Across the country, in 2022 alone the expansion of legal cannabis markets broadened the number of entrepreneurs and businesses entering the cannabis space. East coast states such as New Jersey and Connecticut joined ranks with others and rolled out their recreational programs this year.
Whether you’re a cultivator, starting a cannabis business, or have been involved in the industry for a long time and want to continue that trend, compliance should be at the top of your to-do list. From testing to tracking, business owners have to jump through a lot of hoops too, first, get off the ground, and second, remain operational in the long term.
If you are aiming for longevity in the industry, compliance is key. It can turn out to be costly if compliance errors are made during the process of starting or running your cannabis business. Cannabis consultants and compliance experts help make the process of navigating this constantly changing territory straightforward and stress-free.
Why Is Cannabis Compliance Vital?
Ensuring that your business or organization is compliant with the laws and regulations at the state and local levels is necessary for your own success. More generally, though, it is important to prioritize compliance for both consumer safety and to build an industry from a strong foundation that values quality and the rule of law.
Legal cannabis, whether for recreational or medicinal use, has a historical stigma that has been attached to it for decades in the United States. Those participating in the industry should be making sure that all of their practices are compliant with the law in order to build an industry that is taken seriously by lawmakers and the public at large.
Running a subpar operation will not only affect your business negatively but will reflect poorly on the entire industry. Unfortunately, this is something that must be kept in mind since the cannabis industry already faces countless hurdles, from stigma to federal illegality, that it must overcome in order to serve the public.
Cannabis Compliance: How Much Does an Audit Cost?
At Simplifya, we know the industry front to back. We are passionate about compliance and know it is vital in order to achieve success. But we also know that it can be a burden that many think they cannot afford or have no time to dedicate to.
Individual audits can cost anywhere from $500 to $5,000 depending on the complexity of the audit, but remediation costs several times this amount. If you want to know a more exact number, it’s in your best interest to reach out to compliance experts that offer audit services to get a quote.
Ultimately, it will cost less to fix mistakes while they are small or avoid them outright by getting an audit. Fees can add up quickly, and you may even risk losing your license entirely. So, is the audit worth it? It is definitely worth it if you want to cover all your bases and protect yourself and your business.
Cannabis Compliance: Is an Audit Time-Consuming?
An audit does not have to be time-consuming. Simplifya had a team of lawyers and regulatory analysts develop top-notch compliance software that helps operators protect their licenses and businesses from operational and regulatory compliance issues.
This allows businesses to do a “Self Audit,” which can help you identify the areas where you are not in compliance. If you already have an employee that is responsible for compliance issues on staff, you would be able to pass.
By Olivia Swann, writer at Veriheal.