For commercial cannabis businesses to succeed, risk management should be incorporated into every employee’s job. This helps every cannabis operator reduce public harm, increase public safety, and maintain a sound licensed cannabis market that is profitable to operate in. Risk management isn’t built in a day, but the sooner you start, the sooner everyone gets to do their job.
Cannabis banking requires a benchmark for cannabis operators growing cannabis so that the yield from a grow can be monitored for reasonableness. This allows cannabis bankers to reasonably predict transaction patterns to determine the risk of money laundering and inversion/diversion to the illicit cannabis market.
Building a strong culture of compliance is essential to most businesses, but especially important to cannabis operators managing a rapidly changing regulatory landscape with increasing regulatory expectations.
As the commercial cannabis industry becomes more entwined in the economy, it is of utmost importance to defend the business against bad actors.