Risk Areas

EVALI Analysis: Kirk’s Corner

EVALI Analysis: Kirk’s Corner

The EVALI cases in 2019 were certainly a common topic of discussion. After reading this report I would like to highlight a few of the reports interesting conclusions: 1) in states where marijuana policies were in effect, a statistically lower number of EVALI cases were seen, 2) EVALI incidents were about 40% lower in states that allow recreational marijuana use, 3) contaminants found in marijuana vaping products were problematic.

Checks and Balances: Reducing Operational Risk in Commercial Cannabis

Checks and Balances: Reducing Operational Risk in Commercial Cannabis

Operators must not only manage the day-to-day challenges unique to the industry, but they must also find ways to improve performance while reducing costs if they wish to remain competitive. While profitability and market share are the ultimate goal, maintaining compliance in an ever-changing regulatory environment puts additional pressure on companies looking to carve out their piece of the pie. Unfortunately, the pursuit of profits and the desire for a competitive advantage can sometimes lead to hasty decisions that result in unnecessary operational risk. The good news is that with the proper planning, processes, and systems in place, managers and executives can significantly reduce the operational risk associated with their business.

10 Steps for an Effective Cannabis Compliance Program

10 Steps for an Effective Cannabis Compliance Program

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.

How to Prevent Distribution of Cannabis to Minors – Key Similarities Between Canada and the U.S.

How to Prevent Distribution of Cannabis to Minors – Key Similarities Between Canada and the U.S.

The Cannabis Act has explicit rules for the packaging and labeling of cannabis products to ensure that they do not take on an appearance of something that might be enticing or appealing to young persons. The rules are comparable in the U.S., even if they vary slightly by state law.

One situation where both jurisdictions can learn from each other’s mistakes occurred in 2020. A raffle held at a Canadian youth hockey tournament contained a prize consisting of several cannabis products. The winner was an eight-year-old boy who was participating in the tournament.

Comply or Go Awry: Highlights From a Commercial Cannabis Enforcement Action and How to Protect Your Business

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.

Form 8300 – Do You Have Another IRS Issue?

Form 8300 – Do You Have Another IRS Issue?

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.

Make Risk-Based Decisions Part of Your Culture and Stop Firefighting

Make Risk-Based Decisions Part of Your Culture and Stop Firefighting

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.

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