240 Logistics (240L) has launched a technology solution for cannabis retailers that will synchronize the supply chain from seed to sale using data to streamline inventory management, improve sell-through rates, and optimize auto-replenishment. FlyWheel uses real-time insights to help retailers make informed decisions, improve cash flow, reduce the 280e tax burden, and mitigate the risk of slow-moving stock tying up valuable resources, all while integrating with state-specific compliance systems.
The technology is currently available in California, Colorado, Nevada, New Jersey, Massachusetts, Mississippi, Michigan, Minnesota and Oregon.
"FlyWheel operates in real time using data from retailers, brands, and cultivators to increase the efficiency of their inventory and cash management to protect and strengthen the cannabis supply chain," according to Tim Schmitt, Chief Technology Officer at 240L. "Through seamless API integrations with Metrc Connect (v2) and POS systems, such as Dutchie and Treez, FlyWheel monitors everything across the inventory spectrum to ensure the retailer is stocking the right products on the right shelves at the right time, and most importantly, maximizing profitability."
With FlyWheel's proprietary technology, retailers receive store-specific data and tools to make informed decisions, optimize operations, increase profits, and minimize risks. Additionally, stores can avail themselves of expert sales and account management teams that use data-driven insights to offer vendor-managed inventory programs. Retailers retain full control over orders and have the ability to change, reject, or return orders as distributor policies allow.