Like most things in life, you can think of risk management and compliance on a spectrum. We have three basic areas of the spectrum. In the middle, we find most operators who want to avoid deficiency notices, fines, and enforcement. They’re interested in managing risk and compliance, but may not have spent the time or resources to master the process. For all of you who are looking to develop and implement a compliance program or seek to improve the program you already have, this article is for you.
Comply or Go Awry: Highlights From a Commercial Cannabis Enforcement Action and How to Protect Your Business
Commercial cannabis businesses tend to focus on preserving compliance with regulations in order to satisfy licensing requirements; however, managing risk holistically involves more than looking at the regulations.
Read this real-world case study of a commercial cannabis enforcement action and learn how to protect your business from potential penalties.
Risk and compliance professionals know that operating a highly regulated business is difficult. But in the cannabis industry it is exceedingly difficult because of jurisdictional variances and rapidly changing regulations.
In North America, it is commonly reported that the illicit cannabis market represents nearly seventy percent of all cannabis transactions. Given this substantial market share, it is necessary to recognize that the illicit cannabis market is more common than the licensed cannabis market.
The transfer of cannabis products into and out of the licensed sector creates great risk for the cannabis business by jeopardizing their active license and risking substantial fines or license revocation by the regulatory authorities.