For Operators, Financial Institutions and Municipalities – Cannabis Compliance
We offer the following consultation and review cannabis compliance services both onsite and remotely.
M & A Advisory
We serve both the buyer and seller with in-depth, tactical M&A consulting and strategy for cannabis company. We look for bad debt history, assets on hand, total cash in the bank, and other financial metrics before you complete a transaction. This gives the other party a chance to respond and solve issues as they come up during discovery. Taking or relinquishing ownership of a cannabis business doesn’t happen traditionally. Federal, state, and local laws have to be considered before you can transfer a license’s ownership. RADD CANN cannabis compliance will guide you to a compliant merger or acquisition.
Marijuana business must keep detailed and precise accounting records to guarantee a profit. Many times, your cannabis company relies on cash transactions. Cash comes with a greater risk of mismanagement. A comprehensive financial review can identify gaps and suggest realistic solutions to enhance your performance. Tax code 280E also makes deducting business expenses challenging for cannabis businesses. RADD CANN’s financial reviews leverage opportunities to reduce your annual expenses. You might be working with limited capital like many cannabis companies are. Regular financial reviews optimize your existing capital and strengthen your balance sheets year over year, attracting greater cash flow to your company.
Your cannabis facility must follow state-issued protocol to be a legal, compliant cannabis business. Each state has different expectations. Some states conduct several unannounced inspections of your facility every single year. Failure to comply with the state and local policies can result in your business paying fines, facing penalties, temporary closure, and being forced to give up your licenses. It is your responsibility to train your staff to maintain a compliant workspace. Our Cannabis compliance team conducts on-site, in-person reviews to pinpoint and adjust compliance errors, including staff education and training. Areas of focus include environmental hazards, safety equipment, employee safety, security, and daily workflows.
Your state requires your team to keep track of cannabis products in every phase of production. Most states use Metrc to report inventory and transactional data to their state regulators. Some states use BioTrack. Both pieces of software directly import information about each plant’s life, from seed to sale. It’s automatically sent to your state government for their database. Your business could be penalized if you don’t accurately report with Metrc and BioTrack. RADD CANN cannabis compliance can assist with implementing compliant product classification systems and procedures in your cultivation, manufacturing, and processing facilities, laboratories, and transportation operations.
Licensing And Insurance
You will be required to submit a concrete, well-written application to your state and local governments before starting a cannabis business. You will need to list your intended standard operating procedures (SOPs), the location where you plan to operate, and your general business plan. Some states only allow one round of license applications. It’s imperative your application be error-free and up to the standard the first time. RADD CANN cannabis compliance helps you confirm the location is compliant with the applicable license, write your application, and develop resilient business plans to include in your submission. Hard to place businesses like cannabis pays higher insurance premiums than traditional businesses. Workers’ compensation, general liability insurance, and property insurance are all policies most cannabis businesses need. Dispensaries need product liability coverage in case a customer falls ill or faces adverse side effects from one of your products. RADD CANN cannabis compliance will help with completing a full review of the policy to ensure your business is properly covered.
Your vendors are an integral part of your cannabis business’ operations. Our team makes data-driven decisions to improve the integrity of your vendor relationships and reduce your overall costs. Improperly managing vendor relationships has a direct impact on your business. Relying on multiple vendors comes with numerous challenges. You might have trouble keeping track of vendor schedules and information. RADD CANN cannabis compliance streamlines your vendor communication and processes for a more effective relationship. We look to automate your manual vendor processes to increase productivity. We locate, update, and securely store vendor information, manage payments, and vendor compliance.
In a fast-paced, startup culture like cannabis, infractions in your human resources department can be overlooked. Your staff might begin to feel unappreciated, discouraged, and overwhelmed by the expectations your growing business requires them to uphold. Our team uncovers these concerns with an HR audit of the workflows and works together with you and your team to create a secure, inclusive, happy, and efficient team. Your business faces its own set of unique challenges being a cannabis operation. Let RADD CANN provide you and your team with best practices and industry standards for cannabis HR experts.
Marketing, Packaging, And Labeling
Your state’s marketing, packaging, and labeling specifications are in place to prevent minors and the black market from accessing legal cannabis products. It’s not uncommon for multi-state operators to navigate a different set of laws in each state they do business in. All legal states require you to package your cannabis products in a child-resistant container. Each state has different labeling provisions to indicate the product contains THC and general warnings about cannabis. Some states have internal labeling requirements for products with more than one package. These are just a few examples of regulatory guidelines you must know. Our team is always up-to-date with the most recent packaging, labeling, and marketing requirements in each legal state. We can guide your team through state-issued changes as soon as they’re released. Your products and marketing are compliant at all times with RADD CANN.