Deadline Alert:Michigan Marijuana Facility Applications Due… Download an Application Now

How to Transition Your Marijuana Business From Black Market to Compliant

by Faith Fidura February 21, 2018

Transition Your Marijuana Business From Black Market to Cannabis Compliant

marijuana businessFederal policy and the future of marijuana prohibition has been a hot topic throughout February.

From the Sensible Enforcement of Cannabis Act that would protect state programs to a federal lawsuit challenging the constitutionality of marijuana as a Schedule I drug, there have been many steps towards policy reform.

Despite these strides, those in the industry still need to work on protecting their marijuana businesses in the wake of Jeff Sessions’ repeal of the Cole memo. “Going legal” is not an easy transition, but these are normal business practices that will inevitably build a more professional and respected cannabis industry.

Here are five tips on how to transition your marijuana business from black market to cannabis compliant:

  1. CORPORATE STRUCTURE: Figure out who owns what, company responsibilities, and if you need additions to your team or investors.
  2. BUILD A BUDGET: Evaluate your business financials and assess your monthly, quarterly, and annual needs in order to remain compliant.
  3. DRAFT WORKING POLICY & PROCEDURES: Don’t rely on the last minute document you threw together for your inspection. Rethink and redraft to make sure your policies and procedures are crafted to your floor plan and business model to keep employees on track.
  4. TRAIN, TRAIN, TRAIN: Create employee handbooks on best practices and regularly retrain staff on compliance and business operations.
  5. LOCAL NETWORKING: Engage with your local and state municipal governments and bureaus and strengthen your legal cannabis community.