Beginning Inventory (Dispensary)

Beginning inventory for a dispensary refers to the initial stock of cannabis products that a dispensary has on hand when it first opens or starts using a new inventory tracking system. Some key points about beginning inventory for dispensaries:

• Dispensaries must report and tag all of their beginning inventory, including packaged products, when they first start using the state's required inventory tracking system.
• Packaged products are entered into the system with the package tag, item name, quantity, and packaged date.
• Dispensaries have a set period of time, such as 45 days in South Dakota, to enter all of their existing inventory into the tracking system when they first start using it.
• Proper reporting of beginning inventory is critical for dispensaries to ensure their physical inventory matches what is recorded in the state's tracking system. Dispensaries are the retail outlets that purchase finished cannabis products from cultivators and sell them to qualified patients or adult-use consumers.

So in summary, beginning inventory for a dispensary is the initial setup of a dispensary's packaged product inventory in the state's required seed-to-sale tracking system when they first start operating or switch to a new system. Accurately reporting this beginning inventory is a key compliance requirement for dispensaries.