If your budding Cannabis business is new to market you may be wondering how to maneuver the fine line between following current and ambiguous regulations or experiencing legal ramifications because you missed something.
There are several considerations to have as an emerging Cannabis business owner, but the most critical one is to stay informed of the evolving climate that surrounds Cannabis regulation. Where do you even begin?
A 2018 report titled, “Here Comes Cannabis: How Legalisation Will Disrupt Global Industries,” states that within the next decade Cannabis will be a part of a consumer’s daily routines. It will either function within food or beverages as an ingredient or contribute to the composition of a wellness or mood enhancer within our health industry.
Despite this new “gold rush” – as Marc Scheineson, a lawyer with Alston & Bird in Washington, D.C. calls it here – the legal status of Cannabis in the United States remains unresolved and complicated.
Some states have legalized it for medical use while others have for recreational, but no federal standard exists across the board. Alongside legal uncertainties are regulatory ones.
So, how do you go about entering this evolving Cannabis market? You stay informed and in-tune with the ongoing conversation.
KEEP UP WITH YOUR STATE’S ENVIRONMENT
As this one article suggests, maintaining your awareness of your state’s laws is the most critical piece to this puzzle. The state level is where the most legal development is taking place. As it stands, 10 states have authorized Cannabis’ recreational use while 33 have allowed for medical – as of May 2019. In which category does your state fall? And what about your business? Knowing your state’s standards is paramount to positioning your new business in the market and staying within the bounds of the law in the process.
FOLLOW INDUSTRY PLAYERS
Cannabis is already found across tobacco, packaged foods and beverages, beauty, and personal health industries, in addition to medical and pharmaceutical. As such, you have any number or agencies and organizations with safety and regulation on their minds. From the World Health Organization (WHO) to the Food and Drug Administration (FDA), to the Drug Enforcement Administration (DEA) and Department of Agriculture (DOA), there is no shortage of players in this game. Which of these stakeholders (and their agencies and organizations) may interact or intersect with your Cannabis business? Whomever they are, follow them – in the news, the community, or online. Know what they’re adding to the conversation, what they’re advocating or admonishing. And consider what their position means for your business.
ENTER THE CONVERSATION
Don’t allow the key players at the state level or the industry representatives at WHO, FDA and beyond, make all the decisions that ultimately affect your business, consumers, and products. Be a part of the conversation. It is quite possible you know more about Cannabis than those with decision-making status. Speak with your legislators. Share what you know because you may know more. Find ways to join the dialogues in your community – on or offline. Do your own research so you’re positioned as a thought-leader and not just a producer in the industry. If you’ve been keeping up with your state’s environment and following industry players, you’ll have plenty to offer to the conversation and will stand out in the crowd. Which has its own perks for your business.
There’s no denying that the more informed you are, the better decisions you can make for your emerging cannabis business.
The market is expanding and changing, legislation and regulation along with it. The only way to keep up is to stay ‘in-the-know’ and to be a part of the dialogue. Decisions happening at state and federal level or within your industry are going to impact your Cannabis business. So, watch, listen, and speak up. Continuously. And look to companies with a growing awareness of the market for business solutions.
We have your back on software solutions like Weedware and BarTender®. Check those out and then be in touch for a demo. If there is one thing you can worry about less in an ever-moving market, it’s applications that can drive better business practice. We’ve got you covered there. Focus on growing your product and we’ll focusing on helping you grow your business.
