31 March 2017

How much can being non-compliant in the cannabis industry cost you? 

We talk with the CEO and Founder of Adherence Compliance, Steve Owens about cannabis and compliance. Steve is a highly accomplished, results-driven entrepreneur with a proven track record in developing, growing, and improving the profitability, performance and overall value of companies. He has more than 16 years of collaborative management experience with a deep knowledge of business and enterprise process architecture, Financials (Lead-to-Cash), Audits, CRM/ERP and cloud-based technologies. In 2014, Steve established Adherence Compliance – the cannabis industry’s first automated risk-based compliance solution platform and tracking software available on the Apple App Store. Steve is a former software executive with more than 17 years of enterprise IT and Financials solutions delivery experience. His previous work history includes Oracle, Alcatel-Lucent and AT&T. Steve is beyond knowledgable in the realm of business and cannabis compliance.

What we talk about

  • What is risk based compliance
  • What are some common misconceptions about cannabis and risk based compliance
  • How frequent compliance violations are in the regulated markets
  • Which states has the best compliant score (you’ll be surprised) and the worst (you may not be so surprised)
  • What are some common compliance issues with inventory management
  • What the number one reason people fail to succeed with staying compliant in the cannabis industry is
  • A cannabis compliant war story and the fines associated with it
  • What are some internal standards that companies can implement along side of Adherence Compliance software
  • Steve’s advice for someone just getting into the industry
  • What are the traits that Steve has utilized to become a successful leader
  • Where Steve see’s Adherence Compliance a year from now

Three key takeaways

  • Compliance is Costly. If you don’t start out right with organization your operation, it could cost you thousands in fines and violations in the long run. Steve worked with one client that had over $750,000 in cannabis compliance fines. Compliance is costly and remember you need to invest in compliance!
  • Inventory is one of the most common areas of non-compliance. 3 out of 4 operators fail inventory compliance. This includes inventory counting, reconciliation, and completeness. Need help on inventory management? Click the link for a free consult with LIV on inventory best practices.
  • Think Outside the Box. When you’re inside the box it is really hard to see what is going on. Utilize a professional to help you solve problems you might not be thinking of.

Listen to the entire podcast here: