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Ethereal Gold Dispensary Grows From 200 SKUs To Over 2,000 With Thrive Inventory
Bill, owner of Ethereal Gold Dispensary, shares their growth journey with Thrive Inventory by disrupting the cannabis industry through setting their own testing standards.
Business Details
Business Type
Dispensary
Integrations
Shopify POS
Shopify E-Commerce
Sales Channels
Storefront
E-commerce
Self-serve kiosks
Favorite Thrive Inventory Products
About Ethereal Gold Dispensary
Ethereal Gold was born out of a need to provide higher-quality cannabis. Through testing, Bill Fuchs, owner, and his family talked to 150 manufacturers, interviewed 25 labs, and discovered that the government only tests for potency. Due to the lack of regulation, cannabis products often contain pesticides, solvents, micro toxins, and heavy metals. Over the next few months, Bill and his team developed the Ethereal Gold Standard for full-panel testing beyond potency.
Education around cannabis testing and building trust with shoppers led to a quick expansion. Ethereal Gold now has an e-commerce store, storefront, and multiple self-serve kiosks around Waukesha, WI.
Setting Up Systems In Place That Support Growth
The Ethereal Gold Standard and the trust it has gained in the industry have contributed to a fast and seemingly never-ending growth. Their first inventory management system couldn’t handle their starting 200 SKUs. The system would swap the inventory of different batches until they no longer had a source of truth. This often led to time wasted investigating stock counts, throwing out products, and incorrectly pricing their cases.
With the majority of their products labeled with expiration dates, having inventory management they could trust was essential for scaling the business. Bill shares, “Prior to Thrive Inventory, we wouldn’t have been able to keep up with the growth. We went from 200 SKUs prior to Thrive Inventory, and we’re up to over 2,000 something. Plus, we’ve grown in volume 8 times since January 2023. With the old system, we would have gotten run over by a train.”
Power Your Own Success Story With Thrive Inventory
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"I know for sure we definitely have a better grasp of what's expiring and what's not, and all of our case inventory is very accurate compared to how it used to be."
Real-Time Visibility With Expiration Date Tracking
Every single cannabinoid product from Ethereal Gold Dispensary has an expiration date printed on the individual boxes received in. With no standard, they vary wildly between products and manufacturers. Thrive Inventory makes it easy to enter expiration dates per product and case when an order comes in.
The team reviews Thrive Inventory’s Expiration Date Report every Friday. If a product is going to expire within 60 days, they place it on sale. With a Shopify category made of discounts, they simply add the tag for it in Thrive Inventory, and then it auto-sorts into the sale category. Michael, Ethereal’s Communication Director, shares, “I know for sure we definitely have a better grasp of what’s expiring and what’s not, and all of our case inventory is very accurate compared to how it used to be.” That means fewer products in the trash, an optimized order fulfillment strategy, and more profit retained for Michael and his team.
Establishing A Strong Foundation For The Future
Not only did Thrive Inventory’s technology allow Ethereal Gold Dispensary to get to where they are today, but it’s setting the company up for future success. Over the past year, Michael and his team have been setting clear inventory and operational systems in place to operate as a well-oiled machine.
Eric handles catalog management, uploading photos, writing descriptions, and setting prices. Thrive Inventory syncs this information to their Shopify POS and E-Commerce website, so Eric only has to update one system. Michael builds all the case Bundles in Thrive Inventory and creates Purchase Orders. He loves using the Min/Max Levels to know exactly what products to reorder and switch between different manufacturers. Then Lesley receives shipments into Thrive Inventory using a barcode scanner and sets the expiration dates. Lastly, Erik the Compliance Director, uses the platform to ensure they are up to code.
Now, Bill and his team have the confidence they need to grow even more. They are currently looking to move their storefront into an area that better aligns with their target market and expand their e-commerce presence. Bill reveals to us, “For the first time as of tonight, we’ll have our very first paid ad. We’re looking to double again this year.”
More From Ethereal Gold Dispensary
Going Above And Beyond: Setting New Standards For the Cannabis Industry
Bill Fuchs opened Ethereal Gold Dispensary to produce safe, cost-effective products tested to the highest standard in the nation.
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Power Your Own Success Story With Thrive Inventory
Thrive Inventory gives you control over all your inventory, sales channels, and metrics allowing you to make the right decisions at the right time.
