Police were called to reports of an explosion at the Village Pharmacy building on Main Street, Cumbernauld, at about 01:05 on Wednesday.
Local people reported seeing men trying to remove the cash machine, which was badly damaged along with the building.
It is believed they left the scene in an Audi car. No-one was injured during the robbery.
Det Sgt Cameron Miller said officers were studying CCTV images from the area.
"The people responsible for this crime have not only stolen a large amount of money, they have also caused significant damage to the building," he said.
"It is important they are traced as quickly as possible and I would appeal to anyone who heard or saw anything in the area around that time to come forward, no matter how minor they think their information may be."
Det Sgt Cameron added: "Some of the witnesses we've spoken to so far have reported seeing a group of men wearing masks and dark clothing around the location before entering a light coloured Audi motor vehicle.
"A second car, possibly a Volkswagen, was also seen near the premises around that time.
"Anyone who thinks they can assist with our inquiries can contact us."
A gang of masked men have stolen a five-figure sum of cash from a post office ATM in North Lanarkshire.