If you work with products that are not criminalized by the federal government, you may not think you have anything to learn from companies in the cannabis and hemp industry. But, as these entrepreneurs navigate unique security problems and a patchwork of intense state-by-state regulations, they are participating in a grand business experiment that illustrates the value of innovation and discipline when it comes to risk management and compliance. Some of these strategies may be familiar to those in other highly regulated, high-stake industries such as electronics, jewelry and controlled pharmaceuticals. Similarly, cannabis operators face tumultuous supply chains, products with short shelf lives, trade secret protections, cybercrimes, and keeping up with anti-money laundering and “know your customer” banking requirements. Cannabis cultivators, manufacturers, distributors and retailers deal with a high-dollar product that invites theft and limited banking options that force most transactions to occur in cash, which leaves them at high risk for targeted crimes. Cannabis businesses suffered a string of mass break-ins last year, with deadly robberies occurring in 2021, prompting many dispensary staff to carry weapons to defend themselves.
420 Intel – Marijuana Industry News, 09/28/2021 20:00:00