The cannabis industry across North America is estimated to grow to $47.3 billion in revenue by 2027. Cannabis organizations of all sizes are now utilizing vertically integrated cannabis compliance solutions that accommodate every process – from production through sales of cannabis products.
This increased energy around cannabis has many states begin reconsidering the status of cannabis in their states, with widespread legalization seemingly closer and closer. Having standardized compliance practices will define success for cannabis businesses in the coming years.
Why it’s Essential to Keep Up-to-Date with Cannabis Compliance
As the industry continues to grow in popularity, so do regulatory and operational concerns. Compliance encompasses all facets of cannabis organizations, including; legal, sales, transport, storage of cannabis-based products, employee training, and more.
With the need to meet the prescribed legal obligations, service providers today are experiencing much discomfort as both federal and state laws regarding cannabis frequently change and shift.
The Risk of Bad Cannabis Compliance Practices
Compliance should be thought of as a defense against bad business practices. It not only outlines but also detects, controls, and prevents misconduct.
Operating a cannabis company that does not adhere to prescribed regulations can lead to lawsuits, hamper reputation, scare away investors, and lead to closure.
Cannabis companies are required to list their SOPs and auditing processes on their application for a license, but the real-world implementation of these processes has been inconsistent across the US in the early stages of the legal cannabis markets.
How to Keep Your Cannabis Business Compliant
In order to ensure compliance at all times, the first step is to completely understand what the rules and regulations are.
It’s no surprise the cannabis industry is highly regulated. Since the rules and regulations are currently different in each state, MSOs are realizing this increases the nuances around implementing compliance consistently in multiple markets.
There are several steps you can take to ensure your business remains compliant across any market:
1) Build SOPs
Standard Operating Practices are a tool to ensure your business functions effectively. They work like an instruction manual for employees to ensure processes are always performed correctly and consistently.
2) Audit your business regularly
Auditing doesn’t have to be a scary word. If you are performing consistent self-audits, you are being proactive and finding errors before they are a problem. With compliance being in a consistent state of flux, auditing provides you with a stable baseline.
3) Document Everything
In the cannabis industry, you should never throw anything away. Papers and documents that seemingly have no use in the moment, could be essential when your business receives an inspection. Keep these documents organized and easily accessible in case you are unexpectedly asked for them.
4) Regularly Check and Monitor Local Regulations
Keeping up-to-date with local legislation protects your business from unexpected situations. However, monitoring all changes when you are also dealing with the other elements of running a business can seem overwhelming. Having a trustworthy source of local regulatory information provides you with the information you need.
5) Train Employees Well and Document Their Experience
At the heart of any company, are the employees that keep it running. Retaining those employees through proper, consistent training can reduce your risk for human error. Provide your employees with the tools they need to help the effort to keep the business compliant.
Tools for Staying Compliant in the Cannabis Industry
As a consequence of heavy regulation, many cannabis entrepreneurs choose to team-up with qualified compliance firms such as ProCanna, which offer full cannabis compliance management.
ProCanna offers smart cannabis compliance solutions for those looking to streamline their operational processes and prevent admin errors. ProCanna also ProCanna offers smart cannabis compliance solutions for those looking to streamline their operational processes and prevent admin errors. ProCanna also provides easy access to cannabis regulations for the specific state you operate in. easy access to cannabis regulations for the specific state you operate in.
ProCanna’s cannabis compliance solutions are easy to use, are mobile-friendly, intuitive, and consistently updated to ensure full compliance.
For smooth, seamless, and safe operations, work alongside a compliance firm that cares just as much as you do. Schedule a free demo of the ProCanna software, today.