How New Technology from Medical Experts is Simplifying Cannabis Compliance


Ryan Allway

July 11th, 2019

App, Exclusive, News, Top News


As we know, a growing number of states have legalized medical and adult-use cannabis, creating a robust industry worth billions of dollars per year. The problem is that cannabis remains illegal on a federal level, which has left states to create a patchwork of ever changing regulations. These regulations can be challenging to any cannabis business, much less multi-state operators (MSO’s) that must adhere to different state laws and taxation environments. 

Let’s take a closer look at these compliance challenges and how companies, like FinCanna Capital Corp.’s (CSE: CALI) (OTCQB: FNNZF) portfolio company, ezGreen Compliance, is simplifying the process of compliance. These are technology experts from the medical, data and security fields that have 18 years experience in heavily regulated medical arenas. 

California Pioneers Seed-to-Sale

California is by far the largest state to legalize medical and adult-use cannabis, which means that many other states look to them for guidance. That’s why the state’s decision to use the Marijuana Enforcement Tracking Reporting Compliance software METRC as its seed-to-sale tracking system to trace movements across the cannabis supply chain has been widely watched and mirrored across twelve states. 

Several months after the new regulations took effect, the Associated Press announced that out of the state’s 627 licensed cannabis dispensaries, only nine were entering data into the state’s track-and-trace system as required by law. Less than 10% of the state’s licensed marijuana manufacturers were using the system, and less than 7% of the state’s cultivators could be found on it.

The METRC system assigns each plant with an RFID tag that includes an identification number, application identifier (medical or recreational), tag order date, license number and facility name. These tags must be placed on every product, including cuttings, seedlings and clones. The METRC database records all interaction with these tags throughout the entire process, including employee activities, room changes, repackaging and sales, as well as waste records and inventory volumes.

Click Here: Receive an Investor Presentation and Company Updates

With many dispensaries selling more than half a million dollars of product per month, manually recording each of these events can quickly become a logistical nightmare. The failure to record any of these events, however, can trigger an automatic red flag for government auditors. Non-compliant businesses could face the risk of heavy fines, or even worse, the loss or a hold on their license. This means that compliance is absolutely required by cannabis retailers across the supply chain.

Compliance & POS Technologies

The good news is that new technologies are becoming available to automate the compliance process by integrating with METRC and other state-by-state frameworks.

FinCanna Capital’s portfolio company ezGreen Compliance, an enterprise compliance and point-of-sale solution for the cannabis industry, recently completed its integration with METRC in California, Colorado, Maryland, Massachusetts, Montana and Oregon, making it the first POS solution designed by medical, data and security professionals to be sanctioned by the Cannabis Control Commission (CCC) in six states with applications for certification pending in the remaining states that use the METRC system. 

“Cannabis industry data standards are increasingly mirroring the pharmaceutical industry’s patient data security protocols,” said Mike Coner, President of ezGreen. “Our POS solution is proven from 18 years of experience in pharmaceutical dispensing and it delivers strong data security as well as integrates with any technology platform which supports operators in streamlining their operations and lowering costs related to double data entry. ezGreen also provides fully customized reporting and real time data analytics enabling businesses to make more effective decisions. With our recent integration with METRC we are now able to deliver a complete compliance and data management solution.”

Click Here: Receive an Investor Presentation and Company Updates

In addition to automating data entry into METRC, ezGreen Compliance’s software automatically identifies product-related discrepancies at the point of sale to simplify management’s ability to immediately identify and resolve any store-to-state inventory reporting issues. The seamless data exchange between ezGreen and METRC ensures that businesses are 100% compliant with state regulations. In states without METRC, the software can still generate or request custom reports as required. ezGreen Compliance POS solution also supports HIPAA, the Health Insurance Portability and Accountability Act which is focused on ensuring secure customer data storage.

The issue of HIPAA violations and remaining compliant with governing laws is one that is prominent for many cannabis dispensaries and business that collect confidential patient information. This is because fines arising from violations of HIPAA can be significant, and depending on the dispensary’s level of negligence, can be as high as US$50,000 per violation for a maximum penalty of US$1.50 million.

  • ezGreen generates revenues via fees charged to clients for the use of their ezGreen software platform. The business model is based on the Software-as-a-Service (“SAAS”) model with revenues derived from both subscriptions and/or on a per transaction basis. 

Looking Ahead

FinCanna Capital Corp.’s (CSE: CALI) (OTCQB: FNNZF) ezGreen Compliance is well positioned to help cannabis retailers meet METRC reporting requirements without manual data entry. As the only CCC-certified solution with a presence in six states, the company could expand its market share, particularly among multi-state operators that need to meet reporting requirements across state lines.

In addition to METRC compliance, the platform also includes a business intelligence dashboard that delivers a comprehensive taxation feature to automate essential revenue reporting functionality. Rather than keying in financial data, critical information is captured at the point of sale and seamlessly organized for complex municipal and state tax reporting.

Please click here to view the Fundamental Research Report

Click Here: Receive an Investor Presentation and Company Updates

For more information regarding ezGreen Compliance, visit the company’s website at www.ezgreencompliance.com.

For additional details on FinCanna’s disclaimer and Forward Looking Statements please visit: 

https://www.fincannacapital.com/corporate/forward-looking-statement/

Disclaimer

CannabisFN.com is not an independent financial investment advisor or broker-dealer. You should always consult with your own independent legal, tax, and/or investment professionals before making any investment decisions. 

The information provided on https://www.cannabisfn.com (the ‘Site’) is either original financial news or paid advertisements drafted by our in-house team or provided by an affiliate. 

CannabisFN.com, a financial news media and marketing firm enters into media buys or service agreements with the companies that are the subject of the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider. We make no warranty or representation about the information including its completeness, accuracy, truthfulness or reliability and we disclaim, expressly and implicitly, all warranties of any kind, including whether the Information is complete, accurate, truthful, or reliable. As such, your use of the information is at your own risk. Nor do we undertake any obligation to update the items posted. CannabisFN.com received compensation for producing and presenting high quality and sophisticated content on CannabisFN.com along with financial and corporate news.  

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. 

Please follow the link below to view our full disclosure outlining our compensation: https://www.cannabisfn.com/legal-disclaimer.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Media Group (CannabisFN), owned and operated by CFN Enterprises Inc. (OTCQB: CNFN), is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.

CFN launched in June of 2013 to initially serve the growing universe of publicly traded marijuana companies across North America. Today, CFN Media is also the digital media choice for the emerging brands in the space.

Learn How Your Company can Be Covered on CFN Media

Learn More About the CFN Media Sponsored Content Program

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading