Existential Compliance Necessities of the Cannabis Industry

The cannabis industry is still definitely an emerging industry throughout the United States, just as it is in other G7 countries. However, in order to maintain a strong profit share of this quickly growing multibillion dollar industry, marijuana producers and retailers need to ensure that they are utilizing their software potential to stay ahead of the curve and keep their profits within an acceptable margin. This isn’t just a matter of increasing revenue and improving efficiency. This is an existential necessity that all cannabis-related companies must navigate. Here are some existential software necessities for cannabis companies… Being up to date with compliance issues The first thing that comes to mind when cannabis companies think about existential threats is compliance. Although the legalization of various forms of cannabis has spread across many states, both for recreational and medical usage, there are still a plethora of laws and regulations that need to be navigated. What makes this especially complicated, however, is that these rules are often changing and adapting all of the time. Because of this fact, it is essential to address that your company’s software solutions are going to have to change to accommodate this fact. Making these changes across an entire enterprise without a powerful software solution is overly complicating a situation that can be fixed with innovation. Adaptability to compliance Being up to date with compliance laws is terrific, but if your company cannot quickly adapt to new conditions, then it is doomed to fail. Cannabis companies need to adopt software solutions that allow them to adjust their operation in a timely and efficient manner. This includes integrating...

The State of Recreational Cannabis Legislation in Canada

The legalization of marijuana is a political force of momentum that continues to grow around the globe. Indeed, legalization in some form, whether it be recreational or medical, is something that is going to continue growing in many advanced countries, including the United States. However, one of the next most influential steps for cannabis legalization and the emergence of a multi-billion dollar industry is happening north of our border, in Canada. Here is some information about the state of recreational cannabis in Canada… Prime Minister Trudeau’s pledge Although marijuana hasn’t historically been criminalized in Canada to the extent that it has been in the United States, current Canadian Prime Minister Justin Trudeau vowed to legalize cannabis for recreational use during his 2015 campaign. In order to amass the political capital that would be required to take this step towards legalization, Trudeau’s administration has also recommended that legalization laws come with more aggressive laws against selling marijuana to minors, driving under the influence of marijuana, and unauthorized sellers. Indeed, currently, since marijuana trade is outside of government control, nearly half of all high school students admit to trying marijuana in the past year. Canada may be the first G7 country to legalize marijuana, nationwide Canada looks to be the first major advanced economic player in the world to legalize the use of recreational cannabis in the world. This makes it the first of the Group of 7 to do so, an economic group of countries that includes the United States, the United Kingdom, Germany, France, Italy, Japan, and Canada. Because of this, all eyes are going to be on the...

The Cannabis Industry Needs Business Solutions

As a member of the cannabis industry, whether you are a producer, processor, or retailer, it is important to recognize the needs that your business has are akin to any other industry, despite having some specific traits that need to be addressed. Even if you’ve already secured your facilities for production or retail, and then gone through with the legal process to make your business legit with employees are are qualified, you are still going to need to find ways to manage the business operation on a wide-scale level that deals with the specifics of day-to-day processes. Due to the emergence of new technology, businesses are able to move incredibly fast, today. In order to remain competitive, your business should move quickly, as well. To do this, you’ll need to utilize tools and a software infrastructure that enables your business to transition through multiple levels of growth and effectively navigate existential business threats. Here are several ways the cannabis industry needs business solutions… Compliance Although marijuana has officially been legalized in a multitude of states, both for medical and recreational purposes, there are still a myriad of regulations and red tape that emerging cannabis businesses will need to navigate. Despite the fact that cannabis is currently only of the fastest growing industries in the United States, nearly half of all upstart cannabis businesses fail, due to compliance failures. For this reason, it is incredibly important to find ways to automate your compliance processes with the utmost precision. Typically, this should be implemented into your software infrastructure (indeed, it is a necessary feature of any well-implemented ERP software). Ensuring that...

Rhode Island Cannabis Legislation Vote

The legalization of marijuana continues to expand across the nation, and this year it looks like Rhode Island might be set up to be the next state to legalize recreational cannabis. Currently, in April, Rhode Island’s State House of Representatives debated the merits of legalization in their state, and whether to bring it to a vote this spring. If it does come to a vote, representatives in favor of passing recreational marijuana say they already have the votes to do so. However, there are many factors at play in Rhode Island’s role in the marijuana debate… Beating “Massachusetts to the punch” During the 2016 election, Massachusetts passed a referendum that legalized recreational marijuana. However, while marijuana is legal to possess there, the state has drug its feet when it comes to allowing retail marijuana stores to to open, and it looks like it won’t happen until at least the middle of 2018. Because of this fact, Rhode Island is in a unique position to “beat Massachusetts to the punch,” as Rep. Scott Slater put it. This would grant Rhode Island a stream of revenue from Massachusetts inhabitants, and would be a boon to taxes. On top of this, a current recount in Maine has delayed their own recreational marijuana legalization. Quickly making recreational marijuana legal would mean that Rhode Island is the only state in the northeast where people could go to buy and use cannabis. Part of a wave of legalization Rhode Island would be just one more state to legalize both medical marijuana and recreational marijuana in a recent wave of legalization that has swept the country....

States that Recently Legalized Marijuana

Marijuana legalization is experiencing an extreme amount of momentum across the United States, as the movement for both recreational and medical usage has swept across the country. Currently, 29 states, plus the District of Columbia, have laws that legalize some form of marijuana use. Of these states, eight have laws legalize both medical and recreational usage, half of which were voted upon by referendum in the 2016 election. Barring extreme federal actions, the widespread legalization of this multi-billion dollar industry will only continue to spread. To get an idea of what recreational legalization means in each state from this past election, here is a breakdown of the obstacles and forecasts from each state that legalized recreational marijuana… California California was a major marker in the movement to legalize recreational marijuana, and is seen as a turning point for those both for and against legalization. California has the largest state economy in the United States, and is home to over 12% of the country’s population, which overwhelming voted for recreational legalization. If the economic stimulus provided to California from recreational marijuana proves to be formidable, then it will be almost certainly impossible to prevent the eventual end of the federal prohibition of marijuana. Nevada In the 2016 election, Nevada voted to approve the legalization of recreational marijuana by 54.4% to 45.5%. Before the election, the polls were a lot closer, with legalization only maintaining a lead of about 4%. Nevada was one of the most tightly contested states, with millions of dollars in advertising being spent by both sides. Indeed, casino owner Sheldon Adelson alone spent $3.3 million of his...