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Minimizing risk in your cannabis business: 3 tips

On Behalf of | Nov 1, 2022 | marijuana businesses

In 2016, legislation was passed in California that legalized the use, sale, and cultivation of recreational cannabis for those aged 21 and over. However, just because recreational sales and use have been legalized, that doesn’t mean there are no regulations. 

Running your own cannabis business can be rewarding, but as with most businesses, there are a number of risks. In fact, the regulations surrounding cannabis are arguably more complex than any other business. 

Outlined below are a few important factors to keep in mind:

Stay on top of product quality 

One aspect that is heavily regulated is the quality of cannabis products on sale. Cannabis on sale must meet certain safety standards and it must also be stored and cultivated appropriately. Tainted products could cause serious injuries to both consumers and staff. To protect your valued customers, staff and license, it’s vital to ensure that all safety requirements are met at all times. 

Focus on the tight regulations 

To maximize profit, you may need to cultivate as much product as possible. Nonetheless, this has to be done within the confines of the law. Some cannabis firms have made the mistake of cultivating the product in unauthorized areas and subsequently lost their licenses. 

Don’t go it alone 

You’ve put a significant amount of time and money into your business, so it’s important to minimize the potential risks. Many company owners run into trouble simply because they did not fully understand the law. One thing that will benefit you greatly is to have legal guidance on your side at every step of the way.