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The Cannabis Regulatory Association (CANNRA) has released its letter to the 177th Congress. Included in the letter is an introduction to some members of the association and their growing expertise in the cannabis industry. It addresses some potential state and federal regulatory issues, and offers the services of CANNRA to aid in new legislation. The association intends to be a resource to state policy-makers, with representatives from many states that have legalized medical and/or adult-use cannabis products.
CANNRA also outlines some priorities for officials to consider. These regulatory issues include protections for state legalization frameworks, banking and financial services, federal tax issues, equity, and public health precautions such as safety and lab standards. Equity provisions remain a top priority to ensure there is fair representation and to consider how the industry can give back to the communities that were impacted most by cannabis prohibition. As cannabis policy is constantly changing and new state laws are being introduced, it’s encouraging to see professionals in the industry willing and able to guide legislators in the direction of equity.
An association of regulators can be an intimidating force. No doubt CANNRA members will be comparing notes and communicating on enforcement and compliance auditing best practices. It is critical for the industry to maintain strong corporate governance and take a strategic approach to legal risk mitigation to best position cannabis companies for regulatory scrutiny. A company’s cannabis license is worth protecting by an investment in an effective compliance and ethics program that acts as both a sword to prevent non-compliance and a shield when the unexpected does occur.