Relationships are the key to bridging the services gap for commercial cannabis businesses, and the basis of a good relationship is understanding the other side. Jontae James, CEO of NatureTrak, will provide a view for both the cannabis business and the ancillary cannabis business on how to accomplish the transparency necessary for both sides to prosper with risk-based due diligence. Jontae focuses on using the track and trace system and providing formal policies and procedures to support unusual activity analysis. Jontae will cover how to identify unusual activity indicators, complete a thorough analysis, and implement mitigation strategies.
The foundation that commercial cannabis businesses build with their vendors and ancillary cannabis businesses starts with the track and trace system. Commercial cannabis businesses are open to providing data to their key third parties to emphasize legitimacy and transparency, but the track and trace system can also be manipulated by those with access. Jontae provides an example of diversion of cannabis product and inversion of funds in a hypothetical grow scenario, and describes where specific points in the track and trace system are more vulnerable to those looking to divert and invert cannabis product.