Cannabis operators have many important tasks to tackle, but staying compliant with the law is the one that can truly make or break your business. Companies in the cannabis sector are more harshly scrutinized than those in other fields. This is why you need to watch out for all the potential legal setbacks.
By keeping track of the latest changes in cannabis regulations, you can make sure you’re always on the right side of the law. This will allow you to do great business without hindrances, not to mention spare you hefty fines and other legal difficulties.
You already know that partnering with a reliable cannabis dispensary banking service is one of the ways to maintain your legal status, but there are other considerations too. Read on to discover the newest trends in cannabis regulatory compliance.
What are the newest regulatory compliance trends to look out for?
Cannabis startups begin their journey with a stringent licensing process and the struggle to stay compliant with the law only gets tougher from there. The cannabis industry is undergoing tremendous growth as well as constant shifts. Being complacent when you should be alert to ever-changing rules can lead to bigger issues down the line. Operators who lose track of the new legislation can fall behind the competition and get in trouble with the law.
To run a successful company, you have to stay in the know when it comes to the latest developments and apply this knowledge to your everyday operations. Here are some of the industry’s current news and predictions for 2022.
More states are moving toward legalization
The tide is turning in favor of cannabis legalization in the United States. The latest surveys suggest that more than half of Americans support it. The push for legalization is taking the USA by storm and, in 2021, adult use of cannabis was made legal in New York, New Jersey, Virginia, New Mexico, and Connecticut. Other states may be about to follow suit. For example, medical use of cannabis is legal in Rhode Island, Oklahoma, and Delaware, and there’s a strong possibility of adult use being legalized this year.
The SAFE Banking Act may usher in changes
While cannabis use hasn’t been legalized at the federal level, which will likely continue to create significant hurdles for operators, there may be big changes in sight. The SAFE Banking Act could give operators better access to banking services as well as reduce the high tax rates they’re currently subject to. There’s a likelihood of this bill being passed in 2022.
There are different policies in every state
Since states are autonomous when it comes to cannabis-related laws, each has its own set of regulatory and compliance standards. This creates an additional layer of difficulty for cannabis operators, particularly those that operate in multiple states. The National Cannabis Industry Association provides resources on state-specific policies so you can check the legislation in your particular location or determine what you need to branch out to another state.
Where can I find a compliant cannabis dispensary banking service?
Since cannabis is still a federally illegal substance and banks are unwilling to offer their services to companies in the industry, maintaining legal compliance in financial matters is a constant challenge for operators. Confia helps entrepreneurs overcome these problems and stay on top of all the regulatory complexities of cannabis banking services.