AGCO’s 2022 Compliance Reporting Changes For Cannabis Retailers In Ontario

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In Ontario, presently, the AGCO needs certified marijuana retailers to send their finished regular monthly compliance reports through their iAGCO account prior to 11: 59 PM on the 5th day of every calendar month. These requirements are about to alter in 2022, and marijuana sellers will have to change to a brand-new automatic reporting system that will require a constant day-to-day submission of compliance reports.

Until now, marijuana sellers might technically utilize any generic POS system to run their shop operations, albeit at a severe expense of time, and still look at information by hand at the end of on a monthly basis for the reports. With the proposed modifications by the AGCO, it would end up being obligatory for sellers to utilize an authorized cannabis-specific POS that incorporates effortlessly with the OCS through an API and instantly tracks all items that an authorized shop purchases, stocks, or offers.

For marijuana sellers utilizing a cannabis-specific POS with API abilities, this is great news. With automated reporting, you’ll not just conserve the hours that you invested putting together all information in the needed format however likewise prevent compliance violations. A generic POS does not use such abilities and puts your marijuana retail operations at even greater compliance dangers than in the past. Without an AGCO-approved marijuana POS system, you might be in deep difficulty. If you pick a robust marijuana POS system that uses the very best API combination with the brand-new reporting system, you’ll constantly be guaranteed of 100% compliance. Let us dive into the information of these upcoming regulative modifications and how they will impact your retail operations.

AGCO’s Current Monthly Reporting For Ontario Cannabis Stores

The Integrated Cannabis Retail Report needed by the AGCO integrates various regulative reports, consisted of in different tabs, into one month-to-month report to be sent at the end of the reporting duration (calendar month). The sub-report tabs consist of 1. Federal Reporting, 2. Month-to-month Sales, 3. Stock Adjustments, 4. Damages, 5. Inter-Store Transfer– Incoming, 6. Inter-Store Transfer– Outgoing. All these satisfy various regulative requirements and are needed by the AGCO to support regulative compliance guarantee.

All marijuana retail licensees should adhere to the standards and specs when sending the month-to-month report, consisting of utilizing the most present design template, reporting all quantities in $CA, tracking and reporting on all pertinent deals for marijuana items bought from the Ontario Cannabis Store (OCS), and so on. If you’re a seller doing this frequently, you most likely comprehend the trouble. And if you have not currently been utilizing a POS and stock management system that tracks all your licensed purchases, stocks, and sales, then it’s due time you change to an authorized marijuana POS to remain certified with the approaching guidelines.

AGCO’s New Daily Reporting For Ontario Cannabis Stores

Spending 15-20 hours at the end of on a monthly basis is an affordable quantity of work, and even after managing in between various reporting tabs and validating all the quantities, your regular monthly reports might not be precise. It was necessary for AGCO to present a brand-new automatic reporting system that ‘d make everybody’s life much simpler. The regulative authorities have actually been working with Cova, utilized by a bulk of Ontario marijuana sellers, to create the finest API for everyday compliance reporting by means of the POS system. Let us dive into the primary modifications that marijuana compliance reporting will go through in Ontario:

  1. Instead of a regular monthly report, compliance reporting will now occur throughout the day through an automatic reporting system by means of an API effortlessly incorporated with your POS.
  2. All stock information will be synced with the OCS, and there will be day-to-day tracking and reporting of all purchases, stock, and sale of marijuana items to the AGCO.
  3. You will not require to log into your iAGCO account or deal with a spreadsheet design template any longer, as day-to-day reporting will be an automatic compliance function by means of an API.
  4. Separate reporting tabs for Federal and Provincial regulative authorities will not be needed any longer, as automated day-to-day reporting will fulfill all the upgraded requirements.
  5. For smooth combination for stock tracking with the OCS and automated reporting with the AGCO, marijuana merchants need to utilize a cannabis-specific POS system.

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Cova’s Automated Compliance Reporting will Help you Stay Ahead

With simple 1-click reporting for all marijuana merchants Cova’s POS system in Ontario, compliance has actually never ever been a concern for our customers. A cannabis-specific POS has numerous benefits, however Cova streamlines operations as no other POS does. From fast approval of marijuana retail license by the AGCO to 100% precise regulative reporting, marijuana sellers utilizing Cova POS conserve money and time while constantly remaining certified with continuously altering guidelines.

The upcoming regulative modifications will need sellers to send automatic everyday reports to the AGCO through an authorized marijuana POS system with a properly designed API that links effortlessly to the OCS. Cova has actually been dealing with the AGCO to make sure that the shift is as smooth as possible for marijuana sellers, and we will be the very first ones to provide this automatic reporting system as quickly as it’s introduced later on this year.

For marijuana sellers currently utilizing Cova POS, you have absolutely nothing to stress over– these included functions will be instantly readily available to all our customers as soon as the AGCO executes this brand-new reporting system. As constantly, we’ll guarantee that you remain ahead of all compliance modifications. If you’re not utilizing an AGCO-approved POS system at your marijuana retail shop, then change now to guarantee you stay certified with the approaching modifications.

Automated reporting is simply among the methods how Cova keeps Ontario marijuana merchants certified with AGCO guidelines. Find out more about how Cova can assist you simplify your operations and increase the bottom line– click listed below to schedule a totally free demonstration today!

LET'S TALK

Written by

Ankush Lamba

Ankush Lamba is the Content and Social Media Manager at Cova Software, an acclaimed marijuana POS platform. With an MBA from HEC Montreal and over a years of experience in organization marketing, innovative writing, and content management, he brings retail and internet marketing competence in addition to non-traditional imagination to the marijuana retail area. A business owner at heart, Ankush leverages an enthusiasm for innovation, research study, and development to stay up to date with a prospering market and empower marijuana services to grow and broaden even more through special insights, finest practices, and believed management material.

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