Overview
Times are currently tough in the cannabis industry. The cost per pound of cannabis has dropped substantially in OG markets such as California, Colorado, Washington, Oregon, etc. Operators are also faced with high taxes and other increasing overhead costs while profits are shrinking. Unfortunately, this means cost cuts across the board including shutting down facilities and reductions in the workforce. Salaries for Compliance Executives in the cannabis industry range from $80k to $100k a year plus benefits. In the current economic climate, cannabis operators of all sizes are faced with eliminating positions that are non-revenue generating. The reduction of Compliance personnel has made it difficult for some operators to maintain compliant business operations, jeopardizing not only profitability and brand reputation, but in some cases the organization’s cannabis business license. With having to reduce and or eliminate compliance positions, the question then becomes how do you ensure your business operations remain compliant with the everchanging State, Local and eventually Federal regulations and maintain an open line of communication with the regulators? Fractional Compliance Executives are trending and Cannaspire is here to help, from Materials Review, SOP Development, Employee Training, Operational Audit to Ongoing Compliance Monitoring and beyond.
How can we help?
Cannaspire’s Fractional Cannabis Compliance services provide an affordable solution for MSOs, Mid-Size Operators as well as Startups who need customized or updated SOPs and establish an efficient, cost-effective regulatory and operational compliance program. Fractional Cannabis Compliance is a great solution for cannabis operators who need assistance with regulatory and operational compliance but do not have the budget to hire full-time compliance staff. We serve all cannabis and psilocybin businesses including Cultivators, Manufacturers, Retailers, Vertically Integrated Operators, Testing Labs, Wholesalers, Distributors and Delivery businesses.
Depending on the size of the operation, our Fractional Cannabis Compliance service is typically utilized for 10 – 40 hours a month. In that time our goal is to provide but not limited to the following regulatory and operational compliance tasks and functions:
- Developing and updating policies and procedures
- Customized or updated SOPs
- Working with procurement to select third-party vendors
- Ensure vendors remain compliant through the lifecycle of the contract
- Develop internal controls
- Perform Operational Audits
- Reporting to the Board on the status of compliance
- Manage audits and third party requests
- Compliance or Product Recall Incident Response
- Keeping an open line of communication with regulators
- Liaising with regulators before, during and after an inspection
The Cannaspire Advantage
1. Cost-Effective
A Fractional Cannabis Compliance Officer is a cost-effective way to have the expertise without having to pay the salary and provide benefits. Cannapire is an extension of your team and can provide the team with insights from industry veterans for the cost of an entry-level employee. Furthermore, we can train your staff to enhance their capabilities or assist in the hiring/recruiting process if and when you are ready for a full-time CCO or compliance staff.
2. Special Projects
Sometimes clients have a one-time need for specific compliance skills or knowledge. They are in need of a temporary solution that can free up time so the executive team can focus on building the business. Regulations can feel like they come out of nowhere. When most businesses do the cost analysis, they find that hiring a trusted advisor for one to three months to guide the company’s resources to success is more cost effective than a consulting engagement. Our clients use our Fractional Cannabis Compliance staff to manage projects, to efficiently use existing staff and train them in the skills and techniques needed in the future.
3. Stability
When a CCO and compliance staff leave, it can create significant turmoil for the business. Most operators do not have the luxury of a bench where the next senior person on the team can step up into the role. However, the regulators don’t care and expect the business to have a clear continuity plan and appoint a Compliance Officer that has specific qualifications and experience. Bringing on a Fractional Cannabis Compliance Officer can reduce this instability, restore confidence and increase the success of an audit or inspection.
4. Subject Matter Expert, Staff Development & Training
Compliance Officers all have different backgrounds, qualifications and experiences. Sometime clients have a one-time need for specific compliance skills or knowledge. Bringing in a Fractional Compliance Officer with the cannabis subject matter expertise needed can provide robust results.
Compliance training is an area where many clients use the Fractional Compliance service for short-term engagements but experience the long-term results. As a foundational element of risk-based compliance, all staff must have robust compliance training. While off-the-shelf training by a third party can work, most operators benefit from the in-depth training on best practices that address operational and compliance issues. Bringing in a qualified Fractional Compliance Officer, someone that has “been there and done that” can personalize compliance training to staff by giving real world examples.
5. Compliance or Product Recall Incident Response
Are you experiencing an Operational or Regulatory Compliance emergency or incident or a Product recall situation and need rapid response? Contact us and we will deploy our Cannabis Compliance Incident Response Team(CCIRT)
