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Does cbd annoy us? – CBD health and wellness

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Imagine waking up in the middle of the night and feeling pain go into your hands and feet. It’s so bad it feels like someone is stabbing you! The throbbing and penetrating feeling brings you to tears. It’s bad enough that the intensity is so painful, but imagine that this happens every night of your life now. This would send the strongest person into the worst of depression.

So what are you doing? Turn on your lights and grab the bottle of pain medication. Makes sense right? You try to open the bottle and only find that it feels like it weighs a thousand pounds !!! You struggle in frustration that the pain is preventing you from opening up something so small that should be easy. Finally, after minutes that feel like an eternity, the bottle is finally open. You grab some pills and swallow them like someone who hasn’t eaten in a month. Now sit and wait for the pain to stop! After an hour or so, it finally looks better and you are relieved that you can now try to get back to sleep. Morning comes and you feel tired and frustrated. Yes you could fall asleep but the quality was terrible. Your body feels like it has just done 10 laps with Mike Tyson. Worst of all, your stomach is knotted from the pain relievers. You feel miserable and hopeless !!

This is the reality for anyone with neuropathy or nerve pain, and they experience it on a daily basis. It is sad to hear and see that such a technologically advanced world still relies on pain relievers with unpleasant side effects. It would be great if they actually worked, but we hear from our patients that they are not even sure if anything is happening at all. So you are taking a drug that is not working and has side effects. Does that sound like a good offer now? We can fly a robot to Mars, but we can’t do enough research to find a better solution for people coping with neuropathy and nerve pain.

So the question is, why didn’t they? Is there anything better than antidepressants, anti-seizures, or opioids for neuropathic nerve pain?

How much money do you think is being made from neuropathic pain relievers? 1 million, 1 billion, what do you mean? The answer is a whopping $ 5 billion a year !!

So if drug companies are making $ 5 billion plus a year on these drugs, why should they invest in research or better alternatives for patients? From a business point of view, it doesn’t make sense. Neuropathy is not a condition that goes away; it is increasing at an alarming rate. There are so many causes of diabetes, chemotherapy, surgery, blood pressure and cholesterol medication, inflammation-related causes, and hundreds of other causes. If you look at the scope and size of these numbers, the market will only go up.

How does the pharmaceutical business balance the business of utility versus money? That is the question. Will Big Pharma continue to give people drugs that in many cases will eventually become ineffective? Is it okay to give patients drugs that cause other health problems? Unfortunately, the answer for these companies is yes. For them it’s about the money. They know their drugs have side effects, but it’s a small price to pay for them.

So how do you break out of this form? How do you take yourself out of the matrix and become a neo? The answer is CBD.

My specialty is neuropathy. CBD topicals have been a miracle for my patients. It made it possible for them to live again. They could replace their pain medication with cbd. You have reported so many great things about using the topical cream. Do I think CBD in other forms may be effective for neuropathic patients? The answer is yes. Personally, I did not take this route because our patient base is usually at high risk and takes a lot of medication. So we have to be very careful when introducing something new to our patients.

Can you imagine waking up in pain every day with no relief? We will never be able to understand the life of someone living in pain 24/7. So we have to do more. We have before us something so powerful with proven benefits. It has been shown to be superior to some of the pain remedies. I believe that CBD was placed on this earth for a reason. Regardless of your religious beliefs, I believe that CBD has a bigger purpose. The world is very sick and we are starting to see it more and more. It seems like life now is about instant gratification, not lifelong happiness. Happiness means being healthy and doing the things that you want to do on your terms. If we wait for the drug companies to research and find out that CBD is the holy grail, good luck. Knowing your story, you will find a way to mess it up.

So it is up to us as people, doctors and entrepreneurs to push the boundaries on all fronts. Our message must be clear and simple. The words that people hear and see must be based on common sense. CBD has very powerful anti-inflammatory and immunosuppressive properties. Inflammation is a complicated process that involves many signaling pathways. The body uses signaling molecules called eicosanoids to trigger the inflammatory response.

One of the ways CBD can reduce inflammation is by blocking an eicosanoid enzyme called COX2. NSAID drugs such as Advil and Aspirin also target COX2 in their mode of action. Wouldn’t it be great to get to the point where we all know 2 ibuprofen is that much CBD? That you could take it and not have the side effects. It is amazing that something that came from this earth can save your life. Is that a crazy thought or what ??

The science of CBD is clear. It creates balance in the body. Any type of pain is always a dysfunction of a chemical, structural, or neurological system. This is the methodology of how health problems typically arise. What does cbd do in general? It creates balance in the body. From a cellular point of view, when equilibrium occurs, repair also takes place. Now let’s take this concept to the next level. What if you can add other things to CBD? Adding amino acids or nutritional supplements to create better harmony in the body. Give your body everything it needs to function. What would happen then? Specific proteins are produced, nerve growth factors multiply, and cell repair begins. It is as if the seas parted before Moses. Life happens again. Life begins to become comfortable again for people. I’ve seen it over and over in my practice. Life without pain medication is possible. It just takes more people who think differently, talk about it, research, test, and push the envelope to get it into mainstream conversation. We have to be better than big pharmaceutical companies. Money is always part of the equation, but it doesn’t mean people are getting an inferior solution.

In the famous words of Jerry Maguire, “You complete me”. Let’s do more and be more with CBD.

Packaging in the ever growing cannabis and CBD industry

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As the cannabis and CBD industries continue their rise to the forefront of the American market, new regulations governing the packaging of products are quickly becoming a cause for concern.

Data compiled by MjBizDaily showed that the economic impact of marijuana is up 30% from 2020 and is expected to reach $ 92 billion this year. Sales of $ 160 billion are forecast for 2025.

With the industry’s wide range of products now exploding on shelves, established companies and business models are starting to feel the heat. Concerns about clear labeling, parental controls, and sustainability are mounting as major confectionery manufacturers complain about packaging confusion.

Lisa Buffo, Founder and CEO of the Cannabis Marketing Association, said, “Packaging is a critical touch point for the cannabis user.”

“This is the first step they take when physically interacting with the product,” she said. “What information is on the packaging? Is it something that the consumer can read and understand? Will this information change the way they use the product and improve their understanding of what is in it? “

A recent report published by Grand View Research, Inc. showed that increasing legalization and demand for medical and recreational cannabis around the world is projected to reach the legal marijuana market size of an estimated $ 73.6 billion by 2027.

More than 60% of cannabis users surveyed by the Brightfield Group said they prefer labels describing a product’s THC content and type of strain (indica, sativa, hybrid), while nearly 50% said they also list the Want ingredients.

Here are the current concerns about cannabis and CDB packaging.

Clear labeling / milligrams per dose

Unfortunately, the requirements for product labeling information vary significantly in each US state. While every state required delta-9 tetrahydrocannabinol content and manufacturer’s contact information, only 80% of states required the lot number, health risks, production tracking, a cannabis symbol, cannabidiol content, child disclaimer, and impairment disclaimer.

Patricia Miller, Editor-in-Chief of Cannabis and technology today, said: “Most cannabis products are subject to strict regulatory supervision, but without a certificate of analysis, consumers have no way of knowing what they are consuming and how much.”

In addition, “many of the test facilities have had to develop their own test methods and the result is lab-to-laboratory variability,” she said.

For CBD products, basic labeling requirements include a scannable barcode or QR code to make it easier to see the batch identification number, product name, batch date and size, Expiry date, total quantity produced, ingredients or certificate of analysis. Product requirements also include an FDA warning, no medical or health claims.

Keep out of reach of children

Since there are so many different standards for cannabis packaging, this is the New York Times reported that the big candy manufacturers are upset over similar THC goodies. According to the article, Wrigley’s and others protect not only their brands but your children as well.

In fact, Wm. Wrigley Jr. Co., owned by Mars Inc., filed lawsuits against five companies in May for selling cannabis-infused edibles that look like Skittles, Starburst, and Life Savers.

While incumbent product manufacturers have raised concerns about similar packaging, Miller said that some cannabis companies are not satisfied with the requirement for child-resistant packaging because alcohol brands are not packaged in child-resistant containers and there is the potential for fatal overdose.

“Parental controls are largely a by-product of the lingering stigma surrounding cannabis,” she continued. “But these regulations help people feel more comfortable having cannabis products at home, so they are ultimately good for the industry.”

According to the Child Mind Institute, not only are adults experimenting with CBD for anything that bothers them, but increasingly parents are turning to CBD to help their children focus, sleep, calm down, and more.

What does the box look like?

Nobody has to tell you that the usual packaged cannabis products are time sensitive. In addition, the brands also want space on the packaging to market their product.

In addition to light, UV rays, moisture, and gases that can potentially ruin the product inside, cannabinoid-infused beverages still struggle to create formulations that prevent the active ingredients from entering the package and becoming inert.

While the freshness and shelf life of cannabis products are always a concern, the brand’s ability to market the product is also hampered by the requirements of regulations and child-proof copies.

Buffo said because they have to use child-resistant packaging and affix labels with product information and health warnings, “it often leaves little to no room for branding, consumer education or design innovation.”

“Brands need to get creative to improve the customer experience and communication with their customers when packaging space is limited,” she continued. “In addition, the products are often behind the counter and are only handed over to the customer after they have been purchased, so that there is no need to touch or read when shopping.”

On the CBD side, cosmetic and personal care products have found incredible appeal with consumers in a relatively short period of time, which has led to a noticeable packaging development, so Beauty packaging.

To be green or not to be green

Similar to many other sectors in the world market, single-use plastic products have become a hurdle for packaging in the cannabis industry. Although their use became a popular alternative during the COVID-19 pandemic, single-use plastic bags are on the way out as sustainability concerns resurface.

Miller said the cannabis industry’s biggest problem is waste.

“While child safety and traceability regulations have created a monster from RFID tags to individual pre-roll tubes, single-use plastics are an environmental concern.”

Going forward, industry experts believe government and industry need to focus on what packaging is appropriate and necessary to improve the process for brands, customers and the environment.

From both cannabis and CBD packaging perspectives, companies should consider whether the materials are of natural origin, whether they are biodegradable, recyclable, and how much energy is required for recycling?

Are the materials also reusable or disposable designs, do they contain added harmful chemicals and is the company itself committed to sustainability?

Additionally, CBD and cannabis products wrapped in paper and made from cannabis-based materials will also improve sustainability.

About the author:

Mark McClure is Vice President of Operations at the flexible packaging company International Plastics in Greenville, SC

https://www.interplas.com/

Current Trends in the Cannabis Beverage Industry: The Industrial Sonomechanics Perspective

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Technical background

With technological advances and growing consumer interest in CBD / THC-infused beverages, Industrial Sonomechanics (ISM) has seen significant activity and business growth in its technology for making water-compatible CBD and THC formulations, as well as the manufacture of finished nanoemulsions products. ISM’s technology is a complete solution that includes high amplitude ultrasonic liquids on laboratory, laboratory and industrial scale Processors in connection with several All-In-One NanoStabilizers® Formulations.

With this solution, ISM’s customers are fully able to commercially manufacture translucent water-soluble nanoemulsions of cannabis extracts that can be easily infused into water and other beverages cannabinoids.

A typical nanoemulsion concentrate produced with ISM technology contains between 10 and 50 mg / ml cannabinoids, which are suspended in the form of nanoscale droplets with an average diameter of around 20-30 nm, which ensures permanent water tolerance, translucency and long-term stability . When about 0.2 – 1 ml (depending on the concentration and required dose) of nanoemulsion is infused in water (see pictures below), the translucency turns into complete transparency and results in a clear cannabinoid-infused water-based product.

ISM’s technology also enables the production of water-soluble CBD and THC powders and tablets as well as a wide range of water-compatible nanoemulsions of aromatic oils and many other hydrophobic bioactive ingredients.

Trends in bioactive ingredients

We look at the ingredients of cannabis beverages from two consumer-oriented perspectives. First, what is the desired cannabis beverage consumer experience? Is the consumer interested in the therapeutic benefits of just relaxing in the evening, both? Second, what is the vehicle for consumption and the desired look and taste of the product? With today’s nanotechnology, consumers can take advantage of infused bioactive ingredients like CBD and Delta-9 THC, and we are seeing a significant increase in the rating of Delta-8 THC properties.

Based on these perspectives, manufacturers can formulate CBD and / or THC products with the desired effects. As a result, consumers can determine what they want and expect from their product, so that companies, with the right equipment and formulations, produce high quality products that allow short exposure times with predictable and reproducible potency.

At the beginning of the CBD / THC infused beverage market curve, we saw many low quality emulsions with large droplet sizes (in the hundreds of nanometers) and the appearance of absorbing milk that were not readily available to the body. With the advancement of industry, made possible by high amplitude ultrasonic devices and better emulsifier formulations, translucent nanoemulsions with much smaller droplet sizes quickly began to replace milky emulsions. Translucent nanoemulsions are in great demand because their extremely small droplet sizes enable high bioavailability, short action times and predictable duration of action. They also have the advantage that they do not change the appearance of the drink, as they become transparent when diluted.

We are currently also seeing a rapidly growing demand for water-soluble CBD and THC powders that, when added to a beverage, reconstitute to their original nanoemulsified state (just like adding sugar to coffee). Powders also enable a wide range of applications and finished products – for example, they can be compressed into tablets that break down immediately in the mouth and dissolve in saliva, or they can be formulated as effervescent tablets that dissolve quickly in beverages.

Taste trends

While it’s not always obvious, cannabis extracts are bitter. It is important to remember that the taste of a substance cannot be felt if the substance is not dissolved in saliva. Refined CBD and THC extracts, distillates, and isolates may not appear bitter when tasted directly because they do not dissolve in water (or saliva). The formulation as a nanoemulsion makes it compatible with water and thereby increases its bioavailability, but also enables our taste buds to perceive its bitterness.

We see two different preference trends in terms of taste. Many consumers enjoy and are still looking for a “homegrown flavor” in which they can taste the terpenes and flavonoids of the original plant in the drink. This comes as a surprise to some, but others want to identify deeply with what they are consuming. Of course, there is a second preference where consumers want to try something that they really like, but not necessarily related to the flavors of the original plant. In other words, you want to mask the taste of the extract and / or cover it with other flavors. To this end, we constantly see requests for masking agents and water-soluble flavor additives. We have recently started offering such products.

Cannabis drinks can be a bit like alcoholic – an acquired taste. Some consumers like the natural taste of cannabis, similar to those who love a peaty scotch. Others find the taste unpleasant and would rather suit the hard seltzer drinkers of the world. The industry is learning that not every taste in the CBD / THC beverage space is monolithic. If there is a market for a particular flavor profile or flavor, the industry will adapt. Given the tools and product options, the branders, designers, and marketers will be there to meet this need.

Technological innovation trends

In our opinion, the most important technology trend in product development is particle size. Water-compatible nano-emulsified beverage products with a focus on small particle sizes are at the core of the future market introduction of THC / CBD products, as they enable consumers to trust their quality, effect and taste.

The trend is towards nanoemulsions with the smallest possible droplet sizes. This applies to liquid nanoemulsions as well as water-soluble powders and tablets, which reconstitute themselves in water (or saliva) to form nanoemulsions. Droplet size has a direct impact on all of the major benefits of nanoemulsion-based products, including translucency, bioavailability, and onset of action. In order to absorb oils and fats from our food, the digestive system usually first “reforms” them into mixed micelles – droplets with mean droplet diameters around 20 nanometers. This is what our small intestine can absorb most efficiently. It is therefore important to keep the droplet sizes in nanoemulsion-based products close to this value for maximum benefit.

ISMs Barbell horn® ultrasound technology-based processors and NanoStabilizer® formulations enable its customers to easily produce nanoemulsions with droplet sizes of only 20-30 nm CBD or THC absorbed into the bloodstream very quickly and completely. Our processors can output extremely high ultrasonic amplitudes and operate at any scale, allowing manufacturers to quickly move from a laboratory to a production environment to meet the growing (and ever-changing) consumer interest in infused beverages.

In the next two years, there is likely to be rapid advancement in the CBD and THC infused beverage market. Companies have to act quickly and with agility when they bring new products onto the market that are reliable and of consistent quality. Technology needs to be coupled with consumer education, which in turn is supported by research. Science-oriented institutions, technology companies and informed consumers will be great partners in advancing technology and innovation in the beverage industry.

About Industrial Sonomechanics, LLC.

Industrial Sonomechanics, LLC (ISM) is a research and development, equipment design, and process consulting firm specializing in high-intensity ultrasonic technology for fluid treatment. Our mission is to support companies in optimizing their ultrasound-based processes and implementing them in commercial production. Learn more about ISM at sonomechanics.com.

North Carolina Medical Cannabis Bill Wins Approval from Senate Judiciary Committee Again

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It’s no secret that many of California’s legal cannabis businesses have been struggling to thrive since the state launched its first adult-use sales in 2018.

To help support the industry, the County of Humboldt launched Project Trellis in 2019 as a three-tier initiative that provides business support and resources to the industry, covering cannabis business micro-grants, local equity, and marketing and promotion.

“It was created through a resolution that provided 10% of our local cannabis cultivation taxes to be returned to the community through this project,” said Peggy Murphy, economic development specialist for the County of Humboldt. “It covers three basic programs.”

The Micro-Grant Program offers grants of up to $10,000 for cannabis and ancillary businesses—including cultivators, retailers, distributors and manufacturers—for projects approved by the Project Trellis Committee. The grants are competitive, and applications go through the committee for scoring and ranking.

In its first year, Project Trellis awarded $180,000 in microgrants, and in its second year, it awarded $519,000. The grants have funded a variety of projects, Murphy said, including business’ organic certifications, water tanks and solar panels.

The Local Equity Program is based off California Senate Bill 1294, which encouraged the state’s counties to create a Cannabis Equity Assessment, and then a local equity program, in order to apply for state funds to support local equity programs.

Humboldt County ultimately won three awards—one from the Bureau of Cannabis Control (BCC) for $1.3 million and two from the Governor’s Office of Business and Economic Development for $2.4 million and $1.05 million.

Murphy said Project Trellis initiated its Local Equity Program using the original BCC award and is in the final stages of contracting with those awardees.

Project Trellis launched an updated version of its equity program, “Version 2.0,” on Aug. 16, using the second award of $2.4 million and incorporating feedback from the community, stakeholders and funders.

Finally, the county-wide Marketing and Promotion Program aims to promote and maintain Humboldt-grown cannabis as a national and industry brand.

Qualifications for each program vary, Murphy said. Applications for the annual Micro-Grant Program were built in-house by the Project Trellis Committee and staff with oversight from the Project Trellis Board of Directors.

To qualify for a grant, a business must be operating in the cannabis industry, either as a startup or an established company.

“If your project includes finishing your establishment—like completing your permitting and licensure—then we will consider you, but it is really geared toward established cannabis businesses,” Murphy said.

Businesses must be licensed and registered to operate in Humboldt County, with at least 75% of their operations based in Humboldt County, in order to qualify for a grant.

In any given year, Murphy said Project Trellis receives approximately 70 applications for the Micro-Grant Program. During the first year, it funded 17 projects, and during the second year, it funded 16.

To qualify for the Local Equity Program, business owners must be at or below a certain income level, reside in Humboldt County, and be a shareholder or owner with at least 20% interest in a cannabis business. Once all those qualifications are met, applicants must meet a minimum of another set of criteria, including items such as minority ownership.

“A good amount of what we deal with is compliance-related, or conditional [license] approval, and that’s true for both the Micro-Grant as well as the Local Equity Program,” Murphy said. “I think overall, not just our program but the community itself, recognizes that the cost of becoming legitimate within the commercial cannabis marketplace is extreme, and with the fluctuations in the market, it’s incredibly tough even for those who have gone completely through the [licensing] process.”

Project Trellis Committee meetings are open to the public, and the program also hosts public town halls (now conducted via Zoom due to the ongoing COVID-19 pandemic) to receive feedback from the local community.

“We’re really intended to be there to help support the cannabis industry,” Murphy said. “I think that’s important to state because I think a lot of times, people assume that because we are the County of Humboldt, we aren’t necessarily looking out for their best interests. And we’re hoping to be an advocate for the community.”

Current Trends in Banking for Cannabis-Related Businesses

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Cannabis is still federally illegal and is included on Schedule 1 of the Controlled Substances Act (CSA), along with such other substances as heroin, fentanyl and methamphetamines.1 It is a federal crime to grow, possess or sell cannabis.

Despite being federally illegal, 36 U.S. states and the District of Columbia have legalized the sale and use of cannabis for medical and/or adult use purposes,2 and both direct and indirect cannabis-related businesses (CRBs) are growing at a rapid rate. Revenue from medical and adult use cannabis sales in the US in 2019 is estimated to have reached $10.6B-$13B and is on track to reach nearly $37B in 2024.3

Because the sale of cannabis is federally illegal, financial institutions face a dilemma when deciding to provide services to CRBs. Should they take a significant legal risk or stay out of the market and miss out on a significant revenue opportunity? So far, the vast majority of financial institutions have been unwilling to take the risk, resulting in a dearth of options for CRB’s. Until recently, cannabis business operators had few options for financial services, but times are changing.

This piece will discuss current trends in banking for cannabis-related businesses. We will cover differences in legality at state and federal levels, complexities in dealing in cash versus digital currencies, Congressional actions impacting banking and CRBs and how banking is changing. The explosion of state legalization of cannabis over the past several years has had a strong ripple effect across the US economy, touching many industries both directly and indirectly. Understanding the implications of doing business with a CRB is both challenging and necessary.

Feds Versus States

Money laundering is the process used to conceal the existence, illegal source or illegal application of funds.4 In 1986 Congress enacted the Money Laundering Control Act (MLCA), which makes it a federal crime to engage in certain financial and monetary transactions with the proceeds of “specified unlawful activity.”5 Therefore, CRB transactions are technically illegal transactions under the MLCA.

Financial institutions therefore face a risk of violating the MLCA if they choose to do business with CRBs, even in states where cannabis operations are permitted. In addition, financial institutions could also face criminal liability under the Bank Secrecy Act (BSA) for failing to identify or report financial transactions that involve the proceeds of cannabis businesses operating legally under state law.6

Federal authorities continued to aggressively enforce federal cannabis laws

In short, because cannabis is illegal at the federal level, processing funds derived from CRBs could be considered aiding and abetting criminal activity or money laundering. States, however, began legalizing cannabis in 1996, and by 2009, thirteen states had laws allowing cannabis possession and use.7 Despite this legislation, federal authorities continued to aggressively enforce federal cannabis laws.8 That changed under the Obama administration when, shortly after being elected, President Obama stated that his administration would not target legal CRB’s who were abiding by state laws.[9] In an attempt to provide clarity in this murky environment, beginning in 2009, the Department of Justice (DOJ) issued three memos designed to guide federal prosecutors in this area. However, none of the DOJ memos issued from 2009 through 2013 addressed potential financial crime related to the legal sale or distribution of cannabis in states allowing the use of medicinal or recreational cannabis.

To assist financial institutions in navigating potential financial crime implications of banking CRBs, the Financial Crimes Enforcement Network (FinCen) issued guidance in 2014 that clarified how financial institutions could conduct business with CRBs and maintain compliance with their Bank Secrecy Act requirements (2014 Guidance).9 According to the 2014 Guidance, financial institutions may choose to interact with CRBs based on factors specific to each institution, including the institution’s business objectives, the evaluated risks associated with offering such services, and its ability to manage those risks effectively.

The 2014 Guidance requires those who choose to provide services to CRBs to design and implement a thorough customer due diligence review that includes, in part, analyzing the licensing of the entity, developing an understanding of the business operations of the entity, and ongoing monitoring of the entity.9 In addition, financial institutions are required to file a Suspicious Activity Report (SAR) for every transaction they process for a CRB, should they choose to accept the business.

Although the 2014 Guidance does outline a path for financial institutions to engage with CRBs, it does not change federal law and, therefore, does not eliminate the legal risk to financial institutions.10 By its very nature, the 2014 Guidance was a temporary fix, subject to changing views of different administrations, evidenced by the fact that all three of the DOJ guidance documents noted above were rescinded by then Attorney General Jeff Sessions on January 4, 2018.12 The DOJ enforcement posture could change once again in a Biden administration. Biden is on record as favoring decriminalization, and Attorney General candidate Merrick Garland has stated that if confirmed he will deprioritize enforcement of low-level cannabis crimes. Garland also believes using limited government resources to pursue prosecution of cannabis crimes states where cannabis is legal does not make sense.12

Because of the uncertainty and high risk, most banks remain unwilling to serve CRBs. Those that do serve CRBs charge exorbitant fees (fees of $750-$1,000 or more per account per month are not uncommon), pricing many smaller operators out of the financial services market.

Cash is King – Or Is It?

Cannabis operators have discovered the old adage “cash is king” is not necessarily true when it comes to the cannabis space. Bank-less CRBs are forced to utilize cash to pay business expenses, which can be particularly difficult. Utility companies, payroll companies, and taxing authorities are just some of the providers that are difficult, if not impossible, to pay in cash. For example, cannabis operators have been turned away from IRS offices when attempting to pay large federal tax obligations in cash. Likewise, cannabis operators have been unable to utilize payroll processing companies to administer payroll and benefits for their businesses because the processors won’t take cash. CRBs can’t use Amazon or other online retailers because online providers cannot accept cash.

Because dealing in cash is so difficult, CRB operators look for workarounds such as using personal credit/debit cards to purchase business equipment and supplies. This doesn’t eliminate the cash problem, however, because the credit card holder will likely have to accept cash as reimbursement. Such transactions could be considered an attempt to hide the source of the cash, which is, by definition, money laundering.

CRBs often have large sums of money onsite

Some bank-less CRBs try to skirt the system by obtaining bank accounts in the name of management companies or other entities one step removed from the actual business. While operators often choose this route in an effort to streamline business and operate out of the shadows, it again runs afoul of banking laws. Transferring cannabis related financial transactions to another entity is actually the very definition of money laundering – which, as noted above, is defined as the process used to conceal the existence or source of “illegal” funds.

In addition to the difficulties in making payments or purchasing business supplies, operating in a cash-heavy environment poses significant safety risks for cannabis operators. CRBs often have large sums of money onsite and transport large sums of cash when purchasing product or paying bills, making them a target for robbery. In 2017, there was a spate of dispensary robberies across the Phoenix Metro area, including one at Bloom Dispensary that took place during operating hours.13

Managing all that cash increases the cost of doing business as well, in the form of increased labor, insurance, and security costs. Cash must be counted and double counted, which can be time consuming for staff, not to mention the time it takes to deliver physical cash payments to hither and yon. Ironically, lack of banking significantly decreases transparency and clouds the waters of compliance, as operating strictly in cash makes it easier to manipulate reported financial results.

Potential Congressional Solutions

In recent years Congress has undertaken several efforts to pass legislation designed to address the state/federal divide on cannabis, which would likely clear the way for financial institutions to provide services to CRBs, including:

  • R. 1595 – Secure and Fair Enforcement Banking Act of 2019 (“SAFE Act”);
  • 1028 & H.R. 2093 – Strengthening the Tenth Amendment Through Entrusting States Act (STATES Act); and
  • 2227 – Marijuana Opportunity Reinvestment and Expungement Act of 2019 (MORE Act).

The climate in Washington DC, however, did not allow any of these initiatives to pass both houses of congress. Had any been sent to the White House, President Trump was unlikely to sign them into law.

The cannabis industry has new reason to believe reform is on the horizon with shift in political leadership in the White House and Senate. Newly anointed Senate Majority Leader Chuck Schumer recently committed to making federal cannabis reform a priority, and President Biden appears committed to decriminalization, reviving the hope of passage of one of these pieces of legislation.

The Changing Banking Landscape

Even though there is little in the way of formal protections for financial institutions, and with the timeline for a legislative fix unknown, an increasing number of banks are working with cannabis operators.

According to FinCen statistics, there were approximately 695 financial institutions actively involved with CRBs as of June 30, 2020. It is important to note that these statistics are based on SAR filings, which banks are required to file when an account or transaction is suspected of being affiliated with a cannabis business. However, some of these SARs may have been generated on genuine suspicious activity rather than on a transaction with a known cannabis customer.

Number of Depository Institutions Actively Banking
Cannabis-Related Businesses in the United States
(Reported in SARS)14

There are arguably more banking institutions offering services to CRBs than ever before. The challenges for CRBs are (1) finding an institution that is willing to offer services; (2) building/maintaining a compliance regime that will be acceptable to that institution; and (3) cost, given the high fees associated with these types of accounts. 

How CRBs Get Accepted by Banks

The gap between CRBs’ need for banking and the financial services providers’ sparse and expensive offerings to the sector has created an opportunity for third-party firms to intervene and provide a compliance structure that will satisfy the needs of the financial institutions, making it easier for the CRB to find a bank.

These third-party firms perform extensive BSA-compliant due diligence on applicants to ensure potential customers are following FinCen guidance required to receive banking services. After the completion of due diligence, they connect the CRBs with financial institutions that are willing to do business with CRBs and provide checking/savings accounts, check writing capability, and merchant processor accounts. These firms often provide additional services such as armored car and cash vaulting services. Some of these firms also offer vendor screening, pre-approving vendors before any payments can be made.

One such firm, Safe Harbor Private Banking, started as a project implemented by the CEO of Partners Credit Union in Denver, Colorado, who set out to design a cannabis banking program that would allow Partners to do business with Colorado CRBs.15 The program was successful and has since expanded into other states who have legalized cannabis. Other operators include Dama Financial and NaturePay.

While these services offer hope for many CRBs, the downside is cost. These services perform the operations necessary to find, open, and maintain a compliant bank account; however, the costs of compliance are still high, pricing some small operators out of the market.

Is Digital Currency an Answer?

 Digital currency is also making its way into the cannabis world. Digital currency, or cryptocurrency, is a medium of exchange that utilizes a decentralized ledger to record transactions, otherwise known as a blockchain. One of the largest benefits of blockchain is that it is a secure, incorruptible digital ledger used for, among other things, financial transactions.16 Blockchain technology offers CRBs a transparent and immutable audit trail for business and financial transactions. Several cannabis-specific cryptocurrencies have sprung up in the past several years, including PotCoin, CannabisCoin, and DopeCoin, to name a few.

In July 2019, Arizona approved cryptocurrency startup ALTA to offer services to the state’s medical cannabis operators.17 ALTA describes itself as a “digital payment club where cash-intensive businesses pay each other using digital tokens instead of cash.”18 ALTA members purchase digital tokens that are used to pay other members using a proprietary blockchain based system. The tokens are redeemable for US dollars at a stable rate of 1:1, and CRBs do not need a bank account to participate in the ALTA program.

ALTA proposes to pick up members’ cash and exchanges it for tokens, which are then used to pay other members for goods and services. Tokens may be redeemed for cash at any time.18 The company has been approved by the Arizona State Attorney General, and one of the first members they hope to enlist is the Arizona Department of Revenue (ADOR). Enlisting ADOR into the program would allow dispensary members to pay state taxes digitally rather than hauling large amounts of cash to ADOR offices.

Similarly, Nevada recently contracted with Multichain Ventures to supply a digital currency solution to the Nevada cannabis industry. Nevada Assembly Bill 466 requires the state create a pilot program to design a “closed loop” system like Venmo in an effort to reduce cash transactions in the cannabis sector. Like ALTA, Nevada’s proposed system will convert cash to tokens which can then be transacted between system participants.19

While both proposals are promising for Arizona and Nevada CRBs, the timeline as to when, or if, these offerings will come online is unknown. Action on cannabis reform at the federal level may render these options moot.

Looking to the Future

Although states are legalizing cannabis in one form or another in growing numbers, the fact that cannabis is still federally illegal poses a significant barrier to accessing the financial services market for CRBs. While most banks are still reluctant to offer services to this rapidly growing industry, there are more banks than ever before willing to participate in the cannabis industry. Recent changes in leadership in Washington DC offer a positive outlook for cannabis reform at the federal level.

As the “green rush” continues to envelop the country, financial services options available to CRBs are slowly growing. Many new options are now available to help CRBs find a bank, develop compliance programs, and manage the cash related problems encountered by most CRBs. However, these solutions may be out of reach for the budget-conscious small operator. Also, there are a number of cryptocurrency solutions designed specifically for CRBs; however, when, or if, these solutions will gain significant traction is still unknown.

References

  1. Controlled Substances Act, 21 U.S.C., Subchapter I, Part B, §812.
  2. “State Marijuana Laws”; National Conference of State Legislatures, February 19, 2021.
  3. “Exclusive: US Retail Marijuana Sales On Pace to Rise 40% in 2020, near $37B by 2024”. Marijuana Business Daily, June 30, 2020.
  4. Kaufman, Irving. “The Cash Connection: Organized Crime, Financial Institutions, and Money Laundering”. Interim Report to the President, October 1984.
  5. S. Code § 1956 – Laundering of Monetary Instruments.
  6. Rowe, Robert. “Compliance and the Cannabis Conundrum.” ABA Banking Journal, September 11, 2016.
  7. “History of Marijuana as a Medicine – 2900 BC to Present”. ProCon.org, December 4, 2020.
  8. Truble, Sarah and Kasai, Nathan. “The Past – and Future – of Federal Marijuana Enforcement”. org, May 12, 2017.
  9. FIN-2014-G001, BSA Expectations Regarding Marijuana-Related Businesses.
  10. Cannabis Banking Coalition Statement.
  11. Sessions, Jefferson B. “Memorandum for All United States Attorneys”. January 4, 2018.
  12. “Attorney General Nominee Garland Signals Friendlier Marijuana Stance”. Marijuana Business Daily, February 22, 2021.
  13. Stern, Ray. “Robbers Hitting Phoenix Medical Marijuana Dispensaries: Is Bank Reform Needed?” The Phoenix New Times, April 11, 2017.
  14. FinCen Marijuana Banking Update, June 30, 2020.
  15. Mandelbaum, Robb. “Where Pot Entrepreneurs Go When the Banks Just Say No.” The New York Times, January 4, 2018.
  16. Rosic, Ameer. “What is Blockchain Technology? A Step-by-Step Guide for Beginners.” com, 2016.
  17. Emem, Mark. “Marijuana Stablecoin Asked to Play in Arizona Fintech Sandbox.” CCN.com, October 25, 2019.
  18. http:\Whatisalta.com
  19. Wagner, Michael, CFA. “Multichain Ventures Secures Public Sector Contract with Nevada to Supply Tokenized Financial Ecosystem for the Legal Cannabis Industry”, January 26, 2021.

New Mexico Cannabis Control Division Adopts Rules for Cannabis Production, Plans to Begin Accepting License Applications

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It’s no secret that many of California’s legal cannabis businesses have been struggling to thrive since the state launched its first adult-use sales in 2018.

To help support the industry, the County of Humboldt launched Project Trellis in 2019 as a three-tier initiative that provides business support and resources to the industry, covering cannabis business micro-grants, local equity, and marketing and promotion.

“It was created through a resolution that provided 10% of our local cannabis cultivation taxes to be returned to the community through this project,” said Peggy Murphy, economic development specialist for the County of Humboldt. “It covers three basic programs.”

The Micro-Grant Program offers grants of up to $10,000 for cannabis and ancillary businesses—including cultivators, retailers, distributors and manufacturers—for projects approved by the Project Trellis Committee. The grants are competitive, and applications go through the committee for scoring and ranking.

In its first year, Project Trellis awarded $180,000 in microgrants, and in its second year, it awarded $519,000. The grants have funded a variety of projects, Murphy said, including business’ organic certifications, water tanks and solar panels.

The Local Equity Program is based off California Senate Bill 1294, which encouraged the state’s counties to create a Cannabis Equity Assessment, and then a local equity program, in order to apply for state funds to support local equity programs.

Humboldt County ultimately won three awards—one from the Bureau of Cannabis Control (BCC) for $1.3 million and two from the Governor’s Office of Business and Economic Development for $2.4 million and $1.05 million.

Murphy said Project Trellis initiated its Local Equity Program using the original BCC award and is in the final stages of contracting with those awardees.

Project Trellis launched an updated version of its equity program, “Version 2.0,” on Aug. 16, using the second award of $2.4 million and incorporating feedback from the community, stakeholders and funders.

Finally, the county-wide Marketing and Promotion Program aims to promote and maintain Humboldt-grown cannabis as a national and industry brand.

Qualifications for each program vary, Murphy said. Applications for the annual Micro-Grant Program were built in-house by the Project Trellis Committee and staff with oversight from the Project Trellis Board of Directors.

To qualify for a grant, a business must be operating in the cannabis industry, either as a startup or an established company.

“If your project includes finishing your establishment—like completing your permitting and licensure—then we will consider you, but it is really geared toward established cannabis businesses,” Murphy said.

Businesses must be licensed and registered to operate in Humboldt County, with at least 75% of their operations based in Humboldt County, in order to qualify for a grant.

In any given year, Murphy said Project Trellis receives approximately 70 applications for the Micro-Grant Program. During the first year, it funded 17 projects, and during the second year, it funded 16.

To qualify for the Local Equity Program, business owners must be at or below a certain income level, reside in Humboldt County, and be a shareholder or owner with at least 20% interest in a cannabis business. Once all those qualifications are met, applicants must meet a minimum of another set of criteria, including items such as minority ownership.

“A good amount of what we deal with is compliance-related, or conditional [license] approval, and that’s true for both the Micro-Grant as well as the Local Equity Program,” Murphy said. “I think overall, not just our program but the community itself, recognizes that the cost of becoming legitimate within the commercial cannabis marketplace is extreme, and with the fluctuations in the market, it’s incredibly tough even for those who have gone completely through the [licensing] process.”

Project Trellis Committee meetings are open to the public, and the program also hosts public town halls (now conducted via Zoom due to the ongoing COVID-19 pandemic) to receive feedback from the local community.

“We’re really intended to be there to help support the cannabis industry,” Murphy said. “I think that’s important to state because I think a lot of times, people assume that because we are the County of Humboldt, we aren’t necessarily looking out for their best interests. And we’re hoping to be an advocate for the community.”

The Green Organic Dutchman Completes First International Cannabis Shipment

by

It’s no secret that many of California’s legal cannabis businesses have been struggling to thrive since the state launched its first adult-use sales in 2018.

To help support the industry, the County of Humboldt launched Project Trellis in 2019 as a three-tier initiative that provides business support and resources to the industry, covering cannabis business micro-grants, local equity, and marketing and promotion.

“It was created through a resolution that provided 10% of our local cannabis cultivation taxes to be returned to the community through this project,” said Peggy Murphy, economic development specialist for the County of Humboldt. “It covers three basic programs.”

The Micro-Grant Program offers grants of up to $10,000 for cannabis and ancillary businesses—including cultivators, retailers, distributors and manufacturers—for projects approved by the Project Trellis Committee. The grants are competitive, and applications go through the committee for scoring and ranking.

In its first year, Project Trellis awarded $180,000 in microgrants, and in its second year, it awarded $519,000. The grants have funded a variety of projects, Murphy said, including business’ organic certifications, water tanks and solar panels.

The Local Equity Program is based off California Senate Bill 1294, which encouraged the state’s counties to create a Cannabis Equity Assessment, and then a local equity program, in order to apply for state funds to support local equity programs.

Humboldt County ultimately won three awards—one from the Bureau of Cannabis Control (BCC) for $1.3 million and two from the Governor’s Office of Business and Economic Development for $2.4 million and $1.05 million.

Murphy said Project Trellis initiated its Local Equity Program using the original BCC award and is in the final stages of contracting with those awardees.

Project Trellis launched an updated version of its equity program, “Version 2.0,” on Aug. 16, using the second award of $2.4 million and incorporating feedback from the community, stakeholders and funders.

Finally, the county-wide Marketing and Promotion Program aims to promote and maintain Humboldt-grown cannabis as a national and industry brand.

Qualifications for each program vary, Murphy said. Applications for the annual Micro-Grant Program were built in-house by the Project Trellis Committee and staff with oversight from the Project Trellis Board of Directors.

To qualify for a grant, a business must be operating in the cannabis industry, either as a startup or an established company.

“If your project includes finishing your establishment—like completing your permitting and licensure—then we will consider you, but it is really geared toward established cannabis businesses,” Murphy said.

Businesses must be licensed and registered to operate in Humboldt County, with at least 75% of their operations based in Humboldt County, in order to qualify for a grant.

In any given year, Murphy said Project Trellis receives approximately 70 applications for the Micro-Grant Program. During the first year, it funded 17 projects, and during the second year, it funded 16.

To qualify for the Local Equity Program, business owners must be at or below a certain income level, reside in Humboldt County, and be a shareholder or owner with at least 20% interest in a cannabis business. Once all those qualifications are met, applicants must meet a minimum of another set of criteria, including items such as minority ownership.

“A good amount of what we deal with is compliance-related, or conditional [license] approval, and that’s true for both the Micro-Grant as well as the Local Equity Program,” Murphy said. “I think overall, not just our program but the community itself, recognizes that the cost of becoming legitimate within the commercial cannabis marketplace is extreme, and with the fluctuations in the market, it’s incredibly tough even for those who have gone completely through the [licensing] process.”

Project Trellis Committee meetings are open to the public, and the program also hosts public town halls (now conducted via Zoom due to the ongoing COVID-19 pandemic) to receive feedback from the local community.

“We’re really intended to be there to help support the cannabis industry,” Murphy said. “I think that’s important to state because I think a lot of times, people assume that because we are the County of Humboldt, we aren’t necessarily looking out for their best interests. And we’re hoping to be an advocate for the community.”

Could 2021 Be the Year of Federal Cannabis Legalization?

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The legalization of cannabis in the U.S. has been long in the making. Back in the early 1970s, states such as Oregon, Texas and Colorado began the process of decriminalizing small amounts of cannabis. Fast forward 50 years or thereabouts, and the momentum toward legalization is undeniable.

True, cannabis remains illegal at the federal level, but state after state is legalizing the substance for medical and adult use. California was the first to do so for medical usage in 1996. Since then, several others have jumped on the medical cannabis bandwagon, and a total of 19 states have legalized cannabis for adult use. It seems, then, that it’s just a matter of time before the federal government follows suit.

A Bit of Background 

There are two key federal laws concerning cannabis that criminalize its use: the Comprehensive Drug Abuse Prevention and Control Act (CDAPCA) and the Controlled Substances Act (CSA), which is part of the CDAPCA. The CSA became effective in 1971 and grouped cannabis along with heroin, LSD and cocaine as Schedule I drugs that are tightly regulated and deemed illegal by the federal government. For its part, the CDAPCA, also enacted in the 70s, was an element of the U.S. “War on Drugs,” and served to significantly restrict manufacturing and distribution of cannabis, among other substances, and amp up related security laws.

Times have certainly changed over the decades, and so has public sentiment about cannabis use. In fact, over 91% of U.S. adults say that cannabis should be legal for adult use or medical use—this according to the Pew Research Center. Clearly, more and more states are hearing this message loud and clear given the uptick in jurisdictions legalizing the substance, be it for medical or adult use purposes.

The Booming Legal Cannabis Market

The legal cannabis business is on fire, with recent estimates suggesting that the size of the global market will climb to $84 billion by 2028. This is a staggering number that spells opportunity for budding (pun intended) entrepreneurs in the U.S. and beyond, not to mention tax authorities. It gets even better when taking into account the popularity of CBD products. CBD, which is derived from the cannabis plant but does not contain THC and is legal in the U.S., has become an integral part of the wellness industry. Experts predict that the global CBD market is on its way to reaching a value of $55 billion in years to come.

What This All Means for the Future of Cannabis at the Federal Level

No doubt about it, legal cannabis is big business. But that business is being thwarted by the failure of the federal government to change course and legalize the substance. With cannabis still considered a Schedule I drug, federal banks are unable to provide access to financial services for companies selling cannabis-related products. As otherwise stated, because federal law makes cannabis illegal, banks cannot do business with cannabis companies, which is problematic for so many reasons.

Sen. Schumer unveiling the Cannabis Administration and Opportunity Act

But good news could be on the horizon. The SAFE Banking Act of 2021, which would provide a safe harbor for banking institutions providing services to cannabis clients, was passed in the U.S. House of Representatives and referred to committee. Whether the legislation passes in its current form is anyone’s guess, though our federal legislature does seem to be nearing the relaxation of existing cannabis restrictions.

This is evidenced as well in the U.S. Senate, where the Cannabis Administration and Opportunity Act was recently introduced and is currently pending. That legislation would, among other things, remove cannabis from the CSA, introduce regulations to tax cannabis products, expunge prior convictions, and maintain the authority of states to set their own cannabis policies.

Of course, there’s no certainty that 2021 will be the year when cannabis is finally legalized (or at the very least, decriminalized) federally. Still, we’re closer to that eventuality than ever before.

Project Trellis Offers Three Levels of Support for Humboldt County Cannabis Businesses

by

It’s no secret that many of California’s legal cannabis businesses have been struggling to thrive since the state launched its first adult-use sales in 2018.

To help support the industry, the County of Humboldt launched Project Trellis in 2019 as a three-tier initiative that provides business support and resources to the industry, covering cannabis business micro-grants, local equity, and marketing and promotion.

“It was created through a resolution that provided 10% of our local cannabis cultivation taxes to be returned to the community through this project,” said Peggy Murphy, economic development specialist for the County of Humboldt. “It covers three basic programs.”

The Micro-Grant Program offers grants of up to $10,000 for cannabis and ancillary businesses—including cultivators, retailers, distributors and manufacturers—for projects approved by the Project Trellis Committee. The grants are competitive, and applications go through the committee for scoring and ranking.

In its first year, Project Trellis awarded $180,000 in microgrants, and in its second year, it awarded $519,000. The grants have funded a variety of projects, Murphy said, including business’ organic certifications, water tanks and solar panels.

The Local Equity Program is based off California Senate Bill 1294, which encouraged the state’s counties to create a Cannabis Equity Assessment, and then a local equity program, in order to apply for state funds to support local equity programs.

Humboldt County ultimately won three awards—one from the Bureau of Cannabis Control (BCC) for $1.3 million and two from the Governor’s Office of Business and Economic Development for $2.4 million and $1.05 million.

Murphy said Project Trellis initiated its Local Equity Program using the original BCC award and is in the final stages of contracting with those awardees.

Project Trellis launched an updated version of its equity program, “Version 2.0,” on Aug. 16, using the second award of $2.4 million and incorporating feedback from the community, stakeholders and funders.

Finally, the county-wide Marketing and Promotion Program aims to promote and maintain Humboldt-grown cannabis as a national and industry brand.

Qualifications for each program vary, Murphy said. Applications for the annual Micro-Grant Program were built in-house by the Project Trellis Committee and staff with oversight from the Project Trellis Board of Directors.

To qualify for a grant, a business must be operating in the cannabis industry, either as a startup or an established company.

“If your project includes finishing your establishment—like completing your permitting and licensure—then we will consider you, but it is really geared toward established cannabis businesses,” Murphy said.

Businesses must be licensed and registered to operate in Humboldt County, with at least 75% of their operations based in Humboldt County, in order to qualify for a grant.

In any given year, Murphy said Project Trellis receives approximately 70 applications for the Micro-Grant Program. During the first year, it funded 17 projects, and during the second year, it funded 16.

To qualify for the Local Equity Program, business owners must be at or below a certain income level, reside in Humboldt County, and be a shareholder or owner with at least 20% interest in a cannabis business. Once all those qualifications are met, applicants must meet a minimum of another set of criteria, including items such as minority ownership.

“A good amount of what we deal with is compliance-related, or conditional [license] approval, and that’s true for both the Micro-Grant as well as the Local Equity Program,” Murphy said. “I think overall, not just our program but the community itself, recognizes that the cost of becoming legitimate within the commercial cannabis marketplace is extreme, and with the fluctuations in the market, it’s incredibly tough even for those who have gone completely through the [licensing] process.”

Project Trellis Committee meetings are open to the public, and the program also hosts public town halls (now conducted via Zoom due to the ongoing COVID-19 pandemic) to receive feedback from the local community.

“We’re really intended to be there to help support the cannabis industry,” Murphy said. “I think that’s important to state because I think a lot of times, people assume that because we are the County of Humboldt, we aren’t necessarily looking out for their best interests. And we’re hoping to be an advocate for the community.”

Illinois Cannabis Retail Licenses Still in Limbo After Third and Final Licensing Lottery

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Cannabis Business Times and Cannabis Dispensary have launched the Best Cannabis Companies To Work For—2022. The awards program will identify and recognize the best employers in cannabis cultivation and dispensary markets, continuing the recognition the media brands debuted two years ago.

Registration and recognition is free. Visit bestcompaniescannabis.com to apply. The registration deadline is Oct. 8.

A ranking of the “Best Cannabis Companies To Work For – 2022” in cultivation and retail will be revealed in Cannabis Business Times and Cannabis Dispensary in early 2022.

The survey is organized and managed by the Best Companies Group (BCG), an independent research firm specializing in identifying and recognizing great places to work.

“We are thrilled to continue this project for the third year and to not only recognize great cannabis companies, but also learn more about what makes certain cannabis companies so successful in creating positive work environments,” Editorial Director Noelle Skodzinski said. “Competition for talented employees is now even more intense, due in part to the economic pressures of the past year, and this program also can help ranking companies attract great talent.”  

Read more about the cultivation and dispensary businesses that ranked in the 2021 program and were featured in Cannabis Business Times and Cannabis Dispensary.

Here’s what you need to know to get involved:

Enter as either a Cultivation Operation or a Dispensary Operation (or both) and meet the following eligibility requirements:

• Have 50% or more of the business coming from either a Cannabis Cultivation Operation; or a Cannabis Dispensary.

• Be a publicly or privately held business

• Be a for-profit or not-for-profit business

• Be based in the U.S. or Canada

• Be legally licensed to cultivate or sell cannabis for medical and/or adult-use under a state regulatory framework (or federal program if in Canada)

• Have a minimum of 15 full-time or part-time employees working in the U.S. or Canada

• Be in business a minimum of one year

• Be willing to be featured in Cannabis Business Times and/or Cannabis Dispensary, if your company ranks on the Best Cannabis Companies to Work For lists.

Assessment Description

The process includes two surveys to gather detailed data about each participating company. BCG conducts the surveys, analyzes the data and determines the winners and rankings.

Part I – Employer Benefits & Policies Questionnaire: The employer completes an online survey, detailing company policies, practices, benefits and demographics.

Part II – Employee Engagement & Satisfaction Survey: Employees complete a survey of in-depth statements using a scale of five points ranging from “Agree Strongly” to “Disagree Strongly.” (Employee responses are provided only in aggregate; no individual employee responses are shared with employers.) The survey also includes seven demographic and two open-ended questions. It can be given online or by paper, if a full company employee email list is not available.

Participation in the “Best Cannabis Companies To Work For” survey and ranking is free, but management teams may request the full employee feedback report generated by the Best Companies Group process. The cost of that report is based on the number of employees working at the company.

A list of frequently asked questions may be found at bestcompaniescannabis.com, as well.