The importance of legal compliance in cannabis – Marijuana Venture

  • If you want capital and want to avoid lawsuits, you better have robust and comprehensive compliance that addresses not only cannabis and hemp regulations, but also employment, intellectual property, securities, environmental, antitrust and other considerations.
  • While the purpose of a compliance program is to prevent and detect wrongdoing, a well-designed compliance program will also reflect a company’s commitment to compliance.
  • Effective legal compliance programs have several essential elements: (a) a clear understanding of the laws and the objective, which is verified and updated on a regular basis; (b) standard operating procedures to implement and maintain the compliance measures; (c) a culture and engagement that reinforce compliance protocols; and (d) measures to monitor compliance and remediate when necessary.
  • Under best practices, an outside attorney helps oversee compliance.

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