As the cannabis industry continues to grow exponentially globally, there is still much to understand about cannabis legislation and compliance in the U.S. Because the sale of marijuana has not been legalized in all states and is still federally illegal, it’s crucial to understand the laws in the state where you are planning to set up shop.
Be sure to do your due diligence in everything from your business plan to securing funding, developing your niche, and your sales and reporting or point-of-sale (POS) software.
Business Plan
When you are writing your business plan for your dispensary or farm, it’s critical to understand the specific laws in the state of operation. Recreational hemp products are currently legal in 21 states, Washington, DC, and Guam.
Because of the growing public support for the legalized marijuana sales in several other states, new cannabis legislation is constantly being introduced. Therefore, if it’s not legal in your state currently, there may be a vote to do so on an upcoming ballot.
Traditional lending is also not available to start your cannabis business at this time, so as you are developing your business plan, be aware that you won’t be able to secure a traditional loan from a federally regulated bank.
Cannabis Point Of Sale
Once you have written a solid business plan and secured funding, your marijuana POS will keep your business running smoothly.
Because of the reporting measures required to maintain compliance with your state laws, it’s essential to have a marijuana POS that supports your sales and can integrate with the reporting system Metrc, which is short for Marijuana Enforcement Tracking Compliance.
Metrc is a state-mandated software used to track the sales of cannabis in states where it has been legalized.
Although each state varies in its cannabis regulation requirements, it’s vital to maintain tracking, reporting, and compliance to avoid incurring fines or even having to shut down your business.
MyBud POS is revolutionizing the cannabis industry and simplifying selling and reporting to keep your legalized weed sales up and running. MyBud POS is the industry standard bearer in keeping you organized while helping you attract customers and increase revenue.
To schedule a demo with MyBud POS, click here. We’re ready to help you take your business to the next level.
