In an industry often characterized by rapid growth, regulatory complexity, and high-stakes cash management, understanding what truly makes or breaks cannabis retail remains paramount. Welcome to Retail Revelations, a platform dedicated to uncovering the realities behind successful cannabis retail operations, from compliance challenges to team culture and scaling strategies.
Hosted by Chelsea Mulligan, a seasoned industry expert with experience overseeing more than 120 licenses and hundreds of dispensaries nationwide, Retail Revelations offers candid discussions about the critical factors influencing cannabis retail success. Mulligan, affectionately known as the Dispensary Whisperer, specializes in transforming operational chaos into compliant, human-centered, and profitable businesses. Her extensive background includes working with regulators, FDA inspectors, legacy operators, and court-appointed receivers, bringing a unique perspective rooted in operations and compliance.
Today’s episode features Jennifer Makris, founder of Cannabis Cash Consultants, a leader in cannabis logistics and financial operations. With over two decades of experience in service-oriented sales, logistics, and consulting with Fortune 500 companies, Marcus has become a fierce advocate for smarter, safer financial practices within the cannabis industry.
A Journey into Cannabis Finance
Makris’ entry into cannabis was driven by her personal use and a professional background managing state banks and credit unions in Florida, the first financial institutions to serve cannabis-related businesses. Her expertise in cash handling, secure transit, and vaulting seamlessly transitioned into the cannabis space, where cash-intensive operations presented unique challenges.
“I organically developed a network of cannabis-friendly financial institutions and transit providers,” Makris explains. “This niche emerged from my experience managing cash for banks and credit unions, and recognizing the gaps in secure transit and cash management for cannabis businesses.”
Her company, Cannabis Cash Consultants, now guides license holders in streamlining cash operations—from vault design to daily SOPs—ensuring physical security, process standardization, and visibility. Marcus emphasizes that many licensees underestimate the importance of cash management, often neglecting it until operational issues arise.
Addressing Cash Management Gaps
Makris identifies three primary gaps in cannabis cash management:
- Physical Security: On-site visibility and standardized practices across multiple locations.
- Process Standardization: Consistent procedures aligned with compliance requirements, regardless of geography.
- Operational Visibility: Clear insight into cash flow and process metrics.
She advocates for proactive measures, including implementing equipment such as bill validators and cash recyclers, developing SOPs from the outset, and training staff thoroughly. “Reactive cash handling leads to higher costs and increased risks,” she notes. “Preemptive planning and training can save time, money, and lives.”
Makris also highlights the importance of secure transport, especially for licensees in remote areas. She advises against routine cash transportation in personal vehicles, emphasizing the need for in-house cash recycling systems and deploying technology to automate cash counting and validation.
Training and Education as Pillars of Success
Makris champions on-site training, observing that education is the most significant ROI in her work. Proper staff training minimizes exposure points, reduces theft risk, and improves operational efficiency. She emphasizes training budtenders on cash handling, chain of custody, dual controls, and the use of validation equipment.
“Building relationships with staff and engaging them early fosters buy-in,” she says. “When staff understand and feel part of the process, compliance becomes second nature.”
The Future of Cannabis Financial Operations
With ongoing shifts in banking access and federal policy, Makris projects a future where hybrid cash-digital solutions become standard. She foresees increased adoption of cashless payment options, digital wallets, and integrated compliance software, all while maintaining a focus on security and legality.
“Cash will always be part of the industry,” she states. “But the volume and vulnerability will decrease as digital options expand. Preparing now means integrating both systems and ensuring SOPs are adaptable.”
Community and Personal Growth
Makris underscores the value of industry events, from MJBizCon to niche conferences like PBC and the Association of Cannabis Banking Symposium. These gatherings enable her to build relationships, stay informed of trends, and refine her consulting approach.
“Relationships are everything,” she affirms. “Being present at conferences, engaging with peers, and sharing knowledge helps us all elevate the industry.”
Her personal journey is equally inspiring. From managing operations in challenging environments to becoming a recognized industry leader, Makris is proud of her contributions toward legitimizing and standardizing cannabis finance.
