Job Profile: Cannabis Retail Procurement Analyst

A Cannabis Retail Procurement Analyst is responsible for ensuring the proper purchasing and inventory management of a cannabis retail business. This entails working with suppliers to negotiate prices, tracking stocks and inventory levels, forecasting and preparing purchase orders, and keeping track of quality control.

The analyst must also be familiar with relevant regulations and stay abreast of industry trends. They may also advise management on financial operations and supply chain solutions.

What Does a Cannabis Retail Procurement Analyst Do?
Cannabis Retail Procurement Analyst Education
What Experience do you need to be a Cannabis Retail Procurement Analyst?
How Do You Become a Cannabis Retail Procurement Analyst?
How Much Does a Cannabis Retail Procurement Analyst Make?
Highest Paying States for Cannabis Retail Procurement Analyst

What Does a Cannabis Retail Procurement Analyst Do?

Specific Job Duties:

Develop and manage effective procurement processes for cannabis retail products.
Research and monitor the cannabis retail markets, ensuring that organizations are adequately equipped with the necessary inventory to meet customer demands and regional regulations.
Analyze availability, vendors, pricing, quality/specifications, and distribution for optimal cost effectiveness.
Sourcing, negotiating, and liaising with suppliers/vendors to maintain benefit prices and delivery reliability.
Negotiate and manage contracts with suppliers, striving for the best price and terms for the company.
Ensure compliance with established purchasing policies and procedures.
Monitor supplier performance and maintain relationships with vendors and potential suppliers.
Stay up-to-date on industry trends and regulatory changes that affect purchasing and procurement.
Manage financial metrics related to inventory, cost control, and stock rotation.
Identify process improvements and cost savings opportunities.

Cannabis Retail Procurement Analyst Education

To become a Cannabis Retail Procurement Analyst, education requirements vary depending on the employer. Potential employers may expect applicants to have a four-year college degree, though in some cases a two-year degree may suffice.

Relevant majors to this field include business, marketing, economics, and finance. Those with a degree in a non-related field may be able to substitute their degree with relevant courses, such as supply chain management, product development, business ethics, or spreadsheet modeling.

In addition to formal education, employers may also be looking for applicants with strong background knowledge of the cannabis industry and state and local marijuana laws. For example, the applicant may need to understand the different types of medical and recreational marijuana products and how they are taxed.

Professional certifications in procurement and supply chain management may also give applicants a competitive edge. Applicants may also want to take courses in project management or data analytics to boost their chances of landing a position.

What Experience do you need to be a Cannabis Retail Procurement Analyst?

To be a Cannabis Retail Procurement Analyst, you should have a strong understanding of the Cannabis industry, procurement, and supply chain management. It is also very beneficial to hold a degree in business, finance, economics, supply chain management, or similar field, with experience in cannabis analytics or retail analytics.

Other Useful Skills Include:

Strong communication and interpersonal skills.
Strong critical thinking and problem-solving skills and the ability to work well under pressure while maintaining a calm composure.
Excellent organizational skills, and the ability to stay organized and manage multiple projects simultaneously.
An aptitude for interpreting data. Ability to develop, analyze, and interpret reports relating to inventory performance metrics.
Proficiency in inventory management and retail point-of-sale (POS) software, all MS Office applications, email, scheduling software, and online conferencing.
Ability to work effectively within a diverse, multicultural, multigenerational environment.

How Do You Become a Cannabis Retail Procurement Analyst?

In order to become a Cannabis Retail Procurement Analyst , you will need a combination of experience in procurement, retail business, and the cannabis industry itself. Most employers will expect at least a bachelor’s degree, though a Master’s degree in a related field like Business Administration or Supply Chain Management is beneficial. In addition, having certification as a Professional in Supply Management (PSM) can also be helpful.

As with any retail analyst position, a strong background in analytics and data analysis is necessary, as well as experience in the product development, pricing, and inventory management. You should also have a good understanding of regulatory and legal issues that affect the cannabis industry. Finally, experience with dispensary software and POS systems such as Metrc, Mjardin, and Greenbits is essential.

How Much Does a Cannabis Retail Procurement Analyst Make?

The salary of a cannabis retail procurement analyst varies depending on the region, qualifications of the applicant, company size, and the type of business.

Generally speaking, the average salary for this position in the United States is between $60,000 and $90,000 per year. In states with legalized recreational marijuana, wages may be higher due to increased demand.

Job	Location	Salary
Retail Procurement Analyst	Washington	$50,000 – $75,000 (Glassdoor)
Cannabis Procurement Specialist	Nationwide	$68,817 – $83,520 (Salary dot com)
Cannabis Buyer	Nationwide	$34,500 – $102,500 (ZipRecruiter)