Green is the name of the game in cannabis. The cannabis industry is very much a pay-to-play game and it can be costly – costing close to a million dollars in some areas just to get your doors open (depending on the type of licensure and region). In today’s world, when inflation is higher than ever, every dollar towards your business counts.
When we talk about cannabis compliance as an industry, we often highlight the consequences of not being compliant, rather than the benefits that can come from staying compliant. We’ve all heard and/or read about operators paying fines or even losing their licenses for deficiencies both big and small. But, what many cannabis operators don’t realize is that prioritizing compliance in your business can actually create an avenue for revenue to flow back into your business.
Here are four ways that compliance standards can add value to your business:
Cannabis Employee Training
If you’re operating a cannabis business, your employees are your single greatest asset. Unfortunately, employee turnover rates in the cannabis industry are much higher than in other industries, sitting at 40%-60% within the first 2 months. A large part of this problem stems from poor planning on the part of cannabis business owners and a lack of proper onboarding. Employees that do not get proper training are also more likely to make costly mistakes and errors. Compliance can help you improve onboarding and day-to-day operations for employees by empowering employees through solid operating procedures and support on the education and training side. What does that mean in the long run? Employees that are happy working for your business are empowered to do the best quality work possible – and that means less turnover for your business.
Cannabis SOP Management
SOPs, or Standard Operating Procedures, are the core of your business. These procedures outline, in detail, the policies that make your business go ‘round. Without SOPs, many businesses struggle to identify areas that can be streamlined or improved, making costly mistakes and missing out on opportunities to bring more income into the business. Compliance best practices ensure that business owners manage and routinely manage their SOP plans. In addition, SOPs can help bolster your employee training and onboarding efforts as they can seamlessly integrate your cannabis SOPs into your team’s cell phones/tablets.
Some cannabis businesses make compromises because maintaining compliance can be costly. However, if you’re not following the rules exactly when state compliance officers visit your location, whether it’s a retail store or a grow facility, it might be expensive to remedy the problem and perhaps cost you your license.
Compliance reports are an added benefit of ProCanna’s compliance software offerings that allows you to produce compliance reports for your cannabis business in minutes from anywhere in the world. You can rest easy knowing your business is staying compliant, but it can also help you ensure you’re prepared if and when compliance officers make a visit to your business.
Cannabis Business Audits
Audits can help you examine the health of your business overall and identify areas that might warrant a second glance. When it comes to audits, they can help you examine areas that you are investing a lot of effort in and potentially identify areas that aren’t paying off as much as others. The distinction between a “good to have” and a “must have” when it comes to keeping your doors open and your bottom line healthy may seem simple, yet many cannabis business owners overlook it. Consider redirecting funds to areas that might need more attention than others.
Compliance is key to your business’s long-term success – and saving you money in the long run. ProCanna’s cannabis compliance solutions are easy to use, 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.