In the United States of America, commercial cannabis businesses must be aware of the Internal Revenue Service (IRS) requirements for Form 8300 when receiving over $10,000 in cash for a single or related transaction. To reduce your civil and criminal risk exposure, start your risk-based approach to Form 8300 compliance today with a risk assessment, system of control, and looking at the past.
Nahid is an AML/CTF consultant at Toronto Compliance and AML Events (TCAE) where he extends his knowledge of regulatory expectations and related Acts to help organize bi-weekly webinars on regulatory compliance topics, to create content to disseminate complex concepts in bite-sized knowledge nuggets, to coordinate training programs and to foster collaboration among internal teams across various projects. To say the least, TCAE is fortunate to have Nahid as a part of its team.
If your commercial cannabis business has an ATM on-site, you need to know about the money laundering risks that you are exposed to. This article describes the ATM risk issue, red flags to be aware of, and controls that you can put in place to mitigate the risk.
Philip is a former commercial cannabis regulator and Bank Secrecy Act (BSA) compliance officer for financial institutions and FinTech’s who is currently serving as the Chief Compliance Officer and Director – Professional Services for NatureTrak, Inc. NatureTrak is an enterprise software firm that provides an automated system of BSA internal controls designed to provide full lifecycle compliance and risk management tools to financial institutions that want to safely serve cannabis businesses while maintaining a sound and effective BSA program. His work focuses on increasing the availability of financial services for commercial cannabis businesses by developing a software solution that reduces a financial institution’s risk, while streamlining banking activities for the commercial cannabis business. Philip earned a bachelor’s degree in political science from Richmond, the American International University in London, has been a Certified Anti Money-Laundering Specialist (CAMS) since 2016, and a Certified Commercial Cannabis Expert (CCCE) since 2020.
Alexis started noticing the cannabis industry by living in Canada and seeing U.S states legalizing cannabis one by one. As he realized how fast the industry was growing and how much innovation was involved, he knew he had to be a part of it. When Canada legalized cannabis, Alexis started looking into how he could get involved with the industry. Once he found that LaCité Collégial offered a cannabis production program, he signed up to work toward his dream of being a qualified industry professional. Alexis believes that ACCCE’s risk management principals and best practices give him the knowledge necessary to identify and address risks and opportunities in the commercial cannabis industry.
In highly regulated industries like cannabis, it is important to demonstrate your ability to manage the identified risks as they change over time. Take two investment options that are similar in every way except risk management: an investor would choose the company that can distinctly demonstrate their ability to manage their risks into the future. An investor values risk management because it increases confidence in realizing the future revenue stream.
Bill Raffety is the founder of Wyatt Group Global Assurance, which brings extensive experience in farm, sustainability, and traceability audits to the cannabis industry. Bill attended Thunderbird School of International Management at Arizona State where he received an international MBA. He also received a BA in International Studies from Rhodes College.
The key to any association is the people that make up the network. From lawyers and banking professionals, to commercial cannabis business owners and all who fall in between, we are proud of the diverse and expanding network of professionals and experts who are our...
Maintaining compliance in the commercial cannabis industry can be daunting, considering how highly regulated the industry is and how quickly rules change. A compliance risk assessment will help your commercial cannabis business focus resources on the regulatory risks that matter most to your business.
Eric Schneider is VP at AlphaRoot, a full service insurance brokerage that focuses on building customized risk management solutions for the commercial cannabis Industry through a streamlined digital platform. Though AlphaRoot is a tech-enabled brokerage, their clients work with real humans to get their company covered. Eric attended Johns Hopkins University where he received a bachelor’s degree, a master’s degree in marketing, and an MBA. Go Jays!