many charge hefty fees for the origination of the loan amount. At the same time, some charge extra. You may fall into a debt spiral if you try to build up a tendency to take bulk personal loans. Tips For Small Business Owners To Avoid Going Into Personal Debt Here are some tips for small business owners to avoid going into personal debt when they're just starting out: 1. Separate Business And Personal Finances The first mistake that many new entrepreneurs make is mixing their personal and business finances. This not only complicates accounting but also puts personal assets at risk. By setting up a separate business bank account, you can easily keep track of business-related expenses and revenues. To get a more nuanced understanding of how to separate these two entities effectively, check this website for detailed guidelines and tips. Also, consider consulting a financial advisor to ensure you're taking the right steps in keeping your personal and business finances distinct. 2. Have A Detailed Business Plan A well-crafted business plan can serve as your roadmap, outlining crucial elements like market research, financial projections, and operational plans. It provides a clear pathway for your business and assists you in avoiding unnecessary expenses that can lead to debt. Most importantly, a robust business plan can help you attract investors and secure loans, which are safer and more structured ways to raise capital compared to using personal credit. 3. Budget Wisely Being a business owner means you have to be proficient, not just in your area of expertise, but also in managing finances. Create a realistic budget for all aspects of your business and stick to it. A budget will allow you to allocate funds for different parts of your business, prevent overspending, and help you identify areas where you can cut costs. 4. Consider Alternative Financing Options Personal debt often accumulates when business owners use their credit cards or savings to finance their business. Before doing this, explore alternative financing options like grants, crowdfunding, or venture capital. These options not only help you avoid using your personal credit but also offer the opportunity to validate your business idea in the market. 5. Build An Emergency Fund Having an emergency fund for your business acts as a financial cushion in times of unexpected expenses. Whether it's for replacing faulty equipment or covering costs during a slow business period, this fund can be a lifesaver. This way, you won't have to rely on personal savings or loans to keep your business afloat during tough times. 6. Monitor Cash Flow Cash flow is the lifeblood of your business. Effective cash flow management ensures that you have sufficient funds to operate and grow without relying on debt. Utilize accounting software and, if possible, hire a professional to keep tabs on your cash flow. This will help you make informed decisions about your business and minimize the chances of falling into debt. 7. Be Cautious With Credit While it might be tempting to use a credit card to make quick purchases for the business, it can quickly lead to accumulating debt. If you must use credit, opt for a business credit card and limit its use to essential expenses. Always pay off the balance in full every month to avoid interest fees and the potential for accumulating debt. Conclusion Starting a small business doesn't have to mean plunging into a pit of personal debt. By separating your personal and business finances, budgeting wisely, and exploring alternative financing options, you can significantly reduce the risk of financial complications. A well-crafted business plan, an emergency fund, and a close eye on cash flow will further solidify your business’s financial foundation. Remember, the best businesses are not necessarily those that started with a lot of money, but those that managed what they had effectively. Be mindful of your financial choices, and your business can thrive without compromising your personal financial health. Read Also: How You Can Invest In Your Small Business 6 Incredible Tips To Reach Your Small Business Customer How To Apply For And Get The Employee Retention Credit (ERC) For Small Businesses

The New Tech Running Canada’s Cannabis Industry

Main Factors that Affect Trading Decisions

Two Trusted Forex Robots in 2019 and Beyond

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Technologies For Creating A Startup Idea

How to Download Facebook Videos on Android?

7 Rules of Effective Ecommerce Web Design

The 10 WordPress Plugins Every Sucessful Blogger Uses

Follow Us

Recent

Carbon Steel vs Stainless Steel: The Difference

How Long Does Pre Workout Last? – Best Ways to Maximize It

How Many Exercises Per Workout You Must Do? – Let’s Find Out

How to Perform Workout Splits? – A Comprehensive Guide for Beginners

Related

3 Forex Trading Tips and Tricks

5 Tips to Finding Better Talent for Your Bar Business

Avoid Personal Debt: Tips for Small Business Start-Ups

The New Tech Running Canada’s Cannabis Industry

Share this Article

Main Factors that Affect Trading Decisions

Two Trusted Forex Robots in 2019 and Beyond

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related