Why there is a need for compliance tools in the cannabis industry?
In order to avoid cannabis-related crimes, authorities have to be ready to legislate new regulations after legalizing the plant as well. For instance, medical marijuana is legal in thirty-three states of the USA. Medical marijuana dispensaries provide services to help those who are willing to get better in terms of a health condition such as cancer patients. However, in Colorado alone, thirty-four dispensary robberies were reported during the first half of 2019. Even though medical marijuana dispensaries are associated with reduction (19%) in neighbourhood crime, it is still a threat to patients and businesses. This is why compliance tools are essential in the cannabis industry.
Facial recognition system
The facial recognition system is one of the compliance tools that provide safety for the cannabis industry. Together with patients, it also protects marijuana dispensaries against robbers. As patients approach the store, cameras scan their faces and try to find a match by using algorithms. Moreover, this system has the ability to detect mass shootings in public places like schools.
Cannabis delivery systems
Online shopping is widely common in sectors like food and clothing regarding recent developments in technology. However, the legalization of marijuana has paved the way for online marijuana shopping. Consumers can see a variety of weed on the websites of online marijuana shops. For instance, Eaze is a cannabis delivery service that operates across California, Portland and Oregon. In order to purchase from their page, a proof of identity -showing that you are over 21- is required. But this brings us to a point where law firms will have the most benefit. Even though Eaze’s mobile app is easy to download, there is a need for regulations and surveillance of those regulations.
Money transfers
An important key is that marijuana is still illegal under federal law in our American case. As a result, banks avoid helping cannabis companies when it comes to transferring money or funding. To solve this problem, cannabis firms prefer to use various cryptocurrencies or Bitcoin. In fact, there are some cryptocurrencies, like Potcoin, to make transfers easy between farms, sellers and customers. It is important to realize that legalization of marijuana and the emergence of new services have created grey areas in law. This is why law firms, especially in the West, should follow these developments to be ready when the cannabis trend is in their town.
A search engine for regulations
CannaReg is also another cannabis compliance tool where you can learn about marijuana laws and regulations. Team CannaReg is also working on organizing events to inform lawyers and law firms. Together with conferences, free Webinar sessions are listed under their monthly calendar. They have a simple website design, which allows the user to find what they find easily. You can reach their website by clicking here.
Seed-to-sale
Akerna, consists of merging MJ Freeway and MTech Acquisition Corp., is one of the most transparent cannabis compliance company in the world. The main goal of Akerna is to connect the cannabis industry with the power of data and AI. With this in mind, they measure the demand for cannabis in the market. MJ Freeway, also known as MJ Platform, is a seed-to-sale company that offers services for cultivators, manufacturers, dispensaries and distributors. On the other hand, MTech Acquisition Corp. provides compliance technology solutions to ensure safety for public and product. In order to do that, they cooperate with government institutions such as Washington State Liquor and Cannabis Board.
Overall, the legalization of marijuana tends to stay as a trend in the world. For that reason, both cannabis enterprises and law firms have to focus on developments in the sector. Understanding the characteristics of cannabis compliance tools and their importance will ease the process for the legal industry.
