Cannabis is a booming industry with a lot of money to be made. However, it’s not without its risks and legal hurdles. In order to stay safe and avoid running into trouble with the law, you need to know what you’re doing.
Over the past several years, the cannabis industry has made enormous strides. The worth of the industry increased as the number of consumers increased. Anyone interested in cannabis strains and brands may easily learn about them thanks to premium sites like Askgrowers.com. Even most governments seem to be more willing than ever to change the rules and legalize marijuana. (As seen first on Benzinga)
This seems to be the ideal moment to launch a cannabis company. If that’s what you’re thinking, it’s critical that you protect your business. This article outlines what you should do to keep your company lawful and safe. This knowledge may be useful whether you’ve just started a business or have been in the industry for decades. Here’s all you need to know about marijuana business safety!
Learn all there is to know about the legal status of cannabis.
When the 2018 Farm Bill was presented, it was a watershed moment for the cannabis sector. On a federal level, the document made cannabis with less than 0.3 percent THC lawful. It’s worth emphasizing, though, that hemp cultivation still has its own set of regulations. It’s important to remain lawful since the penalties for breaking the law may be severe. This covers everything from paying taxes to running a company.
Despite the fact that the Farm Bill legalized cannabis on a federal level, states have the authority to determine what happens in their own backyards. That is why marijuana is banned in Idaho, Iowa, Kansas, and many other states, even for recreational use. It’s critical to check if cannabis companies are legal in your area before deciding to create one.
Check to see which regulations you must adhere to.
All applicable rules and regulations must be followed by new and current marijuana companies. Because they mainly differ from one place to the next, consulting the local authorities is the recommended course of action. The following is a list of states with a well-defined legal framework:
Tell it like it is with your bank.
It will be required to establish a bank account, among other things. It may be tempting to hide the fact that you work in the marijuana business. Perhaps the costs for marijuana companies are greater, or you don’t want to take the chance of being turned down by a bank.
The good news is that there will always be a bank willing to take over your account management. There’s no reason to conceal, particularly when doing so may have severe consequences. Even if you are successful in opening an account, you may have difficulties in the future. What if the bank suspects you of making a large number of cash payments? What if anything else throws up a red flag, prompting an investigation? It’s not worth the risk since the consequences may be severe and have an impact on your own finances.
Don’t look for a solution if credit card payments aren’t an option.
Many business owners are unaware that major credit card companies do not accept cannabis purchases. Visa, MasterCard, and other comparable systems function on a global scale. That’s why marijuana-related credit card payments aren’t accepted.
Some suppliers claim to be able to get around this limitation, which causes uncertainty. They may provide alternatives that work, but they aren’t legal. You may even discover stories of people being convicted for attempting similar methods. If you join this program, you will be subjected to the same dangers. That implies you might end yourself in prison, which isn’t worth the risk. You will undoubtedly be able to provide your consumers with adequate lawful payment options.
Maintain the Safety of Your Cannabis Plantations
You may not realize it, but maintaining the space where you cultivate cannabis is a legal obligation as well. Video surveillance, access control, and system documentation are all things to think about.
Video Surveillance of Superior Quality
Many states need video footage with a certain resolution. Even if they don’t, it’s in your best interests to keep things open. As a result, every location where you cultivate cannabis should be covered by your video surveillance system. It’s essential to be able to see around every corner.
Aside from live broadcasting 24 hours a day, it’s also essential to keep the recordings for a specific period of time. Depending on the circumstances, you may need to save the video for at least a month. In addition, several jurisdictions mandate that the recordings be monitored 24 hours a day, seven days a week.
For a cannabis dispensary, you’ll need an access control system. Only a few people should be permitted in the area where the plant is grown. A functioning alarm system should also be installed. If someone trespasses on your property as a result of a breach, you should notify the authorities right once.
The rules also stipulate that thorough system documentation be maintained. This contains data about employees, inventories, and the manufacturing process, among other things.
Employee Theft and Its Consequences
Employee theft is more common than you would believe, and the cannabis sector is especially susceptible. As a result, doing a thorough background check before to employing an employee is highly advised.
You should also have dependable employees with access to critical locations, goods, and data. Employee theft may be prevented with a well-functioning system for tracking goods and inventories. You may limit financial losses and other issues if you discover a method to deal with these internal risks on time.
Delivery and Transportation
Some states have laws prohibiting transport firms from handling cannabis goods. That means you’ll have to arrange your own transportation. That’s a dangerous profession, which is why every delivery vehicle should be equipped with a GPS. It helps to have a skilled driver who can see a problem and respond appropriately in a hazardous scenario.
Please keep in mind that transporting cannabis over state lines may be prohibited. The laws differ from one state to the next. If you want to sell your goods in other states, get expert advice to ensure you comply with all applicable legislation.
The Importance of Maintaining Legal Status
The primary message we want to convey is clear if you read the text attentively. But allow us to emphasize it one more time. Your company must become and remain lawful. We realize that you want to maximize your earnings, and although other options may be appealing, they are not worth it. If you’re detected, you’ll face stiff penalties and be labeled a cheater in the future. That’s why being legal in all areas of your cannabis company is the best way to remain safe.