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Maybe you don’t even have your cannabis business license yet. You may not have even filed your license application.
That’s OK. Now is the time to start thinking about how your business will ensure that regulatory compliance is followed. This article shares tips about cannabis business license compliance.
To keep your cannabis business license, you first need to understand the importance of regulatory compliance.
Do you need help planning for or always remaining in compliance with the terms of your cannabis business license? Request a consultation now. Want to Keep Cannabis Business License? Be Compliant
Failure to maintain compliance is the number one reason why cannabis business licenses are revoked by the Marijuana Regulatory Agency (MRA).
You spent (or you will spend) probably hundreds of thousands of dollars in obtaining your license.
It would be a complete shame if you wasted that money because you didn’t follow the rules.
Michigan’s administrative rules are extremely comprehensive and concern every part of your business activities.
Since they’re so extensive, many often get overlooked.
This leads to severe penalties and eventually, revocation for many license holders.
Additionally, every infraction goes on your business record.
They will be held against you, especially if you seek additional licenses in the future.
Not only will your marijuana business license get revoked for non-compliance, but it’ll keep you from obtaining additional licenses.
This can be devastating to a growing business.
That is why we outlined below what we found to be the three (3) most important things you can do to secure your marijuana business license.
1. Include Compliance Activities Within Your Business Plan
If you don’t plan for this early, it’ll likely not happen.
Therefore, you need a business plan for your both your license application(s) and potential investors.
Including and emphasizing compliance activities in your business plan will only help you.
First, it’ll positively distinguish you from your competitors.
This is especially important when you’re applying in a competitive municipality.
City council awards licenses to those who emphasize compliance.
Why? Because they’re more likely to succeed (and more likely to follow their rules).
When your competitors don’t even bother to think about compliance, it’s a significant competitive advantage for your business.
2. Hire An In-House Compliance Officer
The biggest players in the cannabis industry hire full time, in-house compliance officers.
Their whole job is to ensure that the cannabis business is following both state and local guidelines.
Additionally, they must stay aware of any changes or additions to these guidelines.
M RA frequently posts advisory bulletins on their website .
Therefore, you need someone to stay up-to-date on these announcements.
You need to make sure that your compliance officer has the tools necessary to succeed.
3. Use Government Simulated Third Party Auditors
In addition to in-house audits, successful dispensary license holders also contract for third party audit services.
When someone else reviews your business, there’s zero chance of bias or overlooking issues.
This, among various other situations, is where an
expert cannabis cannabis attorney with a law firm specializing in marijuana businesses will help you. Don’t Risk Your Cannabis Business License
You can contract us to perform random government simulated audits to ensure your business is operating compliantly.
If it’s not, we’ll discover it first before the MRA does.
Additionally, your investors will be pleased to see your business taking these precautions.
This means that their investments are being protected.
As stated earlier, the cost of non-compliance is significant. It far exceeds the cost of opening a marijuana business
The earlier you begin to implement compliance strategies, the healthier your marijuana business will be.
Do you need help planning for or always remaining in compliance with the terms of your cannabis business license? Request a consultation now.