POS Tracking and Other CANNABIS COMPLIANCE
Whether you are trying to enter the cannabis industry, or you are already established, cannabis compliance and state regulations change regularly. From POS tracking to METRC, Our compliance experts can help your cannabusiness get off on the right foot.
Learn more about POS tracking
and other compliance services
Higher Yields understands where the industry has been and where the industry is going, let us help your company with our marijuana business compliance services. Our team of experts will help your business stay compliant and ahead of the curve when it comes to changes in the law. Our team of regulatory consultants have helped many businesses, managers, and employees set up POS tracking, obtain their occupational license, aka ‘badge’, as well as cannabis business licenses.
Applying for a Cannabis License?
Applying for a cannabis license whether to open a dispensary, garden, or to become a manufacturer of infused products (MIP) can be extremely tough and time-consuming. Along the way there are always obstacles, our cannabis regulatory services offer a stress-free solution. Let our marijuana industry experts help you apply and complete your application with state and local governments.
Some newcomers often look to go at it on their own, costing them time, money, and creating headaches. It can take weeks or months to compile all of the information and documents that must be filled out properly, formatted, and organized in a way that makes the application easy to read and understand. Higher Yields Cannabis Consulting breaks the process down into categories. Our cannabis compliance consultants develop checklists and set milestones as part of our service. This method ensures businesses do not become discouraged or frustrated. Let our cannabis compliance experts approach this systematically in order to help make it painless and easy.
Need help with a POS tracking cannabis compliance audit?
If you have any questions regarding our cannabis compliance audit services, or any of our other services don’t hesitate to contact us using the form below. One of our consultants will contact you within 1 business day.
WHY USE CANNABIS COMPLIANCE CONSULTANTS?
Knowing where you stand is the best place to start when trying to improve. Simply hoping for improvements without understanding your state and municipality’s rules and regulations can be very costly. It’s important when conducting a cannabis compliance audit that all the main areas of concern are covered. Let’s start at the federal level and work our way down to the state and local level.
CONSULT EXPERTS FOR YOUR CANNABIS BUSINESS PLANMany states will require a well-rounded business plan in addition to your license application, with Higher Yields this won’t be a problem. Our team of expert consultants can have a professional and acceptable business plan prepared for your business in any state with regulated marijuana laws.
THE EVER-CHANGING WORLD OF CANNABIS COMPLIANCEOne challenge in this new industry is to make sure you stay sure-footed every day, so there are no complications with business due to lack of knowledge of changes. Higher Yields’ marijuana compliance services can help you get a support or key badge to get into the occupational side of the industry. We can also walk you through the process to ownership.
FEDERAL CANNABIS COMPLIANCE AND THE COLE MEMORANDUM
Federal cannabis compliance requires a deep dive into understanding the Cole Memorandum, the FinCEN guidelines, and the Controlled Substances Act (CSA). These three documents and guidelines outline HYC’s approaches in the industry and help guide cannabis businesses in maintaining compliance from seed to sale. Knowing where you stand is the best place to start when trying to improve. Simply hoping for improvements without understanding your state and municipality’s rules and regulations can be very costly. It’s important when conducting a cannabis compliance audit that all the main areas of concern are covered. Let’s start at the federal level and work our way down to the state and local level.
The Cole Memorandum, although rescinded by former Attorney General Jeff Sessions, still acts as an important reference point for cannabis businesses as well as the state banks who bank the industry. The Cole Memorandum is a straightforward document passed down by the Obama administration for the purpose of supporting legally state licensed cannabis businesses around the country. The main points outlined in the Cole Memorandum are as follows:
- Prevent distribution of cannabis to minors
- Prevent cannabis revenue from funding criminal enterprises, gangs or cartels
- Prevent cannabis from moving out of states where it is legal
- Prevent use of state-legal cannabis sales as a cover for illegal activity
- Prevent violence and use of firearms in growing or distributing cannabis
- Prevent drugged driving or exacerbation of other adverse public health consequences associated with cannabis use
- Prevent growing cannabis on public lands
- Prevent cannabis possession or use on federal property (national parks, government property, etc.)
FinCEN GUIDELINES AND THE CONTROLLED SUBSTANCES ACT
The FinCEN guidelines help us understand how the federal government wants cannabis businesses to track and monitor cash handling and accounting. The main objective is ensuring that money is not being laundered. Having accurate and effective cash handling cannabis standard operating procedures in place can help minimize any issues that a cultivation, extraction, or retail facility may encounter when complying with these guidelines.
The Controlled Substances Act focuses mainly on inventory with its Point of Sale (POS) tracking. Similar to a pharmacy, the pharmacist in charge will know the inventory count of any medication they have on hand, at any given time. The inventory is tracked digitally, and a physical count of inventory on the shelves should match the count in the system. POS tracking is set up in the same manner. Every gram or unit of product must be tracked and having a tracking system in place to ensure physical and digital inventory is essential.
Bringing these items together is where the magic happens. The Cole memo creates the structure for how cannabis businesses can operate, while the FinCEN guidelines and CSA create traditional accounting methods comparing inventory to cash on hand. If the inventory and cash don’t line up, it can immediately be determined that there is an issue with one area or another. Too much cash could indicate the store could be laundering money. Inventory shortage could mean that someone is stealing or diverting product. Working within these three guidelines creates a system for owners, operators, investors, and regulators to develop operational effectiveness. Addressing compliance regulations and with setting up POS tracking from the onset will help your business stay in front of any issues or red flags that may present themselves, avoiding costly fines.