Increase the Cash Flow
Like any other business owner, I'm sure you're looking for ways to up the cashflow of your dispensary or cannabis business. You may be tempted to focus only on optimizing your harvest rates and getting every last drop of oil out of your extractions. But what if you could vastly increase your profit margins without growing a single extra plant?
Accessories are Necessities
Many business such as spas and salons make the majority of their profit off of non-service based revenue. This means that the customer comes in for a service like a haircut or massage, but ends up buying haircare products or styling tools. These secondary products make up to 25% of the salons sales but end up being a much larger part of their revenue.
The true value lies in the profit margin of the product. The average profit margin of a haircut is around 10% where as the accessories land at around a 50% margin. That means you would have to give 10 $100 haircuts to make the same profit as selling 2 $100 blow-dryers. This same revenue margin applies to the cannabis industry.
The average profit margin of legal cannabis is about 12-15% which is not very high. It leaves little room for error and can feel defeating when you are trying to pay back your lenders. This is where dispensary owners should take a page from the salons book and get that profit margin up by offering an array of cannabis accessories.
Profit & Purpose
A new way of saying hello has hit the market and cannabis consumers and producers couldn't be happier. High Note is a greeting card that goes along with the gift of cannabis.
Not only does this accessory have a high profit margin of almost 60% but it creates word of mouth marketing in your community while boosting cannabis flower sales at the same time.
Now your consumers will not only buy cannabis for themselves, they will buy cannabis for their friends and loved ones and accessories to go along with it. Hot D@mn!
You can order High Notes for your dispensary now at HighNote.cards and start increasing your revenue and reach today!