As we continue to geek out on cannatech, we will now explore compliance and security matters. Let’s start with compliance.
What is compliance? “Business owners think (and wish) that compliance requirements don’t affect them. My definition of compliance is ‘anything someone else makes you do’, including federal and state laws, industry regulations, contracts, and cyber liability insurance policies.” Shared compliance expert Mike Semel of Semel Systems.
“They ALL can affect businesses in the cannabis industry, even federal laws in spite of the fact that cannabis isn’t legal at the federal level. The Federal Trade Commission (FTC) protects consumers, as do the 50 state attorneys general. State data breach laws protect Social Security Numbers and Driver’s License numbers. Even if the company doesn’t collect that info from customers, they have it for their workforce members. Cyber insurance carries its own requirements and exclusions.” Added Semel.