As a veteran of the cannabis industry, you’re already familiar with the regulatory complexities and operational risks that come with running a legal cannabis business. But even as the industry matures and expands—projected to reach $52 billion by 2026—banking remains one of the most persistent and misunderstood challenges.
Despite being legal in many states, cannabis remains a federally prohibited substance. That means financial institutions must follow federal laws, including the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) protocols, and FinCEN guidance, if they choose to work with cannabis-related businesses. This legal conflict results in higher compliance costs, greater documentation requirements, and fewer financial services available to cannabis operators.
Still, legitimate banking options are becoming more accessible. Businesses that operate transparently and work with proper compliance systems can secure reliable financial partnerships—without resorting to risky workarounds that often lead to frozen funds or account closures.
Understanding the Rules of the Game
Cannabis business owners must understand that banks operate under an entirely different set of rules. Even if your business is licensed and fully compliant at the state level, banks must verify that you also meet federal standards. This includes full documentation of your business structure, licensing, tax status, and ownership—especially for individuals holding 25% or more equity in the company.
Financial institutions also require evidence that you follow local rules, such as zoning approvals and municipal permits. The banking industry takes particular interest in ownership transparency, as previous cannabis operators have attempted to hide beneficial ownership behind shell companies or layered corporate structures. While these tactics may have delayed scrutiny in the past, they are now seen as high-risk and typically result in terminated accounts.
Laying the Groundwork: Due Diligence and Documentation
Before engaging with a financial institution, be prepared to undergo a deep due diligence process. Banks will expect to review your business formation documents, operating agreements, state and local cannabis licenses, tax filings, SOPs for compliance and security, and detailed financial statements. They may also request proof of your inventory tracking system, insurance coverage, and even video footage or plans related to your cash-handling procedures.
The more organized and transparent your records are, the more confident a bank will feel in your business. This includes having an accurate and up-to-date organizational chart, verifying all ownership interests, and providing supporting evidence for your business’s revenue, investments, and cash flow.
Proving Your Controls: AML and Seed-to-Sale Integration
Because cannabis remains a cash-intensive industry, banks are especially concerned about your ability to prevent money laundering. You’ll need to demonstrate that you have systems in place to document and trace every major transaction, identify suspicious activities internally, and track the movement of cash throughout your business. Written policies, transaction logs, and surveillance data are all important tools in meeting these requirements.
An essential part of building banking credibility is aligning your financial statements with your seed-to-sale inventory tracking system. If a bank asks how your product movement matches your reported income, you should be able to demonstrate a direct connection. Inconsistencies raise red flags, while tight integration builds trust.
Financial Discipline and Tax Transparency
Using cannabis-specific accounting software and experienced CPAs is no longer optional—it’s expected. Your records should be clear, professional, and separated from any non-cannabis revenue streams you might have. Maintaining excellent tax compliance is also crucial, particularly around IRS Section 280E, which restricts the deductions cannabis businesses can claim. Banks want to see not only that you’re filing taxes properly, but that you understand and proactively manage your tax obligations.
Relationship Management: Treat Your Bank Like a Partner
Just as you would with a supplier or regulator, maintaining a proactive relationship with your financial institution is key. Assign specific team members to handle banking communications. Keep your bank informed about changes in your business—whether that’s a new owner, a license renewal, or a change in address. Fast, accurate responses to information requests demonstrate your professionalism and commitment to compliance.
By contrast, businesses that open multiple accounts under vague business names, change banks frequently, or misrepresent their activities inevitably find themselves blacklisted. Several operators have lost access to funds or even shut down entirely due to deceptive practices.
Modern Solutions for a Modern Industry
Fortunately, the cannabis banking landscape has evolved. Today, more credit unions and state-chartered banks are stepping forward with programs designed specifically for cannabis operators. These institutions typically charge higher fees to cover the added compliance workload, but they offer transparency and predictability in return.
Additionally, cannabis banking platforms now exist to connect businesses with financial institutions that understand the industry. Some of these platforms also include tools for compliance documentation and reporting. New payment technologies are also emerging that reduce the need for cash handling while still staying within banking regulations.
All of these options represent a shift away from outdated and dangerous practices— such as disguising cannabis income, running funds through unrelated businesses, or relying on holding companies to open accounts.
Yes, It’s More Expensive—But It’s Worth It
Cannabis businesses must accept that they will pay more for banking services. Monthly fees often range from a few hundred to several thousand dollars. These charges cover the cost of suspicious activity report (SAR) filings, KYC verification, and ongoing account monitoring required by federal law.
While expensive, these fees are far less costly than dealing with frozen assets, last minute bank changes, or operating entirely in cash. The predictability and legitimacy that come with compliant banking relationships more than justify the investment.
Understanding SARs and Staying Ahead
Every cannabis-related account triggers SAR filings. Banks file one of three types: a Marijuana Limited SAR for compliant businesses, a Marijuana Priority SAR if the institution suspects a violation of state law, and a Marijuana Termination SAR if the account is shut down for compliance reasons. Trying to avoid SAR filings by obscuring your business type is a red flag and virtually guarantees eventual termination. It’s better to work with institutions that understand these requirements and have built programs to manage them.
Partnering with the Right Providers
You don’t have to navigate all of this alone. Specialized platforms can help manage your documentation and connect you with cannabis-friendly banks. When choosing a provider, confirm they understand both banking and cannabis regulations, check their track record, and make sure they offer strong data protection protocols.
The Payoff: Long-Term Stability and Growth
The benefits of strong compliance go beyond simply keeping your account open. Banks often lower fees over time for trusted partners, and access to services like lending and merchant processing expands as your relationship matures. Businesses with stable banking relationships are better positioned to grow, raise capital, and scale without constant operational disruptions.
Final Thoughts
As a cannabis industry veteran, you already understand regulation. But banking requires a deeper level of documentation, consistency, and strategic communication. Avoid shortcuts. Invest in compliance. Be transparent with your financial partners. While the process may be more rigorous than what other industries face, it’s navigable—and increasingly essential for sustainable growth.
In today’s environment, legitimate banking relationships aren’t just possible—they’re a competitive advantage.
NCIA’s Statement on Interlocutory Appeal in Federal Cannabis Rescheduling Hearing
The historic hearing scheduled to examine how marijuana is classified under federal law that could have potentially moved it into Schedule III of the Controlled Substances Act has been postponed indefinitely.
The DEA’s Chief Administrative Law Judge (ALJ) Mulrooney recently granted a request for leave to file an interlocutory appeal, resulting in the cancellation of the merit-based hearing and effectively pausing the proceedings for at least three months. With a new administration being sworn in imminently and a new DEA Administrator who has yet to be selected, future action remains uncertain.
The movants (Village Farms International, Hemp for Victory, Office of the Cannabis Ombudsman of Connecticut, et. al.) behind the request were Designated Participants (DPs) without standing who purport to be pro-rescheduling, despite the fact that their motion will require operators to continue paying the exorbitant tax rates that 280E imposes and has galvanized prohibitionists. The interlocutory appeal was filed in an attempt to remove the DEA as the proponent of the rescheduling rule due to evidence the agency was biased against cannabis and had engaged in communications with prohibitionist group Project SAM and other opponents outside of the legal process.
While we agree that the DEA was unsurprisingly not free from bias, NCIA did not subscribe to this strategy because removing the DEA from its own administrative court was never a viable option and would have only resulted in delay or perhaps the end of the rescheduling process.
As the only pro-cannabis party granted standing in these proceedings, we are very disappointed in this unfortunate turn of events initiated by parties without legal standing.
“We believe this to be an ill-conceived strategy that benefits no one but the prohibitionists seeking to hinder reform,” said NCIA CEO & Co-founder Aaron Smith. “Our members need rescheduling and tax relief now, and we remain committed to advancing these reforms through whatever means available in the weeks and months ahead.”
This development underscores the importance of NCIA’s ongoing work advocating for the cannabis industry in Congress and the new administration. It will be up to the next DEA Administrator to determine the future of cannabis scheduling and NCIA will be working hard to ensure getting the process back on track is a priority.
Our pro bono legal teams at Greenbridge Corporate Counsel and Fox Rothschild are exploring every avenue possible to get the proceedings back on track and ensure meaningful progress continues.
Committee Blog: The Tale of Two Cities – The Complexities of Cannabis vs Hemp
Hemp is federally legal but now the number of states banning hemp derived products are on the rise. Cannabis is federally illegal, however, we are now at 40 states with legalized cannabis markets. There is also the growing anticipation for the DEA to approve the reclassification of cannabis from Schedule 1 to Schedule 3, as many look ahead to the DEA hearings scheduled in 2025 in Washington, D.C.
Farm Bill of 2018
When Congress passed the Farm Bill in 2018, the intent was to provide a legal framework for the cultivation of hemp for industrial uses. In 2022, the sales of hemp and CBD products in the U.S. were estimated to be around $5 billion. For 2023 and 2024, projections indicated continued growth at approximately $6 billion. The market has been driven by increasing consumer interest in wellness products, new product innovations, and the expanding availability of hemp-derived items across various retail channels. Overall, the 2018 Farm Bill has opened doors for innovation and research in the hemp industry, benefiting consumers and producers alike.
Unintended Consequence
The Farm Bill was not designed to create synthetic hemp derived products that have the ability to cause intoxication, as an unregulated product, that allow minors to buy products easily available at gas stations and convenient stores. Nor was the Farm Bill designed to compete with products from the highly regulated cannabis industry.
Hemp-derived intoxicating products (HDIP), such as those containing delta-8 THC or other cannabinoids, have found a niche by leveraging their legal status under the 2018 Farm Bill, which allows for hemp products with less than 0.3% delta-9 THC. This legal framework enables them to be marketed and sold in many states where traditional cannabis products remain highly regulated or illegal.
Key Competitive Factors of Hemp vs Cannabis Products:
Legal Accessibility: Hemp-derived products can often be sold in a wider range of locations, including convenience stores and online, whereas cannabis products may require specific licenses and be limited to dispensaries.
Price Point: These products often come at a lower price than regulated cannabis, appealing to cost-sensitive consumers.
Variety and Innovation: The hemp market has rapidly introduced various products, including edibles, vapes, and beverages, catering to diverse consumer preferences.
Target Demographic: Many consumers who are curious about cannabis but wary of the higher THC levels in traditional products may find hemp-derived options appealing.
Challenges:
Regulation and Safety: As the market grows, so does scrutiny from regulators. Concerns about product safety, labeling, and quality control can affect consumer trust.
Market Confusion: The overlap between hemp and cannabis can create confusion among consumers regarding the legality and effects of different products.
The insurability of unregulated hemp-derived products, such as those containing delta-8 THC or other cannabinoids, presents several challenges:
Lack of Regulatory Standards:
The absence of uniform regulations for hemp-derived products can make insurers wary, as there may be variability in product quality and safety.
Inconsistent Labeling and Testing:
Many products lack third-party testing for potency and purity. This inconsistency increases the risk of legal claims related to mislabeling or contamination.
Legal Ambiguity:
The legal status of some hemp-derived cannabinoids varies by state, leading to uncertainty about liability and compliance for manufacturers and retailers.
Consumer Safety Risks:
Without strict regulations, there are potential health risks associated with unregulated products, which can lead to consumer harm and subsequent lawsuits.
Limited Market Data:
Insurers often rely on historical data to assess risks. The hemp-derived market is still relatively new, and there is insufficient data on claims and losses, making it challenging to determine appropriate premiums.
Reputation and Brand Risk:
Companies in the unregulated space may face reputational risks, which can affect their insurability. If a brand is associated with negative consumer experiences, it can lead to increased claims.
Evolving Legislation:
Rapid changes in laws and regulations regarding hemp and cannabinoids can create uncertainty for insurers regarding coverage requirements and risks.
Product Liability:
Insurers may be concerned about potential product liability claims, especially if products lead to adverse health effects or if consumers experience negative reactions.
Due to these challenges, companies dealing in unregulated hemp-derived products may find it difficult to obtain insurance or may face higher premiums and more stringent underwriting requirements.
As both markets evolve, the competition will likely lead to further innovations and changes in consumer preferences, but more importantly has led to a response from Congress and from a variety of states who are acting to change regulations and/or ban hemp derived products, putting the hemp industry and consumers who use hemp and CBD products as medicine at risk.
State by State Regulatory Response
States such as New Jersey, Virginia, Georgia, California and New York are contemplating changes or have already made changes to hemp laws to restrict and/or regulate sales. Please see links below for more state specific responses and information.
There are many complexities to the Farm Bill of 2018, and there are complexities of each state’s highly regulated cannabis market. It is believed there can be a balance and existence of both the cannabis and hemp and CBD market. At the end of the day, anyone can order hemp, CBD products via e-commerce due to federal laws. There are manufacturers who are good actors and some who are bad actors, as always, “Caveat Emptor”.
Committee Blog: Cannabis Companies – Be Ready and Prepared for an IRS Audit
As the cannabis industry continues to expand, operators face unique challenges in tax compliance and financial management. Among the most daunting prospects for any business owner is an IRS audit, and for cannabis companies, the stakes are even higher. Proper preparation is key to ensuring your business is ready for this possibility.
The Increased Likelihood of an Audit
Cannabis companies are significantly more likely to be audited than those in other industries. A 2020 study by the Treasury Inspector General for Tax Administration found that cannabis businesses were 4.7 times more likely to be audited than non-cannabis businesses of similar size. This heightened scrutiny underscores the importance of being thoroughly prepared.
Building the Right Support Team
Assembling a team that understands the intricacies of the cannabis industry is essential. Key players include:
Cannabis-Specific CPA: Expertise in 280E compliance, state-specific tax laws, and cost accounting methods tailored for cannabis businesses.
Cannabis Tax Attorney: Specializes in cannabis tax law, provides regulatory guidance, and represents your business during audits.
Compliance Officer: Ensures adherence to regulations, maintains proper documentation, and implements internal controls.
Inventory Management Specialist: Oversees tracking systems, accurate inventory valuation, and optimization of Cost of Goods Sold (COGS).
Accurate Accounting and Documentation
Maintaining precise accounting records and documentation is critical. Essential records include sales receipts, vendor invoices, bank statements, payroll records, and inventory logs. Well-organized documentation supports your accounting entries and provides a solid foundation during an audit.
Standard Operating Procedures (SOPs)
Documented SOPs covering all areas of operation are vital, especially in a cash-heavy industry like cannabis. SOPs help mitigate risks such as misappropriation of funds, fraud, theft, and safety issues, ensuring consistency in your operations.
Consistent Employee Training
Regular training for employees is crucial due to the high turnover in the cannabis industry. Staff should be well-versed in handling cash, maintaining accurate records, and following SOPs to ensure compliance and security.
Internal Audits and Controls
Given the fluid nature of the cannabis industry, internal audits are essential. Regular self-audits help identify and correct potential issues before they escalate into major problems during an IRS audit.
Cost of Goods Sold (COGS) and IRC 471(c)
Accurate COGS calculations are vital for compliance with Section 280E, which disallows most business expense deductions except for COGS. Additionally, under IRC Section 471(c), small businesses may use a simplified inventory accounting method, potentially reducing tax burdens by including more costs in inventory rather than disallowed deductions. Ensure your business qualifies as a small business under IRS guidelines and maintain proper documentation to support the use of 471(c).
Managing Multiple Banking Relationships
If your cannabis business maintains multiple banking relationships, it’s essential to keep all records reconciled, including any intercompany and inter-bank transfers. Proper record-keeping and reconciliation are crucial for transparency and audit readiness.
State Audit Considerations
State audits can be particularly rigorous in the cannabis industry. Here are key considerations:
Licensing and Compliance: Ensure you have all necessary licenses and permits, and can demonstrate adherence to state regulations, security protocols, and quality control standards.
Financial Projections: Develop detailed financial projections, including revenue, expenses, and profitability. Use a cannabis-specific Chart of Accounts (COA) for accurate tracking.
Operational Plans: Document all operational processes, from cultivation to distribution, and be prepared to present these during an audit.
Risk Assessment and Contingency Planning: Identify and mitigate potential risks such as supply chain disruptions, regulatory changes, and security vulnerabilities.
Security Measures: Most states require comprehensive security plans, covering aspects like surveillance, access controls, product storage, cash handling, and employee background checks.
Document Management: Establish an organized system for storing essential documents, including licenses, compliance records, financial statements, and operational manuals.
Policies and Procedures: Ensure that your policies and procedures are well-documented, covering safety, inventory reconciliation, and waste disposal.
Professional Assistance: Hiring an accounting and tax professional with cannabis industry expertise can be invaluable for audit preparation and compliance.
Strengthening Your Approach to IRC 471(c) Compliance
IRC Section 471(c) offers cannabis businesses the opportunity to simplify their inventory accounting and potentially reduce their taxable income. However, successfully leveraging 471(c) requires careful planning and meticulous record-keeping. Here’s how to optimize your compliance strategy:
Key Requirements and Best Practices
Eligibility and Qualification:
Under 471(c), small businesses with gross receipts under $25 million (adjusted for inflation) can use simplified inventory accounting methods.
Ensure your cannabis business meets the IRS’s small business threshold, and keep records that prove your eligibility. This includes tracking and reporting your gross receipts accurately.
Accurate Categorization of COGS:
One of the main benefits of 471(c) is the ability to allocate more expenses to Cost of Goods Sold (COGS). This can include indirect costs that were previously non-deductible under 280E.
Carefully document and categorize every expense that contributes to inventory costs, ensuring you capture all eligible expenses without overstating them. This may include direct materials, labor, and even some overhead costs.
Detailed Documentation and Record-Keeping:
Maintaining thorough documentation is critical when applying 471(c). Every transaction, from purchasing raw materials to labor costs, should be meticulously recorded.
Keep records of how you allocate expenses to COGS under 471(c). This includes detailed explanations of the methods used for allocation, supported by invoices, receipts, and financial statements.
Regular Financial Reviews:
Conduct regular internal audits and financial reviews to ensure ongoing compliance with 471(c). This helps identify discrepancies early and allows for adjustments before filing tax returns.
Regularly reviewing your financials also helps ensure that your accounting methods align with both federal tax laws and state-specific regulations, reducing the risk of errors during an IRS audit.
Use of Specialized Software:
Employ accounting software specifically designed for the cannabis industry that supports 471(c) compliance. These tools help streamline the process of categorizing expenses, managing inventory, and generating accurate financial reports.
Professional Guidance:
Work with a tax professional who understands the intricacies of IRC 471(c) and the cannabis industry. They can provide tailored advice on optimizing your tax position and ensuring that your accounting practices align with the latest IRS guidelines.
By strategically implementing IRC 471(c) and maintaining strict adherence to its requirements, your cannabis business can benefit from reduced taxable income while remaining compliant with federal tax laws. Proper documentation, regular financial audits, and the use of industry-specific software are essential to maximizing the benefits of 471(c) and minimizing the risks during an IRS audit.
Conclusion
Preparing for an IRS audit as a cannabis operator requires a proactive approach and a knowledgeable team. By assembling the right professionals, maintaining accurate records, implementing strong internal controls, and staying informed about regulatory changes, you can navigate the complex world of cannabis taxation with confidence. Remember, the cost of proper preparation is always less than the potential consequences of being caught unprepared.
Investing in competent professional service providers may seem costly, but it can save you significantly in the long run. A 2022 survey by the National Cannabis Industry Association found that cannabis businesses working with industry-specific accountants and lawyers were 62% less likely to face major compliance issues during an audit.
This December, in conjunction with MJBizCon’ s pre-show forum Association Day held 12/3/24, Cannabis NewsHub asked participating associations the question “How does your organization bring value to your members and the growth of their business?
20+ Cannabis-related associations shared their thoughts on the value and member benefits they offer and these “INSIGHTS” were shared on Cannabis NewsHub’ s social media channels and are posted on their website. In addition, attendees of MJBizCon’ s Association Day had the opportunity to meet these associations in person on December 3 in Las Vegas.
The “INSIGHTS” shared in this series vary greatly and provide for the benefits of membership to each organization. Examples of benefits include professional networking, business development, trend tracking, advocacy, educational programs, continuing education credits, federal lobbying efforts, engagement, promotion, foster economic opportunity, industry specific training, and more.
It is our hope that sharing these INSIGHTS will help you navigate the various member benefits, learn about organizations, and help you determine what memberships best align with the mission of your business.
Be Part of a Movement, Not a Moment: Highlights from NCIA’s Fall Stakeholder Summits
This fall, the National Cannabis Industry Association (NCIA) held four Stakeholder Summits across the United States, gathering cannabis industry operators, regulators, investors, and advocates to tackle the unique regulatory, operational, and strategic challenges facing cannabis businesses today. Held in Michigan, New York, Ohio, and Southern California, these Summits offered actionable insights into the evolving landscape of cannabis regulation and taxation, fostering a spirit of collaboration and movement-building in support of a thriving, equitable industry.
Michigan Stakeholder Summit: Regulatory Adaptation and Collaborative Solutions
The Michigan Stakeholder Summit brought to light the latest regulatory shifts impacting cannabis operators in the state. From changes in the Hemp Farm Bill to Michigan’s approach to intoxicating hemp sales, the panel on “Operator Insights and Regulatory Perspectives” shed light on pressing issues. Brian Hanna, Executive Director of the Cannabis Regulatory Agency, addressed upcoming regulatory changes and discussed the need for balanced enforcement to protect Michigan’s legal market. Discussions also covered navigating compliance with agencies like the Department of Environment, Great Lakes, and Energy (EGLE) and MIOSHA, while maintaining operational efficiency.
One core theme emerged from panelists such as Rebecca Collett of Calyxeum and Allison Ireton of Bloom City Club: collaboration is essential. As the Michigan cannabis market faces evolving dynamics, including the rapid issuance of new licenses and pressures on medical caregivers, the need for a transparent dialogue between regulators and industry stakeholders remains critical. Attendees left with actionable strategies for adapting to compliance requirements, maintaining business viability, and ensuring consumer protection.
New York Stakeholder Summit: A Regulatory Landscape in Transition
In New York, the Stakeholder Summit focused on how operators can succeed in a rapidly maturing market. Led by John Kagia from the Office of Cannabis Management (OCM) and industry veterans like Jeffrey Schultz of Foley Hoag LLP, the “Operator Insights and Regulatory Perspectives” panel delved into the complexities of New York’s regulatory landscape. The session addressed social equity provisions, compliance hurdles, and strategies for growth in a highly regulated environment.
Key questions included navigating the intake process for new operators and the impact of recent enforcement actions on the illicit market. Kate Hruby of KJH Strategy emphasized the need for well-defined compliance guidelines to reduce ambiguity, while Marcella Osello of DOPE CFO Certified Advisors shared insights on the financial challenges facing small businesses in New York. The panel underscored the importance of partnerships between operators and policymakers, leaving attendees with insights on building a resilient business within a market in flux.
Ohio Stakeholder Summit: Legislative Updates and Strategic Business Growth
The Ohio Summit explored the convergence of legislation, legal complexities, and operational strategy essential for growth in Ohio’s cannabis market. Ohio State Representative Juanita Brent (D – District 22) shared updates on recent legislative actions affecting cannabis operators and emphasized the need for proactive policy advocacy, particularly as the legislative landscape shifts with changes in state leadership.
Legal experts like John Oberle of Ice Miller LLP and Helen Mac Murray of Mac Murray & Shuster LLP highlighted the nuances of Ohio’s regulatory requirements, with a focus on compliance around testing, product dosing, and advertising restrictions. Emillie Kelleher of BeneLeaves provided practical strategies for scaling a cannabis business within these parameters, underscoring the importance of understanding regulatory demands while fostering consumer trust. Ohio’s legislative season is critical for the cannabis industry, and the call to action was clear: advocate, educate, and ensure that the industry’s voice is heard as Ohio’s regulations continue to evolve.
Southern California Stakeholder Summit: Advancing Equity and Policy Innovation
In Los Angeles, top regulators, operators, and industry advocates gathered to explore the unique challenges and growth opportunities within the region’s cannabis market. Michelle Garakian, Executive Director of the Los Angeles Dept. of Cannabis Regulation, and Laura Magallanes, Deputy Chief of the Office of Cannabis Management for Los Angeles County, shared insights on compliance, while moderator Yvette McDowell guided a discussion on strengthening industry-regulator collaboration. Jazmin Aguiar, Emerging Markets Consultant for Council Member Imelda Padilla, contributed her expertise on market expansion and policy development, underscoring the importance of community engagement in regulatory planning.
Equity operator Kika Keith, founder of Gorilla RX Wellness, advocated for streamlined processes and resources to support equity businesses, while Jerred Kiloh, President of the United Cannabis Business Association, called for policy reform, including excise tax reduction, alongside stronger enforcement against illicit operators. Panelists encouraged attendees to engage in advocacy and build stronger partnerships with local agencies, presenting a path forward for a compliant, thriving, and equitable cannabis industry in Southern California.
Schedule III & Section 280E: Navigating the Future of Cannabis Taxation
Across all four Summits, the “Schedule III & Section 280E: Navigating the Future of Cannabis Taxation” panel served as a pivotal discussion into how the potential rescheduling of cannabis could reshape financial and regulatory landscapes. Featuring a diverse lineup of industry experts and regional operators from across the cannabis supply chain, the discussion highlighted the anticipated end of 280E limitations and its impact on tax planning, capital access, and broader market opportunities.
Each panel featured unique perspectives: in Michigan, Thomas Lavigne, Jay Snipes and Scott Greiper explored strategic financial planning for capital investment in a post-280E landscape and how operators could prepare for new deductible expenses. In New York, Al Foreman and Marcella Osello shared expertise on how rescheduling could influence capital markets and growth for smaller operators. In Ohio, Thomas Haren and Ashley Mosby emphasized proactive compliance and planning for tax relief, while in Southern California, Neil Rosenfield, Henry Wykowski, and Eric Kaufmann discussed the regulatory adjustments needed to fully benefit from Schedule III status, with a focus on operational scalability and tax strategy. Panelists across all locations encouraged operators to adopt forward-thinking approaches, aligning financial practices with both current and evolving regulatory environments.
Honoring Our Speakers: Driving Conversations That Shape the Cannabis Industry
The success of the Fall 2024 Stakeholder Summits would not have been possible without the expertise and passion of our distinguished speakers. These industry leaders, policymakers, and advocates generously shared their knowledge, providing actionable insights and fostering critical dialogue on the challenges and opportunities facing cannabis businesses today. We extend our heartfelt gratitude to each of them for their invaluable contributions.
Schedule III & Section 280E: Navigating the Future of Cannabis Taxation
Thank you to each of these exceptional speakers for advancing the conversations that define the future of our industry. Their insights and leadership continue to inspire progress and innovation across the cannabis landscape.
Thank You to Our Sponsors and Partners: A Driving Force Behind the Fall 2024 Stakeholder Summits
Platinum Sponsors
FundCanna and Bavis Fabacraft led the way as our Platinum Sponsors, opening each Summit with impactful contributions that set the stage for dynamic discussions and actionable takeaways. Their support was instrumental in creating events that inspired collaboration and innovation across all four Summits.
Together, these sponsors and partners exemplify the power of collaboration and the impact of collective action. Their support not only elevated the Fall 2024 Stakeholder Summits but also strengthened our shared mission to create a sustainable and equitable future for the cannabis industry.
Thank you for being an essential part of this movement and for helping us continue to inspire, advocate, and lead as we shape the future of cannabis.
Building a Movement for Change
The NCIA’s Stakeholder Summits brought together a diverse array of voices committed to the growth and integrity of the cannabis industry. From navigating complex compliance landscapes to advocating for inclusive regulatory frameworks, the message across each session was clear: this is a movement, not just a moment. Industry stakeholders must collaborate, advocate, and actively participate in shaping the future of cannabis in the United States.
For cannabis operators, now is the time to align with the NCIA’s mission, engage in industry advocacy, and contribute to a movement that transcends individual business interests. Together, we can forge a resilient industry that not only meets today’s challenges but also paves the way for a sustainable and equitable future.
The conversation continues in 2025 — NCIA will hold follow-up Stakeholder Summits in Sacramento and Denver in Q1 and Q2, culminating with our first-ever National Stakeholder Summit in May 2025. This event will coincide with our 13th Annual Cannabis Industry Lobby Days in Washington, D.C., where we’ll unite industry leaders to make an impact on the national stage.
Join the movement — Drive meaningful change and help define the cannabis industry for generations to come by becoming a member of NCIA. Learn more about membership here.
Unlock Data-Driven Success: Watch the Full Recording of Our Latest NCIA Webinar
The cannabis industry is evolving rapidly, and data is the key to staying ahead. If you missed our latest Service Solutions webinar, now’s your chance to catch up on everything shared by leading experts in the field. During this NCIA Industry Essentials session, we explored how cannabis and ancillary businesses can harness data to drive growth, adapt to shifting regulations, and remain competitive in a dynamic market.
The session featured Adam Hutchinson, Co-Founder of CannaSpyglass, a leading provider of market intelligence and cannabis data solutions. Adam shared valuable insights into how businesses can use data to anticipate trends, identify emerging market opportunities, and optimize decision-making. CannaSpyglass specializes in providing cannabis businesses with access to comprehensive data analytics, helping them remain agile in a competitive environment. Their expertise in leveraging real-time market data has helped numerous cannabis operators scale their businesses and stay ahead of industry changes.
Along with Adam, John Manlove, CEO of Apex Trading, and Vib Gupta, Co-Founder & CEO of CannMenus, discussed the importance of utilizing market data for B2B and B2C insights, and how companies are embedding data-driven decision-making into their operations for better performance and growth.
This session was packed with actionable takeaways on how to leverage cannabis market data, anticipate challenges, and make more informed strategic decisions.
Exclusive Offers for NCIA Members & Webinar Viewers
As part of this special session, we’re offering exclusive discounts to NCIA members and webinar viewers:
Essentials Plan: Get started with CannaSpyglass for just $1/month using code NCIA1DOLLAR. This plan gives you access to a wide range of cannabis data insights, allowing you to explore the latest industry trends and consumer behavior on a budget.
Pro Plan: Save 25% on an annual subscription to CannaSpyglass with code NCIA4ANNUAL. This plan provides full access to CannaSpyglass’s advanced market analytics, real-time data, and custom reporting tools—perfect for businesses looking to gain a deeper understanding of cannabis market dynamics and make data-driven decisions.
CannMenus Offer: CannMenus is offering 60% off your first month of the Pro Suite to all webinar attendees and NCIA members. Use code NCIA60 at checkout to unlock full access to CannMenus’ suite of market analytics, sales enablement tools, unlimited real-time alerts, and custom reporting, with aggressive bundle pricing for additional markets.
These exclusive discounts give you access to the tools and resources you need to drive success in the cannabis industry. From market analytics to real-time alerts, these offerings will help you stay ahead of the competition and ensure compliance as market dynamics continue to shift.
NCIA’s Member-to-Member Discount Program: More Ways to Save
By becoming a member of NCIA, you gain access to our Member-to-Member Discount Program, which connects you with exclusive deals and services from trusted industry providers. From software solutions to legal services, our program offers discounts on products and services that can help your cannabis business stay compliant, scale, and succeed.
Exclusive educational content, including webinars, reports, and industry insights
Member-only discounts on a wide variety of business tools and services
Advocacy that ensures your voice is heard in important regulatory matters
Networking opportunities with key players in the cannabis space
Joining NCIA is more than just about savings; it’s about investing in the future of your business. Whether you’re navigating regulations or looking for new ways to grow, NCIA provides the resources, education, and connections you need to succeed.
Why Join NCIA?
By joining the National Cannabis Industry Association (NCIA), you gain access to a powerful network of cannabis professionals and resources. Our members benefit from:
Cutting-edge webinars and educational content that keep you informed and prepared for the future
Exclusive discounts that save you money on essential tools and services for your business
Advocacy efforts that protect your business and the cannabis industry at large
Networking opportunities with thought leaders, service providers, and industry professionals
Joining NCIA gives you the support and resources necessary to scale and succeed in a rapidly evolving industry.
👉 Join NCIA Today and unlock a wealth of discounts, resources, and support to grow your cannabis business! Become a Member
Watch the Full Webinar Recording
Don’t miss the opportunity to catch up on this essential session. Watch the full Service Solutions: Mastering Data-Driven Success webinar recording now, and discover how you can leverage market data to drive smarter, more informed decisions for your cannabis business.
Stay ahead in the cannabis industry with NCIA—your partner in success!
Unlocking Compliance: Full Webinar Recording Now Available!
The cannabis industry is rapidly evolving, and navigating the complexities of compliant marketing has never been more critical. Missed our latest Industry Essentials: Committee Insights webinar, Unlocking Compliance: Understanding Cannabis Marketing Regulations? Don’t worry—the full recording is now available!
Maria Calabrese, J.D. – CEO of Green Bee Life, bridging transparency and innovation in cannabis content and education.
Helen Mac Murray – Partner at Mac Murray & Shuster, LLP, with extensive expertise in regulatory compliance and consumer protection.
Chad Blackham – Compliance Attorney at Mac Murray & Shuster, LLP, specializing in marketing and advertising law.
Emilie Ramach – VP of Business Development at BeneLeaves, offering deep operational insights into cannabis marketing.
What You’ll Learn:
How to avoid deceptive practices and ensure truth in advertising
Backing health claims with credible scientific evidence
Strategies for navigating ever-changing social media advertising policies
Crafting compliant environmental claims that resonate with today’s consumers
Trademark, packaging, and branding guidelines that safeguard your business
Staying compliant with texting and calling regulations under TCPA and DNC laws
Whether you’re a seasoned operator or new to the industry, this webinar is packed with actionable insights to help you market smarter, protect your business, and stay ahead of evolving regulations.
📺 Access the Recording Here
Why Join NCIA?
As the cannabis industry’s most trusted resource, NCIA offers exclusive opportunities to stay informed, connect with industry leaders, and advocate for policies that support your business. Members get access to webinars like this, industry reports, networking events, and more.
🌱 Join NCIA Today and gain the tools you need to thrive in this ever-changing landscape!
Member Blog: Building a Strong Brand – 9 Tips for Cannabis Business Improvement
In the competitive world of cannabis, branding is everything. A strong brand can set your business apart from the rest, making it memorable to consumers. In fact, studies show that 77% of consumers make purchases based on brand loyalty. With so many options available, how do you ensure your brand stands out?
Well, don’t worry; this article provides actionable tips to help you improve your cannabis business through effective branding strategies. By implementing these strategies, you can create a brand that resonates with your customers, builds loyalty, and drives sales.
Let’s get started!
1. Define Your Brand Identity
The first step in building a strong brand is defining your identity. What does your brand stand for? This includes your mission, vision, and core values. Clearly articulating these elements helps create a cohesive message. Think about what you want your customers to associate with your brand. Are you focused on quality, sustainability, or community?
Next, develop a Unique Selling Proposition (USP). What makes your business unique? Identify what differentiates your products or services from others in the market. This could be anything from organic ingredients to exclusive strains. A strong USP will help attract and retain customers.
2. Increase Your Product Portfolio
Expanding your product line is essential for attracting a broader audience. For example, “The Hemp Spectrum” has improved its brand by increasing its product portfolio. They offer concentrates, edibles, self-care, and pet care products. You can look up “The Hemp Spectrum online dispensary” to see how they are diversifying and utilizing their product portfolio. This diversification allows them to cater to various customer preferences and needs.
To do this, you have to stay informed about market trends. Identify new product opportunities based on current consumer demands. Use surveys or social media polls to gather insights directly from your customers. Understanding what your audience wants will guide your product development.
3. Develop a Strong Online Presence
A user-friendly website is vital. Make sure your site is easy to navigate and informative. Include high-quality images and detailed product descriptions. A well-optimized website enhances the shopping experience and builds credibility.
Engage with customers on social media platforms like Instagram and Facebook. These platforms are great for building community and brand awareness. Share engaging content, such as educational posts, behind-the-scenes videos, and customer testimonials. Regular interaction keeps your audience connected and interested.
4. Focus on Quality and Compliance
Quality control is critical in establishing trust with your customers. Ensure that your products meet high standards consistently. This includes sourcing quality ingredients and conducting regular testing. When customers know they can rely on your brand for quality, they are more likely to return.
Staying compliant with local laws is essential. Regulations can vary widely in the cannabis industry. Make sure you are up to date with the latest regulations in your area. Compliance enhances your brand reputation and helps avoid legal issues.
5. Engage with Your Community
Building strong relationships with local businesses and organizations can strengthen your community ties. Collaborate on events or promotions that benefit both parties. This not only increases your visibility but also reinforces your commitment to the community.
Engage in cannabis fairs, expos, and local events to promote your brand. These gatherings provide a platform to showcase your products and connect with potential customers. Networking at such events can also lead to valuable partnerships.
6. Invest in Professional Branding
Consider working with branding professionals. They can help create a cohesive brand image that resonates with your target audience. A strong visual identity, including logos and color schemes, is essential for recognition.
Consistency is key in branding. Use the same logos, colors, and messaging across all platforms. This helps establish a recognizable brand and builds trust with your audience.
7. Utilize Data Analytics
Data analytics can provide valuable insights into customer preferences. Use analytics tools to track buying patterns and trends. Understanding how consumers interact with your brand helps inform marketing strategies and product development.
Data-driven decisions lead to better outcomes. Use insights from your analytics to guide your marketing efforts and product offerings. This approach ensures you are meeting the needs of your audience effectively.
8. Educate Your Customers
Offering educational resources about your products is a great way to engage your audience. This could include blog posts, videos, or webinars. Educated customers are more likely to make informed purchasing decisions.
Position your brand as a trusted source of information in the industry. By providing valuable content, you build authority and credibility, which can lead to increased customer loyalty.
9. Monitor and Adapt Your Strategy
Continuously assess what works and what doesn’t. Regular reviews of your branding efforts can help identify areas for improvement. Stay open to change and ready to adapt your strategies as needed.
The cannabis market is constantly evolving. Stay informed about industry trends and be prepared to adjust your offerings. Flexibility will help you remain competitive and relevant.
Conclusion
Building a strong brand is crucial for the success of your cannabis business. By implementing these ten tips, you can improve your branding and attract loyal customers. Embrace these strategies to foster growth and customer loyalty in this dynamic industry.
Committee Blog: Extracting the Truth – Best Practices for Cannabis Extraction
We stand at a pivotal juncture in the cannabis industry, defined by rapid technological advancements in extraction methods and an increasingly complex regulatory landscape. How do we make sense of it all? Before you can have consumables, topicals and concentrates, you must first extract the cannabinoids from the plant. There are multiple extraction methods available, and each method not only influences the efficiency and cost of production, but also affects the purity, potency, and safety of the final product. Manufacturers of cannabis products use various methods for extracting vital compounds from cannabis. Keep on reading to dive into the multifaceted world of cannabis extraction, exploring traditional, modern, and emerging technologies that are shaping the industry.
Understanding Extraction Methods
Here’s a look at some of the most common technologies used:
Traditional and Solvent-Based Extraction
Butane Hash Oil (BHO) and Ethanol Extractions: These are among the most prevalent methods, prized for their efficiency and ability to preserve terpenes. However, solvent-based methods require rigorous disposal of the solvent post-extraction to avoid contamination, highlighting the necessity for strong quality-control measures.
CO2 Extraction: Utilizing supercritical CO2 as a solvent, this method is celebrated for its safety and environmental friendliness. The precision and adjustability of CO2 extraction allow for targeted extraction of specific cannabinoids and terpenes, but at a higher operational cost.
Physical and Non-solvent Extraction Techniques
Rosin Tech and Ice Water Hash: These solventless techniques are gaining traction for their simplicity and the purity of the extract. While they offer a safer alternative by eliminating solvent residues, their scalability and efficiency in commercial settings remain areas for development.
Novel Extraction Innovations
Ultrasonic Extraction and Microwave-assisted Extraction (MAE): The cutting edge of extraction technology, these methods promise increased efficiency, reduced processing times, and enhanced terpene profiles. Their adoption is set to revolutionize the industry, provided they can overcome initial high capital investment barriers and integrate seamlessly with existing regulatory frameworks.
Product Quality and Regulatory Compliance
Which extraction method you choose will directly affect the chemical composition of the final product, and advanced testing and quality assurance protocols will be necessary. The industry has seen significant advancements in testing technologies, such as High Performance Liquid Chromatography (HPLC) and Gas Chromatography-Mass Spectrometry (GC-MS), which are crucial for verifying the absence of solvents, pesticides, and other contaminants.
Navigating the regulatory landscape is a formidable challenge for manufacturers. Regulations vary widely across jurisdictions and often lag behind technological advancements. Be sure to understand issues such as labeling requirements, potency limits, and compliance with Good Manufacturing Practices (GMP).
Manufacturing Challenges and Best Practices
Lab Safety and Employee Training
The extraction process involves handling volatile substances and operating complex machinery, so robust lab safety protocols and ongoing employee education are must-haves. Prioritize creating a culture of safety and compliance, such as creating SOPs for your processes. This will help prevent accidents and ensure the well-being of your staff. Also be sure to document training and day-to-day operational issues.
Scaling Production While Maintaining Quality
As the demand for cannabis extracts continues to grow, you might face the challenge of scaling your operations without compromising on product quality. You can achieve this balance by implementing scalable extraction technologies, maintaining stringent quality control, and investing in research and development.
Recommendations for Industry Growth and Policy Reform
Foster Innovation through Research and Development: Public and private investment in research can help identify new extraction technologies and their applications.
Harmonize Regulatory Standards: The standardization of safety and quality regulations across jurisdictions will facilitate compliance and ensure a level playing field.
Promote Consumer Education: Comprehensive educational initiatives will inform consumers about the safety, efficacy, and benefits of cannabis extracts.
Engage in Policy Dialogue: Active dialogue between industry stakeholders and policymakers will ensure that common-sense regulations are informed, pragmatic, and open to innovation.
The demand for infused products is growing, so manufacturers need to be planning for advanced extraction technologies – ones that fit within regulation and prioritize safety, quality, and consumer protection. By embracing innovation, advocating for harmonized regulations, and educating an informed consumer base, we can achieve growth and establish ourselves as a responsible and valuable sector of the global economy.
NCIA Committees: Now Accepting Applications For The 2025 Term!
If you want to take your industry involvement to the next level, now is the time to get join one of NCIA’s 12 member-driven committees! NCIA is excited to announce that from now until December 11, we are accepting applications for the 2025 term!
All NCIA annual members in good standing are invited to apply for an NCIA committee seat for the 2025 committee term. Blooming & Evergreen Members receive guaranteed committee placement.
NCIA Committees enable NCIA members to engage their vast and varied areas of expertise and passion to:
Effect change and influence public opinion and policy;
Demonstrate thought leadership;
Expand professional and personal network; and
Develop best practices and guidelines to shape the future of our industry.
The reclassification of cannabis to Schedule III would acknowledge its accepted medical use and lower potential for abuse compared to Schedule I substances. This shift would bring cannabis more in line with other prescription medications, necessitating rigorous standards for quality control and safety. For cannabis testing labs and product manufacturers, this means heightened scrutiny and the need for stringent compliance with federal regulations.
Because medical cannabis under a Schedule III change would be under federal jurisdiction, it would be regulated by the FDA and enforced by the DEA just like any other controlled substance. However, recreational cannabis industries would not comply with federal schedule III status and would, therefore, remain under sole state jurisdiction. In this blog, we anticipate state governments will update their regulations to align with federal Schedule III requirements. This harmonization means testing labs and product manufacturers must be prepared for consistent standards across federal and state levels. “We anticipate a two-pronged access approach for cannabis products,” says Troiani. “Schedule III-regulated sales via pharmacies and state-regulated over-the-counter access via dispensaries.” This dual system will require labs and manufacturers to navigate differing compliance landscapes, ensuring that products meet the necessary standards for both distribution channels.
According to Troiani, with the reclassification of cannabis to Schedule III, there is significant potential for the federal government to assume regulatory oversight of state cannabis testing labs. This transition would bring cannabis testing under the same stringent regulatory framework that governs pharmaceutical products, ensuring uniformity and consistency in testing standards nationwide. Such a move may require labs to meet rigorous standards, including detailed documentation, quality control measures, and regular audits. We are prepared to help labs navigate this potential shift, ensuring seamless compliance with FDA regulations and maintaining the highest quality and safety standards.
Member Blog: A Decade of Data Shows Increasing Support for Cannabis Legalization – CBD Oracle Analysis
CBD Oracle’s combined analysis of 70 polls shows a decade of increasing support for legal cannabis, with 62% of Americans supporting legalization in 2024.
How many Americans support legalizing cannabis? You might think this is easy to answer: you find the most recent poll and look up the number. The problem is that each individual poll is only a snapshot, based on a randomly-selected group of respondents and influenced by all manner of random factors. It’s like rolling a loaded die: yes, the number with the weight behind it is more likely to turn up, but you can still get an unexpected result on any given roll.
The way you tell a die is loaded is by rolling multiple times and looking at the statistics. Likewise, if you want to see what people really think, you need to look at multiple polls and combine the results statistically.
CBD Oracle has done exactly this with a decade’s worth of poll data on marijuana legalization, and the results show that while the majority of Americans still support legal weed, the number peaked in 2022 and still hasn’t recovered.
Combining Poll Data: CBD Oracle’s Monte Carlo Analysis
CBD Oracle first collected every poll taken from 2015 through to July 2024 that asked a nationally-representative sample of American adults whether they support legalizing cannabis.
As well as national polls, CBD Oracle also looked for polls from Florida and South Dakota, where upcoming ballot initiatives will give voters the option of legalizing cannabis in-state. This resulted in 70 polls for the analysis in total.
The polls were combined using Monte Carlo simulations, which is acommon approach to combining political polls. This basically uses the mean and margin of error from each poll to generate multiple simulated “results,” which represent the distribution of results you’d expect if you repeated each poll multiple times. These results were then pooled together, in six-month blocks, to find an overall average for the half-year which accounts for both between-poll and within-poll variability.
The Results: 62% Support Legalizing Cannabis in 2024
The decade of national data analyzed by CBD Oracle shows a clear increase in support for cannabis legalization.
In 2015, 53% of US adults support legalization, but this quickly increased, breaking past three-fifths support in the second half of 2017 (62% support) and reaching a peak of 71% support in the first half of 2022. While support declined slightly after this high-point, it still stood at 62% in the first half of 2024.
Firstly, this is a robust demonstration of something we’ve known for some time: the majority of Americans support legalizing cannabis. However, it also suggests that there may be a decline in support in the past couple of years, with early 2022 showing substantially higher support than 2023 or 2024. This was likely influenced byan SICPA/Harris Poll which found support at 78%, and clearly shows the danger in cherry-picking favorable results when looking for the answer to questions like this.
In the overall context of the results, the apparent decline in recent years doesn’t look so concerning. Prior to this, support was at 63%, and it had declined by to this point again by 2023, but the overall trend over the decade is of increasing support. In addition, the number opposed to legalization remains very low even in 2024, with only 26% against the idea, leaving 12% undecided.
Democrats, Independents and Younger Adults Are More Likely to Support Legal Weed
CBD Oracle also looked at how the results varied based on demographic and other subgroups. While most of these analyses showed no difference, two are worth mentioning.
Perhaps expectedly, political affiliation was a big factor in support for legal cannabis. Based on polls conducted in 2024, 71% of democrats favor legalization, compared to 64% of independents and 48% of republicans. Although republicans are predictably the least supportive, it’s notable that the split is close to 50-50, and it’s possible there will be majority support among republicans in the next few years.
The other major difference was with age. Two-thirds (66%) of adults aged under 45 supported legalization, compared to 60% support among those aged over 45. Here, it’s important to note that both groups supported legalization overall.
Will Florida and South Dakota’s Upcoming Ballot Initiatives Pass?
While there are also relevant ballot initiatives in Nebraska and North Dakota, the two states with upcoming votes and enough polls to analyze were Florida and South Dakota.
For Florida, polls conducted in 2023 showed around 66% of voters in favor of legalization, but the overall result for 2024 declined to 57%. This is concerning for advocates in the state, since the initiative needs 60% support to pass, but there is good news hiding in the details. The two polls conducted in June 2024 found 66 and 64% support, and with a few months of campaigning left, it’s likely that the initiative will pass and Florida will legalize weed.
For South Dakota, the news is less positive. Two polls from 2023 analyzed via Monte Carlo showed 47% support, and the only poll conducted in 2024 put support at just 41.6%. Unfortunately, unless there is a drastic change in the coming months, South Dakotans will have to wait longer to get legal cannabis.
Conclusion: Support for Legal Cannabis Remains High, Despite Recent Declines
CBD Oracle’s analysis shows that support for legal cannabis remains high among Americans, and casts doubt on the relevance of recent declines in support. With a consistent trend towards increasing support and opposition to marijuana legalization remaining low, the data shows that the new “norm” is over three-fifths of Americans supporting legal weed. Individual polls may buck this trend, combining the polling helps you see the overall picture without being misled by individual results.
The tide has already turned; support for legal cannabis is here to stay.
Member Blog: Ensuring Pre-Roll Compliance – Navigating New York’s Stringent Cannabis Testing Regulations
With several states going legal ahead of them, New York State regulators had the benefit of watching other states develop testing programs, which is why New York’s testing regiment goes beyond many of the early adopter states to be one of the most stringent in the nation.
And while the rollout of licenses has been slower than many expected, testing regulations are now in place to ensure the products that do make their way to the public are safe for consumption.
New York also requires products be tested in their final form, which means that pre-rolls, for example, will be tested with rolling papers included so it is vitally important that your rolling papers will also pass the following tests to ensure that all cannabis products are safe for human consumption.
New York requires testing for the following:
Moisture Content and water activity;
Residual solvents and processing chemicals;
Residual pesticides;
Microbial impurities;
Mycotoxins;
Foreign materials;
Eight different heavy metals;
Cannabinoids; and
Terpenes.
Each of these tests are performed to protect consumers and are performed in some capacity by every state that has a legal cannabis program, though every state has its own regulation.
Some of the testing limits are fairly standard, like for example the limits on moisture content and water activity. Because any water activity above 0.70 Aw creates the conditions for mold to grow, which can be harmful if consumed, New York, like most states, caps water activity at 0.65 Aw in flower and pre-rolls. Additionally, dried flower batches must have a moisture content between 5.0-15.0%, with any sample exceeding 15.0% deemed unacceptable.
One of the major differences between New York and other programs is the number of heavy metals for which it tests. Plants absorb heavy metals from the soil, but they can damage all the body’s vital systems, including respiratory, central nervous and even the reproductive system.
While New York tests for the “Big Four” – mercury, cadmium, lead and arsenic (all of which are toxic even at small doses) – it is also one of a handful of states that also add chromium, which can damage the kidneys and liver.
But the Empire State goes even a step farther, requiring additional testing for copper, nickel and antimony.
Microbial and mycotoxin testing
Microbes and mycotoxins represent the greatest threat to human health among the tested items.
Most people are familiar with how microbes can make you sick, which is why New York tests for Salmonella, E. coli and several Aspergillus species of mold, including A. fumigatus, A. flabus, A. niger and A. terreus.
Mycotoxins are a toxic compound produced by molds like Aspergillus and can suppress the immune system and cause liver damage. New York requires testing for two classes of mycotoxins: Aflatoxins and Ochratoxin A. Both have properties that can alter DNA and potentially cause the formation of cancer cells. Testing for mycotoxins help ensure cannabis products are safe for human consumption.
The limit for all mycotoxins in New York is 0.02 micrograms per gram.
All pesticide products sold in New York State must be registered with the state, unless classified as a “minimum risk pesticide” by the federal government. To help producers determine if a pesticide can be used on cannabis, the state’s Department of Environmental Conservation even added “cannabis” and “hemp” to the use/type drop down menu in its pesticide database.
All pesticide use “must be declared for targeted testing” and additionally, New York law also requires labs to specifically test for 70 different pesticides, providing actionable limits.
Ensuring New York Pre Roll Compliance
As we noted, New York law requires all products be tested in their final form, including pre-rolls. According to the law, “the entire pre-roll or a portion of it (depending on size (blunt, 0.5-g, 1-g)) must be prepped and tested for all contaminants of concern,” which means even if your cannabis is clean, your products can fail and be destroyed if your rolling papers or pre rolled cones are not.
Because of that, manufacturers need to protect themselves – and their customers – by carefully selecting suppliers. After all, a study from California’s SC labs found that 11% of rolling papers they tested would fail that state’s testing regiment – which doesn’t even include Chromium, copper, nickel or antimony – and that 90% of rolling papers contained heavy metals with more than 8% containing them at a rate above the allowable limits.
Pre-roll manufacturers in particular need to pay attention to their suppliers and make sure that the company from which they buy their paper takes testing as seriously as they do. This is especially true for blunt products, which contain more moisture and biomass in the hemp wraps, which makes these products more susceptible to fail these compliance tests.
Custom Cones USA’s Compliance Manager André Bayard always recommends making sure your pre-roll paper supplier is a partner.
“It’s important to find a supplier that does the due diligence and is willing to work with you so you know ahead of time if your papers will pass lab tests,” he says.
Bayard notes that when contacted by a manufacturer concerned about heavy metals content causing failures, Custom Cones USA sent samples ahead of time so the manufacturer could pack and test a handful of their completed pre-rolls to make sure the products were clean before committing to a full order.
If your pre-roll supplier is not willing to go through that step, it may be a sign that you should find another pre rolled cone supplier.
Testing failures can be expensive and damaging to a brand, so make sure you not only keep up on the latest changes to your state’s regulations, but also work with a reputable pre rolled cone company to get the cleanest, best tested pre rolled cones you can find. And always ask to see COAs. Even if you are just a dispensary selling rolling papers and empty cones for smoking, offering tested papers and pre rolled cones is crucial to protect your brand and offer quality products to your customers.
Join Us for More Exclusive Insights on the Michigan Marketplace
Striving to stay informed about New York’s dynamic cannabis industry? Mark your calendars for our upcoming New York Stakeholder Summit being held in New York, NY on Tuesday, September 24th.
At the New York Stakeholder Summit you’ll be able to dive deep into the latest trends, regulations, and opportunities shaping New York’s cannabis landscape, including hearing directly from John Kagia Hanna, Director of Policy for New York’s Office of Cannabis Management. All industry professionals are invited; NCIA members attend free. Register here to secure your spot.
Member Blog: Cannabis NewsHub INSIGHTS Matter – 280 E
This summer, Cannabis NewsHub reached out to successful leaders in the cannabis community to get their thoughts on the possible rescheduling of Cannabis and its impact. INSIGHTS Matter: 280E asked them to share their insights and advice on this question:
If cannabis is reclassified as a Schedule III drug, Section 280E would no longer apply. What advice would you offer cannabis businesses to maximize the potential advantages of this change?
Participation in this social media campaign was an overwhelming success – more than 20 industry professionals shared their “INSIGHTS” all of which were posted and shared through Cannabis NewsHub social media channels and on the website. Read all posts here.
The “INSIGHTS” shared by our participants varied greatly, and offered advice as it relates to tax credits that would become available. Examples of these include the Research & Development Tax Credit, Work Opportunity Tax Credit, and the Tax Cut and Jobs Act. Others shared benefits that would be available to CRB’s should IRC 280E be removed through rescheduling of cannabis. Some of these benefits include catching up on outstanding tax obligations, increase in operating budgets, the ability to afford to further innovate, expand and reinvest in growth, acquire resources, hire personnel, expand operations, increase valuation through better balance sheets due to increase in cash flow and more.
The powerful advice from these professionals, delivered by through Cannabis NewsHub’s INSIGHTS Matter: 280E, can help you navigate and best prepare your company to leverage the business impact of the potential rescheduling.
Member Blog: How to Master the Cannabis Retail Landscape
The cannabis industry is thriving, but with exciting opportunities come significant challenges. For dispensary owners and cannabis wholesalers, staying competitive means understanding and adapting to a rapidly evolving market.
The Competitive Cannabis Dispensary Landscape
The cannabis retail market is booming like never before. According to Statista, the global legal marijuana market was valued at an impressive $17.5 billion in 2019 and is projected to reach approximately $73.6 billion by 2027. This rapid growth presents both exciting opportunities and intense competition. In fact, with over 7,000 dispensaries operating across the United States alone, simply offering high-quality products is no longer sufficient to capture consumer interest and loyalty.
A recent report from BDSA, a leading cannabis market research firm, underscores that consumer preferences are continuously evolving. Factors such as changing regulations, the emergence of new consumption methods, and heightened awareness of wellness trends all contribute to this dynamic environment. Retailers must not only stay ahead of current trends, but also be adaptable and responsive to shifts in consumer behavior to maintain relevance in the market.
In such a competitive and fast-paced landscape, understanding your customers’ needs and preferences is paramount. This means actively engaging with your customers, gathering feedback, and leveraging data to inform product offerings and marketing strategies. By doing so, cannabis retailers can cultivate stronger relationships with their customers, ensuring they remain a trusted choice in an ever-evolving industry.
The Importance of Driving Customer Loyalty
In a competitive market, driving customer loyalty isn’t just beneficial—it’s essential for long-term sustainability and growth. Research from Harvard Business Review has shown that increasing customer retention rates by just 5% can lead to remarkable profit increases ranging from 25% to 95%. This statistic highlights the critical importance of nurturing relationships with customers. Loyal customers not only make repeat purchases, contributing to steady revenue streams, but also become passionate brand advocates. Their positive word-of-mouth can significantly enhance brand reputation, drawing in new clientele who trust the recommendations of their peers.
Furthermore, according to a comprehensive study by Zendesk, a staggering 95% of customers share their negative experiences with others, while almost half take to social media to publicly broadcast their dissatisfaction. This underscores the importance of addressing customer service issues promptly and effectively. On the flip side, research indicates that more than half of consumers are likely to make additional purchases after a positive interaction with a brand. This illustrates that exceptional customer service can create a virtuous cycle of loyalty and repeat business.
For cannabis retailers, where competition is fierce and customer choices are plentiful, delivering exceptional customer service can significantly impact the bottom line and foster long-term success. By investing in customer experience strategies, retailers can not only retain existing customers, but also cultivate a loyal customer base that propels growth and enhances brand loyalty in an ever-evolving market landscape.
Practical Next Steps for Improving Customer Loyalty
Unfortunately, there is no straightforward or single answer on how to drive customer loyalty. However, there are many things that you can implement within your business, including employee education, that will help you along the way.
Free Resources
LeafLink’s Retailer Academy is a freeresource designed to empower cannabis retailers to excel in a rapidly changing landscape. Retailer Academy offers comprehensive training modules and resources that cover essential topics such as customer engagement, inventory optimization, and marketing strategies.
By providing valuable insights and best practices, the Retailer Academy equips dispensary owners with the tools they need to enhance customer loyalty and drive business growth, ensuring they thrive in an increasingly competitive market. Whether you’re just starting out or looking to refine your approach, LeafLink’s Retailer Academy is your partner for success in the cannabis retail world.
Unit 1 of LeafLink’s Retailer Academy teaches you how to gather and analyze customer data effectively. Stop guessing what your customers truly want – Unlock data-driven insights to skyrocket sales.
Here’s what you’ll learn with the FREE eBook.
Optimize Inventory: Stock exactly what your customers crave, eliminating stagnant products.
Empower your Staff: Transform your team into customer insights experts.
Find Nuggets in Reviews: Extract valuable trends and feedback from social media and online reviews.
Master Active Listening: Build staunch customer loyalty through communication.
Easily Break-Down Data: Learn to simply analyze customer data and generate actionable insights.
Wrapping up
The cannabis retail landscape is competitive, but with the right strategies, you can thrive. LeafLink’s Retailer Academy offers the tools and insights you need to grow your business, drive customer loyalty, and stay ahead of the curve.
By understanding your customers, optimizing your inventory, and empowering your team, you can create exceptional experiences that foster loyalty and boost profits. Don’t just survive in the cannabis market—thrive with LeafLink’s Retailer Academy.
On behalf of over 500 member-businesses NCIA has submitted extensive public comment to the Department of Justice in support of the proposed rule to reclassify marijuana from Schedule I to Schedule III in the Controlled Substances Act.
We are calling on the DEA reschedule, without delay and to issue guidance to federal agencies to ensure state-based cannabis programs are not disrupted by inappropriate federal enforcement.
Moving cannabis to Schedule III would be a historic step forward and a significant relief for the industry, as the unfair tax burden of 280E would no longer apply to state-legal businesses. However, rescheduling is not the end of the road. As an industry, we must continue to advocate for federal legalization and sensible regulations for marijuana and hemp-derived cannabinoid products.
During the DOJ’s sixty-day public comment period on rescheduling, nearly 40,000 comments were submitted by various agencies, organizations, academics, and concerned citizens. An overwhelming 91% were submitted in favor of moving cannabis to a less restrictive Schedule or making it legal under federal law, according to an analysis of the data conducted by NCIA member and leading market intelligence and consumer trends platform, Headset.
The analysis found that among those supporting a change 56% advocated for complete descheduling of cannabis and 35% supported rescheduling to a less restrictive category.
Committee Insights: Redefining Cannabis Marketing – Strategies for Success in a Schedule III Landscape
Access the full recording of our insightful webinar, “Redefining Cannabis Marketing,” and discover how to navigate the evolving landscape of cannabis marketing and advertising post-rescheduling.
In this pivotal episode, the Marketing & Advertising Committee collaborates with the State Regulations Committee to explore the potential impact of cannabis transitioning to Schedule III. This session addresses the new opportunities and challenges for businesses in the cannabis space, providing you with essential strategies for success.
What You’ll Learn:
New Regulatory Guidelines: Get up-to-date on the latest regulatory changes and their effects on cannabis marketing.
Innovative Marketing Strategies: Explore cutting-edge approaches to effectively engage your audience in a more flexible regulatory environment.
Compliance Best Practices: Understand how to stay compliant with evolving standards while optimizing your marketing efforts.
Hear from Our Expert Panelists:
Colton Griffin, CEO of Flourish Software
Valerie Taylor, Vice President (National Cannabis Practice Leader) at The Liberty Company Insurance Brokers
Joseph Smith, Partner at Thompson Hine
Patrick Toste, Co-Founder & Creative Director of HIGHOPES Design
Jen Lamboy, Director of Strategy at Hybrid Marketing
This webinar builds on our series examining tax implications, research, safety, and facility design in the new Schedule III era. Gain invaluable insights from industry leaders to ensure your business thrives amidst these regulatory shifts.
These industry leaders will share their expertise, providing invaluable insights to ensure your business thrives amidst regulatory changes.
Why Watch?
Stay ahead in the rapidly changing cannabis market with expert guidance on regulatory compliance and innovative marketing strategies.
Watch Now to equip yourself with the knowledge needed to excel in the new cannabis marketing landscape!
Member Blog: Key Trends in the Cannabis Industry That Are Redefining Success
The cannabis industry is undergoing a remarkable transformation. Gone are the days when success was measured solely by the size of the buds. Today, innovative companies are redefining success by offering a diverse range of products, from mood-boosting gummies to pain-relieving lotions.
Science is also at the forefront, ensuring safe and consistent experiences through rigorous research. Not to mention, dispensaries are evolving into welcoming spaces staffed with knowledgeable professionals, enhancing customer experience.
Now, this industry is no longer just about getting high; it’s about providing safe, effective choices for everyone and making a positive impact on the world.
In this article, you’ll discover the exciting trends shaping the future of cannabis. We’ll delve into how product innovation, scientific advancements, customer-centric approaches, and social responsibility are driving this industry forward.
So, let’s dive in without any further ado!
The Rise of Cannabis-Infused Products
Customers are no longer restricted to smoking traditional cigarettes; instead, they may choose from a range of products that provide discretion and convenience.
Edibles that offer a safe and enjoyable method to consume cannabis, like baked products, chocolates, and gummies infused with CBD, have created new market niches. Drinks, which include coffee, tea, and even other party beverages, satisfy the needs of individuals seeking a refreshing and social substitute.
And for those looking for something new, there’s a distinctive selection CBD-based products like lotions, balms, and creams like those offered by Express Highs. These are becoming increasingly popular for their potential anti-inflammatory and pain-relieving properties, appealing especially to those seeking targeted relief without psychoactive effects.
Legalization Of Cannabis Will Keep On Growing
North America has been at the forefront of legalizing cannabis, but now Europe, Latin America, and Asia-Pacific are also showing strong interest in its medical and recreational uses. These areas are changing their rules, and more people are accepting cannabis use.
In Europe, countries like Germany, Italy, and the Netherlands already have a strong market for medical cannabis. Luxembourg is on track to be the first in Europe to allow cannabis for fun. In Latin America, Uruguay and Colombia are moving forward with progressive cannabis laws, and Mexico has recently decided to manage both medical and fun uses of cannabis.
So, we can say that businesses that can handle complex laws and meet the needs of different customers are likely to succeed in this fast-growing global market.
The Evolution of Medical Cannabis
Medical cannabis is increasingly recognized for its therapeutic benefits, helping treat conditions like chronic pain, epilepsy, multiple sclerosis, and anxiety. As its acceptance grows, more healthcare professionals are recommending it as a treatment option.
One significant trend is the development of cannabis-based pharmaceuticals. Companies are conducting clinical trials to produce FDA-approved medications with consistent dosages. An example is Epidiolex, a CBD-based drug for severe epilepsy, showcasing the progress in the medical cannabis sector.
Additionally, microdosing is gaining popularity, where patients consume small amounts of cannabis to receive health benefits without the high. This approach is appealing to those seeking symptom relief while maintaining daily functionality. It has spurred the creation of low-dose edibles, tinctures, and capsules designed for medical use.
Sustainable Cannabis Cultivation Practices
As people become more aware of environmental issues, sustainable growing methods are becoming essential in the cannabis industry. Traditional methods often use a lot of energy and water, which can harm the environment. To address this problem, many cannabis growers are turning to eco-friendly practices like organic farming, using renewable energy, and recycling water.
Organic farming avoids harmful chemicals, producing cleaner and healthier plants. Growers are also using solar panels and wind turbines to reduce their use of non-renewable energy sources. Additionally, techniques like aquaponics and vertical farming are being adopted to make better use of space and resources.
More consumers prefer cannabis that is grown sustainably, leading businesses to adopt these green practices. By farming sustainably, businesses help the environment and boost their reputation and profits by attracting customers who care about the planet.
Technological Advancements in Cannabis
Technological advancements are revolutionizing the cannabis industry, enhancing how it’s cultivated, processed, and consumed. Innovative LED lighting systems now emulate natural sunlight, optimizing plant growth with less energy. Automated watering and climate control systems provide precise environmental conditions, improving plant health and yield. Robotics are also stepping in to handle repetitive tasks like trimming, which allows for more efficient production.
In extraction technology, methods like supercritical CO2 extraction are making waves by producing purer and more potent cannabis concentrates. Additionally, the emerging field of cannabinoid biosynthesis uses microorganisms to create cannabinoids, promising a future of more sustainable and cost-effective production.
For consumers, technology has introduced advanced vaporizers and dab rigs that offer precise dosing and better absorption. Nanoemulsions are improving the effectiveness of infused edibles and drinks, ensuring a quicker onset and a smoother experience.
On the retail front, online platforms now make it easier to browse and purchase cannabis products safely and legally, with sophisticated point-of-sale systems helping businesses stay compliant with regulations.
New technologies are transforming how cannabis is grown and used, ensuring higher quality and safer products while setting new industry standards.
The Final Word
The cannabis industry is ditching the “bigger, faster” mentality and embracing a new definition of success. Quality, innovation, and social equity are now top priorities. This shift fosters sustainable practices, caters to individual needs with targeted strains, and ensures inclusive participation.
So, why wait? Now is the time to embrace these trends and align with the new standards of success in the cannabis world.
Access the full recording of our #IndustryEssentials webinar, “Committee Insights: Navigating Cultivation Environmental Requirements,” and gain critical knowledge on how to effectively navigate the environmental requirements for cannabis cultivation.
Environmental compliance is a significant challenge in the cannabis industry, with a wide range of regulations varying across states and local jurisdictions. This webinar dives deep into the complexities of environmental assessments, offering cannabis cultivators actionable insights and best practices to meet these stringent requirements.
Key Topics Covered:
Sediment and erosion control techniques
Innovative water conservation strategies
Energy efficiency and carbon footprint reduction
Wastewater discharge management
Air quality and odor control measures
Our panel of industry experts, including Lisa Wright, CEO of Flowra, Michael Busher of Deterra Farms, and Michael Erana, Co-Founder & Chairman of One Day Cannabis, share their experiences and strategies. Moderated by Chelsea Haskins, Director of State and Local Licensing at Perfect Union, this webinar equips cultivators with the tools needed to achieve environmental sustainability and regulatory compliance.
Why Watch? Gain the insights you need to enhance your cultivation practices, increase your chances of passing environmental reviews, and establish a more sustainable and responsible operation.
Watch Now and ensure your cultivation business stays ahead of environmental regulations!
Committee Insights: Dabinar – Dabbing 101
Access the full recording of our #IndustryEssentials webinar, “Dabinar – Dabbing 101,” and dive into the fascinating world of dabbing with insights from industry experts.
Whether you’re new to dabbing or looking to enhance your technique, this special edition webinar, presented by NCIA’s Cannabis Manufacturing Committee, is your go-to resource. Our expert panel from Summit Concentrates, MACH Technologies, Entourage Cannabis, and Tahoe Wellness Center breaks down everything you need to know about dabbing, from the basics to advanced techniques.
What You’ll Learn:
The fundamentals of dab rigs and concentrates
How to select the right equipment for your needs
Temperature control and dosage best practices
Advanced dabbing techniques and safety considerations
No matter your experience level, this webinar offers valuable insights to elevate your dabbing experience.
Why Watch?
Gain the knowledge and confidence to refine your skills, select the right products, and enjoy a safe and enjoyable dabbing experience.
Watch Now and take your dabbing to the next level with expert guidance!
Igniting Conversations: NCIA’s Stakeholder Summit Series Sparks Dialogue
In recent months, the National Cannabis Industry Association (NCIA) has embarked on a journey that brought together industry leaders, regulators, policymakers, and advocates for a series of Stakeholder Summits across the United States. From the sun-drenched streets of California to the bustling cities of Maryland and the picturesque landscapes of Colorado, these events have served as a nexus for collaboration, innovation, and progress within the cannabis industry. As we reflect on the success of this inaugural Stakeholder Summit series, let’s delve deeper into the highlights and impact of these conversations which are helping to shape the future of cannabis policy nationwide.
Setting the Stage: The Vision Behind NCIA’s Stakeholder Summit Series
The Stakeholder Summit series was conceived with a singular vision: to create a platform where industry stakeholders could converge to address pressing issues, share insights, and drive positive change. With a focus on education and advocacy, these summits aimed to tackle the most significant challenges facing the cannabis industry while fostering meaningful connections and partnerships.
Insights and Impact: Highlights from the Summits
California Stakeholder Summit: Influencing Regulatory Policies
In Sacramento, the California Stakeholder Summit 2024 was a testament to the power of collaboration and dialogue in shaping regulatory policies. Notable speakers, including Congresswoman Barbara Lee (D-Oakland) and Nicole Elliott, California’s Director of the Department of Cannabis Control (DCC), offered insights into the impending rescheduling of cannabis and the intricate relationship between state and federal regulations. Panel discussions, such as the one on AB 2223 featuring Assemblymember Cecilia Aguiar-Curry (D-Winters), provided a platform for industry operators to voice their concerns and shape regulatory policies. The summit served as a vital catalyst for driving progress in California’s cannabis industry.
In St. Louis, the Missouri Stakeholder Summit convened industry leaders to address proposed legislation that could significantly impact the availability of Delta-8 THC products in the state. Amy Moore, director of the Division of Cannabis Regulation at Missouri’s Department of Health and Senior Services, highlighted the potential implications of the Intoxicating Cannabinoid Control Act on the market. The summit underscored the need for comprehensive regulations that balance consumer safety with industry growth. While discussions sparked pushback from both sides, stakeholders remain committed to finding solutions that support a thriving cannabis market in Missouri.
Maryland Stakeholder Summit: Advancing Equity and Regulation
In Baltimore, the Maryland Stakeholder Summit convened industry operators, leading regulators, and advocates to address pressing issues within the state’s cannabis landscape. Notable speakers, including Chris Jackson of ForesTree (and current Chair of NCIA’s Board of Directors), Will Tilburg of Maryland Cannabis Administration, Tracey Lancaster Miller of Maryland Dispensary Association, and Joy Strand of Maryland Wholesale Cannabis Trade Association, provided insights into key topics relevant to Maryland’s emerging adult-use cannabis industry. Discussions revolved around equity, regulatory challenges, and the path to federal regulation. Attendees actively engaged in shaping the conversation, emphasizing the need for equitable policies and inclusive regulatory frameworks. As Maryland navigates the rollout of an adult-use program, the summit produced meaningful dialogue and called for collective action towards a more equitable and sustainable industry across the state.
In Denver, the Colorado Stakeholder Summit provided a platform for industry leaders to discuss innovations and challenges within the state’s long-standing but beleaguered cannabis marketplace. Panel discussions explored topics ranging from federal regulation pathways, legislative challenges in the Colorado market, and the future of cannabis hospitality in the state Expert panels then delved into federal regulation, and the future of cannabis hospitality. Governor Jared Polis provided a closing keynote address, where he emphasized the importance of incremental steps towards federal legalization. With a focus on rescheduling and cannabis banking reform, Governor Polis outlined these initiatives as crucial “dominoes” on the path to broader legalization. He also celebrated Colorado’s leadership in the cannabis movement while acknowledging the ongoing need for regulatory improvements, specifically by ensuring equity in Colorado’s cannabis industry. As the state reflects on a decade of legal cannabis sales, the summit highlighted the economic benefits and regulatory successes of Colorado’s cannabis landscape while also addressing current challenges in the Centennial State.
Looking Ahead: NCIA’s 12th Annual Cannabis Industry Lobby Days
As we reflect on the success of the Stakeholder Summit series, we’re excited for our upcoming 12th Annual Cannabis Industry Lobby Days event. Taking place next month, NCIA Lobby Days offers industry professionals the opportunity to advocate for policies that support a fair and equitable cannabis market. From meeting with legislators to participating in advocacy training sessions, Lobby Days provides a platform for industry stakeholders to make their voices heard. NCIA’s Lobby Days is open to all industry leaders who want to make a positive difference. Haven’t lobbied Congress before? Don’t worry. We can provide online training, talking points, and assign you to a team led by an industry colleague with past fly-in experience. Learn more and register online today.
Igniting Conversations: NCIA’s Stakeholder Summit Series Sparks Dialogue
The Stakeholder Summit series has already made a significant impact on our collective interests of continued progress across the cannabis industry, fostering collaboration, driving innovation, and advancing regulatory reform efforts. Through meaningful dialogue and engagement, stakeholders have been able to identify common challenges, explore potential solutions, and forge new partnerships. Tangible outcomes, such as policy recommendations and advocacy initiatives, have emerged from the summits, demonstrating the power of collective action within the industry. As we look ahead to future events and initiatives, we remain committed to advancing the interests of our members and the industry as a whole. Stay tuned as we continue these conversations.
Partners in Progress:
At NCIA, we recognize and appreciate the invaluable contributions of our sponsors and partners, each playing a unique role in the success of the Stakeholder Summit Series. Our Platinum sponsors provided invaluable support for the events and were granted the exclusive opportunity to kick off each program. Their generous contributions helped set the tone for productive discussions and meaningful engagement, making a significant impact on the success of the series. Gold sponsors were an essential element of our exhibit hall in each market. Their support ensured that attendees had access to a diverse range of resources, services, and expertise, enriching the summit experience and facilitating valuable connections within the industry. Additionally, our Silver & Advocate sponsors alongside our numerous Allied Association Partners played a crucial role in ensuring a low barrier to entry for other vital service providers and member businesses. Their support helped create a welcoming and inclusive environment, allowing a diverse array of stakeholders to participate and contribute to the vision of the Stakeholder Summit Series.
Member Blog: Regulating the Cannabis Industry for Accuracy and Integrity
Regulating the Cannabis Industry forAccuracy and Integrity
In the fast-evolving landscape of the cannabis industry, ensuring accurate testingstandards is paramount to safeguarding consumer safety, maintaining regulatorycompliance, and fostering fair market competition. However, a pervasive challengeknown as cannabinoid inflation threatens to undermine these essential principles,posing a significant obstacle to the industry’s growth and legitimacy.
Understanding Cannabinoid Inflation
Cannabinoid inflationrefers to the practice of cannabis testing laboratories providinginaccurately high cannabinoid concentrations in their reports, often in an attempt toattract business. This phenomenon distorts market dynamics, leading to unfaircompetition and jeopardizing the credibility of legitimate labs that adhere to rigoroustesting standards. Contaminant deflationis a significant concern, too, as labs willing toinflate cannabinoids are also more likely to underreport the presence and/or amount ofhazardous substances.
At the heart of this issue lies a fundamental discrepancy between reported and actualcannabinoid content in cannabis products. As cannabis producers and distributors seekout labs offering higher THC values, a troubling trend is to use only labs that will inflatethe value of desirable cannabinoids, such as THC. This practice, known as laboratory shopping, perpetuates the cycle of inflated results, undermining integrity and forcingaccurate reporting labs out of business.
Proposing Regulatory Solutions
To address this pressing cannabinoid inflation challenge, Digamma Consulting,renowned experts in cannabis chemistry, presents a comprehensive set of regulatorysolutions in their latest white paper, Solutions to Cannabinoid Inflation.
Solution A: Data Analysis Reports Advocating the adoption of data analysis reports,Digamma proposes a systematic approach to analyzing testing data, providingregulators with a solid foundation for action. By leveraging data analytics, authoritiescan identify trends, anomalies, and potential instances of cannabinoid inflation. Suchidentification enables regulators to make targeted and legally justified interventions thatcan help to improve testing integrity.
Solution B: Suspect Product Checks Digamma recommends implementing suspectproduct checks, also known as “secret shopper” programs, to detect inflatedcannabinoid values. This cost-effective mechanism allows states to conduct productsampling and testing of suspected lab results by independent accredited referencelaboratories that will validate reported cannabinoid content and mitigate inflated results.
Solution C: Chemical Analysis Laboratory Audits Digamma proposes implementingin-person audits of chemical analysis laboratories to ensure testing integrity and thusdirectly address cannabinoid inflation. Subjecting testing facilities to rigorous scrutiny byexpert auditors enables regulators to assess compliance with standards and uphold theintegrity of the testing process.
Digamma’s White Paper: Solutions to Cannabinoid Inflation
Digamma’s white paper on regulating the cannabis industry for accuracy and integrityrepresents a significant step toward addressing the pervasive challenge of cannabinoidinflation. By advocating for practical, low-cost regulatory solutions, Digamma Consultingaims to empower government regulators to uphold transparency, impartiality, and legaldefensibility in cannabis testing reporting and labeling.
As the industry continues to evolve, it is imperative to prioritize consumer safety,regulatory compliance, and market fairness. Through collaborative efforts and ongoingdialogue, we can navigate the complexities of the cannabis industry and propel it towarda future characterized by integrity, transparency, and accountability. Join Digammainthe quest to build a safe, fair, and thriving cannabis industry for all.
Member Blog: The Importance of Supporting Black-Owned Companies, Small Business and Social Equity Participants
The cannabis industry has been rapidly growing in recent years, with many new businesses and startups entering the market. However, it is important to note that not all cannabis companies are created equal, as there is a significant lack of diversity in the cannabis industry.
Studies have shown that only a small percentage of cannabis companies are owned by people of color. This lack of diversity can have negative impacts on the industry, including limited perspectives and ideas, and a lack of representation for marginalized communities.
To promote diversity and equity in the industry, it is crucial to support black-owned companies, small businesses, and social equity participants in the cannabis industry. By doing so, we can help level the playing field and promote a more inclusive and representative industry for all.
One great opportunity to learn more about supporting black-owned companies in the cannabis industry is the Black Elevation Cannabis Affair. This event brings together pioneers in the industry to share their experiences and insights on how to succeed as a black-owned cannabis company. In honor of Black history month, the event is being held at The Roostertail in Detroit, Michigan on February 10, 2024, and attendees can expect to learn about a variety of topics, including the challenges and opportunities that come with owning a cannabis business, how to navigate legal and regulatory hurdles, and how to build a successful brand and customer base.
In conclusion, promoting diversity and equity in the cannabis industry is essential for the growth and success of the industry as a whole. Supporting black-owned companies, small businesses, and social equity participants is a crucial step toward creating a more inclusive and representative industry. To learn more about supporting black-owned companies in the cannabis industry, be sure to attend the Black Elevation Cannabis Affair.
Member Blog: Personal Touches for Successful Cannabis Dispensaries
Everyone in the retail dispensary industry is trying to create unique and memorable ways to bring in more customers and up the per ticket sales. The trend of the past few years has been to try to appeal to as many people as possible, and take on almost a generic, fast food style. This is exactly what the big guys do. Cookie cutter locations that lack personality and individuality. While this may be tempting to replicate and seem like a sure fire win, designing your location to appeal to everyone ends up boring your ideal customer. Cannabis retail experiences should have an on brand wow factor. If customers didn’t want that, they could just order online and pickup.
Dispensaries strive to create unique and memorable experiences for their customers. As a retail interior designer with a focus on dispensary design, incorporating personal touches can significantly contribute to the success of the dispensary. These special touches also boost your brand identity and be a great starting point for marketing and social media content for your brand.
How do you reflect your brand identity?
One of the key aspects of dispensary design is ensuring that the space reflects the brand identity of the cannabis retailer. Incorporate elements that showcase the company’s values, mission, and overall aesthetic. I love when I walk into a dispensary and learn the “why” behind the brand. Why are they doing this? Who are they impacting? A favorite ‘personal touch’ of mine happens to be a mural dedicated to the store owner’s mother who had passed away from cancer. My client opened his dispensary to provide relief to other cancer patients. The murals featured her namesake flower as well as her favorite colors. He is an aquaponic grower, hence the fish.
From custom signage to branded displays, and incorporating unique and personal touches ,a cohesive visual identity contributes to a memorable and recognizable dispensary experience.
How can I merchandise?
Creative merchandising plays a crucial role in attracting and retaining customers. It also goes way beyond just how something looks on a shelf or wall. Use personalized displays to highlight featured products, promotions, or staff picks. This doesn’t necessarily mean more info cards or signage. Incorporate unique shelving, display cases, or even interactive elements that engage customers and encourage exploration within the space. A great example of this is at the Woods. Check out how a very simple wall mounted box display fits the personality of the shop and also engages people to take a longer peek.
How can I represent my culture & philanthropy?
Infusing your proud culture and art into the dispensary design is a great way to show people who you are, who you support and where you came from. Whether it’s through local artist artwork, murals, or installations, integrating artistic elements adds depth and character to the space. Collaborating with local artists to create custom pieces that resonate with both the brand and the community. Talk about organizations that you support and what they do. I have a great client who includes a small card in each bag that says “Thank you for your purchase. We donate 10% of our profits to the Friends of Puerto Rico.” They also feature contemporary Puerto Rican Artists in their hall gallery and entry area.
Ultimately, dispensaries will compete for customers and sales, like it or not. In the competitive retail world, personal touches set cannabis retailers apart and contribute to the overall success. Whether through reflecting brand identity, engaging visual merchandising, artistic influences, comfortable spaces, personalized interactions, interactive technology, or sustainable elements, the goal is to create a unique and welcoming experience for customers. As a retail interior designer, embracing these creative ideas elevate the dispensary’s aesthetic and establish a lasting connection with its clientele.
Member Blog: Discovering Dank – Unraveling the Mystery of the Cannabis Plant’s Iconic Odor
For decades, cannabis enthusiasts and scientists alike have been intrigued by the distinctive scents emitted by various cannabis cultivars. Particularly, the question that has persisted among many is: which compounds are responsible for the potent gassy and skunky scents so often associated with cannabis?
Abstrax Tech, a frontrunner in cannabis research, has recently made headway in answering this question. Their innovative research, encompassing advanced techniques and collaborative efforts, has brought forward the discovery of an entirely new class of aromatics, Cannasulfur Compounds (CSCs). These compounds, as discussed in Abstrax Tech’s white paper, “The Science of Dank” are the key to understanding the much-debated gassy aroma of cannabis.
The Path to Discovery
To delve deep into the scent mysteries, Abstrax Tech combined advanced Gas Chromatography (GC x GC) with various detectors, allowing for a nuanced detection of compounds. Their collaboration with acclaimed cannabis growers, like Mario Guzman of Sherbinskis and Josh Del Rosso (the original breeder of OG Kush), equipped them with diverse cannabis samples to analyze.
The analytical journey led the Abstrax team to an exciting hypothesis. What if the gassy scent in cannabis is sulfur-based? The team noticed the common occurrence of sulfur compounds in other potently aromatic foods, such as durian and garlic. Validating this hunch, they detected significant correlations between the presence of sulfur compounds and the skunky scent across various cultivars.
Among the discovered compounds, one was identified as 3-methyl-2-butene-thiol or “prenyl thiol”, with others also containing the same functional group, the “prenyl” group. Subsequent chemical synthesis and testing confirmed their role in producing the characteristic scent of cannabis.
The Significance of Timing in Cannabis Growth
But it’s not just about identifying the compounds. Abstrax Tech further explored when these aromatic CSCs are produced during cannabis growth. Their findings were eye-opening. The CSC concentrations skyrocket towards the end of the growth cycle and peak during the curing process, only to decrease rapidly post-harvest. This discovery holds immense value for growers, emphasizing the criticality of timing and packaging to retain the prized scent for consumers.
Cannasulfur Compounds in Cannabis Extracts
Cannabis extracts, popularly consumed in various forms, also raised the question: Do these volatile CSCs survive the extraction process? The answer, as per experiments, is a resounding yes, but with a caveat. The extraction process has to be meticulously executed. Techniques involving cryogenic extraction and minimal heat post-processing proved successful in preserving these aromatic compounds. Meaning that, just like terpenes, heat and oxygen will cause degradation.
Benefits for Cannabis Vape Manufacturers:
For cannabis vape manufacturers, CSCs represent a monumental advancement in the quest for genuine cannabis experiences:
Authentic Flavor Profiles: CSCs can be integrated into vape cartridges, recreating the unique aromatic and flavor profile of cannabis but in a botanical (and legal) format.
Product Differentiation: Emphasizing the presence of these natural compounds can distinguish a brand in a crowded market.
Precise Flavor Replication: With CSCs, manufacturers can precisely replicate specific strain aromas.
Enhanced User Experience: Experienced consumers will get a more accurate cannabis flavor and aroma experience.
Consistency from Batch to Batch: Using CSCs ensures every user gets a similar authentic experience, batch after batch.
Conclusion
Abstrax Tech’s groundbreaking discovery of Cannasulfur Compounds in cannabis is a testament to the endless surprises the plant holds. While the quest to identify the compounds behind the iconic gassy aroma has found its answer, it’s clear that this is just the tip of the iceberg for cannabis research. With each revelation, cannabis continues to unveil its vast potential, promising a future of exciting research and discoveries.
Ready to dive deeper into the fascinating world of cannabis discoveries?
Join the National Cannabis Industry Association (NCIA) and connect with like-minded enthusiasts, researchers, and industry professionals. As an NCIA member, you’ll stay on the cutting edge of groundbreaking findings, just like Abstrax Tech’s exploration into Cannasulfur Compounds. Don’t miss out – click here to join NCIA now and be part of the thriving cannabis community shaping the future of the industry.
Navigating the Confusing, Crowded World of Cannabis Payments
When you’re a cannabis retail operator looking for electronic cannabis payment solutions you’re faced with a baffling array of options and it’s hard to pick out the ones you can trust and the ones that you should avoid at all costs. Every potential vendor is going to tell you that their solution is the best (trust me!) so you need to understand the basic landscape of cannabis payment solutions in order to know what questions to ask. There’s a lot of solid vendors out there that only want to help the industry but there are, sadly, those out there that prey upon a lack of familiarity with the crowded, confusing payments landscape to push solutions that are at best unsustainable and at worst fraudulent.
ACH transactions are a way for a person or a business to do direct bank money transfers.
These transactions are conducted on a computer network run by NACHA, the National Clearinghouse Association. Since these don’t run over the networks run by the credit card companies like Visa or Mastercard – known as “payment rails” – these transactions don’t violate their rules. While NACHA hasn’t officially made a statement either way about cannabis, their actions suggest they don’t have an issue processing these transactions over their network.
The downside with many ACH solutions is that they aren’t necessarily convenient for the buyer. Because a customer or patient can’t just pull out a bank card they are often required to download an app and provide banking details like account and routing numbers. This isn’t necessarily an issue from the second purchase forward, but this can be a bit of a pain for a customer or patient trying to use an app for the first time if they’re not expecting to have to go through an account onboarding process that might take several minutes. The upside to this is that there are platforms that allow the buyer to upload funds via ACH to an eWallet, which, after the initial transaction, will enable them to make instant purchases. Platforms also allow the buyer to automatically replenish their eWallet via ACH, allowing them to always have funds to make purchases. These purchases can also be combined with a store’s loyalty points program.
Questions to ask about ACH solutions:
What does a customer or patient need to do to use the solution?
How long does it normally take for the funds to transfer, allowing a user to make purchases?
Are there any contactless platforms that allow a buyer to purchase the product for delivery or curbside pickup?
Do you need additional hardware to display a single-use QR code specific to the transaction?
Cashless ATMs and PIN Debit solutions are among the most common electronic payment methods that allow customers to directly use cards.
To discuss the issues that go along with any card-based solution we need to take a step back and talk about how payments are processed. As previously mentioned, every credit card company has a set of rails used by merchants to process a sale over their network. Each transaction is sent as a packet of information that broadly contains the following information: name of business, location of business, any additional merchant information, and merchant category code (MCC).
Every transaction has to be associated with a four digit MCC used by the merchants to indicate the nature of the business and the transaction. The code that’s traditionally been used by cashless ATMs and PIN Debit solutions is 5912, reserved for pharmacies and “cannabis (where legal to do so)”. This is what’s used in Canada where credit cards are an option but it’s not an acceptable option in the US because the major credit card networks have clarified that their rails cannot be used for the purchase of marijuana. They do so by prohibiting activities associated with “controlled substances, or recreational/street drugs” (VISA) or even more broadly “any Transaction that is illegal” (Mastercard) in their operating agreements.
It’s important to note that you can’t just randomly choose an alternative MCC because miscoding constitutes fraud. You may remember a few years ago that California-based delivery company Eaze was prosecuted in 2019 for using MCC codes associated with things like “carbonated drinks, green tea, face creams and other products” in an attempt to obscure the fact that the network was being used for the direct purchase of marijuana.
It should be noted however that there are a few ATM networks out there that aren’t directly owned by the big credit card companies like NYCE, Allpoint, Star, and Moneypass. These companies have been relatively quiet regarding the use of their networks for the purchase of marijuana products, so there is an argument to be made that if card transactions are sent over those rails they’re not violating any operating rules, but anecdotally we’ve heard that some of these networks aren’t necessarily cannabis friendly and, as private companies, they’re able to change their mind (for or against) whenever they wish.
Questions to ask about Cashless ATMs and PIN Debit solutions:
What MCC code is the payment processor using?
What network is being used to process the transaction?
Credit cards are notoriously off-limits to cannabis because of the very public positions taken by the major card networks but that doesn’t stop companies from popping up offering credit card processing for cannabis purchases. Let’s clarify here at the outset – there is no way to directly purchase marijuana with a credit card in the United States with a credit card from American Express, Visa, Mastercard, or Discover.
So, with necessity being the mother of invention, some companies are trying out a new strategy to get credit card processing into dispensaries legally. Among them are solutions that take advantage of another MCC code: 6051. This code is associated with the purchase of “liquid and cryptocurrency assets” and some enterprising payment providers are using it to set up a structure where a customer isn’t “technically” buying marijuana. Instead they are “buying” what’s called a “stablecoin”, a form of cryptocurrency whose value is pegged 1:1 to the US dollar.
Questions to ask about cryptocurrency or stablecoin solutions:
What MCC code is the payment processor using?
What stablecoin is being leveraged?
How is the stablecoin preserving its value?
What will the offramping of funds from a crypto wallet to my DDA account look like to my bank?
Cannabis retail operators are faced with serious business and legal considerations when determining the payment processing solution provided to patients and customers. What solution will be the easiest for the customer? Is the solution compliant?
The cannabis industry’s evolving legal and regulatory landscape is challenging, especially with bad actors seeking to implement non compliant make-shift payment solutions intended to capitalize off of cannabis businesses seeking efficient and effective cannabis payment solutions. It is essential that you do your due diligence on cannabis payment solutions presented to your business to confirm that it will not cause an issue for you, the business and its patterns and customers. We hope that this article outlines considerations that will allow you to protect your business and its patients and customers.
Ohio Becomes 24th State to Regulate Adult-Use!
On November 7, voters in the Ohio overwhelmingly approved Issue 2 which legalizes and regulates the sale and production of cannabis for adults over 21. The initiative, which goes into effect December 7, will legalize the possession of up to 2.5 ounces and the personal cultivation of up to six plants.
The initiative requires state regulators begin approving retail licenses by September 2024. The measure includes a 10% sales tax which directs funds to municipalities with dispensaries as well as vital services such as addiction treatment and social equity and jobs programs.
Ohio will become the 24th state to regulate the adult-use market and the move sets the percentage of Americans living in a state with legal cannabis to 53%.
“Congratulations to the Buckeye State. Well over half of Americans now live in a state that has opted to replace marijuana prohibition with laws that foster a well regulated, responsible adult cannabis market.” Stated NCIA CEO & Co-founder, Aaron Smith. “Now let’s make sure Congress and the White House make federal reform a priority as we head into 2024.”
Despite overwhelming voter support, prohibitionist Republican state legislators are already working to gut the initiative. Read more at Marijuana Moment.
Membership Has its Benefits
Join the Movement. Become a member of NCIA today.
As the only trade association focused on representing independent cannabis businesses, joining the National Cannabis Industry Association ensures your business and the Main Street Cannabis industry have a seat at the table where the future rules for national legalization are being written.
Our members also enjoy unparalleled ROI and benefits to help them thrive in an increasingly challenging environment, including:
Detailed market data through complimentary access to BDSA’s GreenEdge market intelligence platform and custom market reports from New Frontier Data ($4,000 total annual value) ,
Eligibility to serve on any of NCIA’s 14 sector-specific committees to weigh in on policy positions and develop best practices that will shape the cannabis industry for decades,
Listing or logo impression in NCIA’s high-traffic online industry directory and invitation to participate in exclusive NCIA member LinkedIN community,
Complimentary access to regional events and exclusive invitation to NCIA’s Annual Cannabis Industry Lobby Days in Washington, D.C., and
Ability to demonstrate your thought leadership by submitting guest content to NCIA’s Industry Essentials Blog or to post news about your company on our website,
Information on policy developments affecting your business and ability to engage with state regulators and lawmakers during our regular “Policy Matters” webinar series,
Recognition of your support for NCIA’s Social Equity Scholarship Program providing free support for those entering the industry from communities most impacted by the war on drugs,
Discounts on products, services, and marketing opportunities; and
Many more benefits providing your business with a competitive advantage over those still sitting on the sidelines of the national reform movement.
Starting at only $1,000 annually, NCIA offers membership plans for businesses of all types and sizes. Schedule a meeting with us to learn more!
Apply Now to Join One of NCIA’s Member Led Committees!
One of the best ways to increase your engagement with NCIA is to participate on one of our member-led committees. Committee members keep a finger on the pulse of our industry by meeting virtually to discuss current pain points for their industry sector as well as solutions for those problems. Members work together to write blogs, publish industry reports & white papers, produce educational webinars, and develop policy-related call-to-actions. These resources are vital for informing industry stakeholders, lawmakers, and the general public. This is also a great opportunity to not only ensure your company is included as a thought leader in the industry and gain brand exposure, but also give back to the industry through sharing your expertise.
Community Collaboration
NCIA Committees are hubs of cross-collaboration and offer unique networking opportunities by bringing together professionals that are committed to advancing the industry. You can collaborate, share knowledge, and establish meaningful relationships that can open doors and create opportunities. Individual committees as well as all of our Committee Officers meet regularly on a monthly basis to discuss their own projects as well as identify areas of collaboration.
Many of our committees also engage with our Social Equity members through a “Hot Seat” and “Ask Us Anything” style platform. In this forum, our Social Equity Members complete a short questionnaire, then attend a virtual meeting to have their questions answered by committee members. This is a valuable opportunity for our Social Equity members to not only get curated advice on how to advance their business, but also get connected with other business owners in the industry.
Essential Education and Industry Insights
NCIA Committees empower members with the unique opportunity to produce and contribute to educational content. Our Committees actively create content that benefits the entire industry and provide expert insights into various issues, trends, and challenges impacting our industry. Interested in what type of projects our committees have worked on? Take look at some of the content our committees have produced this past term:
The Cannabis Manufacturing, Hemp, & Scientific Advisory Committee joined forces to present a compelling five-part series of #IndustryEssentials webinars which explored a spectrum of critical industry topics surrounding minor, novel & synthetic cannabinoids from consumer safety, occupational health and regulatory considerations to enhancing workplace safety, and fostering dialogue around the broader cannabinoid landscape.
The Risk Management & Insurance Committee published a comprehensive series of resources that illuminated the intricate landscape of risk management, legal challenges, and insurance considerations surrounding novel cannabinoids. A blog post initiated the discussion, while an updated industry report delved deep into the novel cannabinoid conundrum, exploring loopholes, liability, and legislation. Finally, a live webinar then provided a dynamic platform for experts to further dissect these critical topics further.
NCIA Committee members contribute to the development of talking points and actively participate in our in-person Lobby Days in unique ways, such as meeting with the Committees on Agriculture, Nutrition, and Forestry this past year. NCIA Committees also take an active role in advocating for federal policy that affect their respective sectors. For example, NCIA’s Hemp Committee published this call to action, encouraging the industry to contact their representatives about adding amendments to the Farm Bill which is set to expire soon.
Still not sure committee involvement is right for you? Don’t take our word for it, read what Banking and Financial Services Vice Chair, Kameron Richards, has to say:
For existing NCIA members, applying for a Committee is a straightforward process. In order to apply to a committee, your company should be an active member willing to maintain your membership throughout 2024. Appointees may serve on no more than one committee at one time. Companies may only hold one seat per committee. Appointees must be engaged in all committee meetings and committee work, and should expect to commit 3-5 hours/month on committee-related work.
For those who are not yet NCIA members, now is the perfect time to join and seize the opportunities our Committees offer. By becoming a member, you gain access to this powerful network and countless resources that can elevate your involvement in the cannabis industry. You can secure your membership on our website today, once your membership is processed, apply to join one of our Committees during the application period here
Joining an NCIA Committee is a transformative opportunity for those who seek to maximize their impact in the cannabis industry. These Committees not only empower you with knowledge and connections but also provide exclusive opportunities for content creation and cross-collaboration. Whether you’re a current member or considering joining, don’t miss the chance to collaborate, learn, and make a difference within the cannabis industry.
