by Confia Development | May 25, 2022 | Blog
The cannabis industry is notorious for its complex regulations and detailed compliance requirements. In addition to numerous local, state, and federal laws, cultivators also have to handle compliance audits, new systems, plentiful documentation, and the difficulty of finding reliable 420-friendly banks.
In this article, we’ll help you ensure and maintain compliance for your cultivation operation by providing six tested tips that will help you avoid common pitfalls and pave the way for success as a cannabis grower. Keep reading to learn more.
How can cannabis cultivators stay compliant?
Ensuring compliance is one of the biggest challenges new cannabis cultivators face. With hundreds, if not thousands, of different codes, statutes, rules, and regulations set up by the FDA, OSHA, and EPA, it’s easy to miss or misunderstand something that can pose a serious issue at a later date.
Here are six tips that will help you ensure compliance for your cultivation business:
Tip #1: Prioritize safety
Perform a job hazard analysis and ensure proper workplace and chemical safety guidelines are followed at all times. Although OSHA hasn’t started making surprise visits to cannabis cultivation facilities yet, it’s only a matter of time before they will begin to do so. Be prepared.
Tip #2: Maintain high hygiene levels
Enforcing strict cleaning, sanitation, and disinfection protocols is necessary to maintain a safe and healthy environment for your staff and plants. In addition to helping with compliance, this also protects your investment by reducing the risk of pests, insects, and diseases.
Tip #3: Emphasize crop health
Never buy your start-up crops (clones and seeds) from unknown or “budget” suppliers. Use integrated pest management systems and make crop inspection and maintenance a key component of your daily routine. Consider investing in crop insurance.
Tip #4: Understand the importance of security
All states with legal and regulated cannabis markets consider security to be of major importance. This not only requires you to equip your facility with commercial-grade locks, alarms, surveillance systems, and digital security but also to make security-conscious hiring decisions to prevent break-ins that involve insider assistance.
Tip #5: Manage your inventory
Keep a close eye on your inventory and make sure your seed-to-sale tracking is as flawless as possible. Reconcile on-premises and in-transit cannabis at the end of each business day, perform daily inventory audits, and immediately address any discrepancies.
Tip #6: Run a green operation
Sustainability is a major concern in most industries today. Since cannabis cultivation is farming, it’s expected to follow many of the same guidelines that other types of farming do. This includes water and energy conservation, reduction of carbon footprint, safe disposal of waste, vertical farming, and more.
Tip #7: Work with a 420-friendly commerce service provider
If you don’t have the time or ability to thoroughly familiarize yourself with cannabis compliance laws, it’s strongly recommended that you hire experts who can guide you through the compliance process, provide concise answers to critical questions, and automate the process by setting up seamless compliance structures.
Luckily, there are now reputable companies that can do all of the above while also providing competitively priced commerce services, helping you process payments and funds quickly and safely, providing the necessary funding to grow your business, and more. A partnership with one such firm can greatly alleviate the challenges cannabis cultivators deal with on a daily basis.
How do I find dependable 420-friendly banks that cater to cannabis growers?
Whether you’re looking to get into cultivation, manufacturing, distribution, or retail, Confia offers a comprehensive suite of financial services designed to meet the unique needs of cannabis operators. Our services are specifically designed to offer relief to plant-touching operators who have difficulties obtaining the right support.
Get in touch with us today if you’d like to consult with our experts or learn more about the different membership options we offer.
by Confia Development | May 25, 2022 | Blog
The United States cannabis industry needs a constant influx of product for retail sales and the production of concentrates and edibles. This demand is only expected to keep increasing as new laws are passed that allow more recreational consumers and medical patients to legally obtain and use cannabis.
With this in mind, it’s no wonder that an increasing number of Americans are looking to get into cannabis cultivation. Whether you’re a veteran of the industry or are only now dipping your toe in it, understanding the biggest challenges growers face is key to protecting your investment and ensuring a bountiful harvest.
In the following article, we’ll help cultivators take their operation to the next level by discussing four of the largest cannabis growth challenges and providing guidance on where to obtain essential cannabis commerce services for their businesses. Read on.
What are the biggest difficulties for cannabis cultivators?
According to the State of the Cannabis Cultivation Industry Report from Cannabis Business Times, the four largest challenges for cannabis cultivators in 2022 are declining prices and competition, prevention and control of disease and pests, ensuring desired cannabinoid and terpene levels are consistently met, and boosting overall yields.
Another common problem cultivators face that isn’t directly related to cultivation, but is nonetheless an important issue is the difficulty of navigating compliance laws and obtaining the financial services they need to run their business.
Here’s a quick breakdown of these challenges:
1. Insect, pest & disease
Nearly 1 in 3 cannabis growers cite pest, insect, and disease prevention and control as their biggest problem. What’s surprising about this is that over half of these cultivators (54%) are indoor growers.
This indicates that many indoor cultivators need to place a greater emphasis on establishing a safe and clean indoor cultivation environment. It’s in every grower’s best interest to carefully assess their operation and make the required adjustments and investments to address this issue as soon as possible.
2. Achieving target cannabinoid/terpene content
As the industry matures and consumers become more savvy about legal cannabis products, they develop increasingly specific preferences and expectations. Cultivators need to keep up with and even exceed these evolving needs in order to present products that stand out from the competition.
Learning how to consistently “hit the sweet spot” in terpene/cannabinoid content will likely require extensive research, experimentation, and strategic thinking on the part of the cultivator, but the ones who manage to do it will reap the benefits for years to come.
3. Ensuring greater yields
The global delays and shortages in the supply chain caused by the COVID-19 pandemic have impacted many industries, and cannabis cultivation is no exception. With crucial supplies such as perlite, coco, and peat becoming harder to come by, increasing yields without significantly boosting expenses has become a major challenge for growers.
The only way to alleviate this problem and ensure more favorable yields is to think out of the box, optimize existing processes, and adapt to the current situation as best as possible. Cultivators who are able to do this will not only enjoy greater yields in the short-term, but are also likely to increase their long-term Return on Investment (ROI).
4. Competition & declining prices
As the cannabis industry grows and the legal market becomes more open, prices are expected to decline even as competition grows. Cultivators will have to increasingly optimize their expenses and processes to ensure higher quality and yield, and learn how to ask the right questions and identify inputs that ensure the highest ROI.
5. Obtaining financial services
Despite the passing of the SAFE Commerce Act 2021, which enables financial institutions to take on cannabis business clients without fear of sanctions, many cannabis cultivators still find it difficult to get the financial services they require.
Luckily, there are now specialized financial institutions that help cannabis cultivators ensure legal compliance and obtain access to quick payment processing and affordable commerce services.
Who offers support with cannabis commerce services to cultivators & other operators?
Confia provides cannabis cultivators and other operators with effective financial solutions that include the complete range of advisory and commerce services. Whether you need assistance in navigating obstacles such as ensuring compliance for cannabis cultivation, setting up a secure and intuitive consumer payments system, or gaining access to funding, we’re the ones to call.
Reach out to us to learn more about our membership options and kickstart a partnership that will help you drive your business to success.
by Confia Development | Apr 28, 2022 | Blog
Cannabis operators have many important tasks to tackle, but staying compliant with the law is the one that can truly make or break your business. Companies in the cannabis sector are more harshly scrutinized than those in other fields. This is why you need to watch out for all the potential legal setbacks.
By keeping track of the latest changes in cannabis regulations, you can make sure you’re always on the right side of the law. This will allow you to do great business without hindrances, not to mention spare you hefty fines and other legal difficulties.
You already know that partnering with a reliable cannabis dispensary commerce service is one of the ways to maintain your legal status, but there are other considerations too. Read on to discover the newest trends in cannabis regulatory compliance.
What are the newest regulatory compliance trends to look out for?
Cannabis startups begin their journey with a stringent licensing process and the struggle to stay compliant with the law only gets tougher from there. The cannabis industry is undergoing tremendous growth as well as constant shifts. Being complacent when you should be alert to ever-changing rules can lead to bigger issues down the line. Operators who lose track of the new legislation can fall behind the competition and get in trouble with the law.
To run a successful company, you have to stay in the know when it comes to the latest developments and apply this knowledge to your everyday operations. Here are some of the industry’s current news and predictions for 2022.
More states are moving toward legalization
The tide is turning in favor of cannabis legalization in the United States. The latest surveys suggest that more than half of Americans support it. The push for legalization is taking the USA by storm and, in 2021, adult use of cannabis was made legal in New York, New Jersey, Virginia, New Mexico, and Connecticut. Other states may be about to follow suit. For example, medical use of cannabis is legal in Rhode Island, Oklahoma, and Delaware, and there’s a strong possibility of adult use being legalized this year.
The SAFE Commerce Act may usher in changes
While cannabis use hasn’t been legalized at the federal level, which will likely continue to create significant hurdles for operators, there may be big changes in sight. The SAFE Commerce Act could give operators better access to commerce services as well as reduce the high tax rates they’re currently subject to. There’s a likelihood of this bill being passed in 2022.
There are different policies in every state
Since states are autonomous when it comes to cannabis-related laws, each has its own set of regulatory and compliance standards. This creates an additional layer of difficulty for cannabis operators, particularly those that operate in multiple states. The National Cannabis Industry Association provides resources on state-specific policies so you can check the legislation in your particular location or determine what you need to branch out to another state.
Where can I find a compliant cannabis dispensary commerce service?
Since cannabis is still a federally illegal substance and banks are unwilling to offer their services to companies in the industry, maintaining legal compliance in financial matters is a constant challenge for operators. Confia helps entrepreneurs overcome these problems and stay on top of all the regulatory complexities of cannabis commerce services.
Rely on us to avoid the common hurdles cannabis operators encounter as well as increase your profit and drive growth. We’ll be your trustworthy ally, supporting you throughout your success story!
by Confia Development | Apr 18, 2022 | Press
Cannabis Industry’s Premier Technology Resource Rolls Out Payment Enhancements, Managed Escrow Services
Irvine, CA, April 18, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Confia (“Confia” or the “Company”), a leading financial technology provider offering best-in-class transaction commerce services, proprietary payments network, and financial compliance for the cannabis industry, announced today new product advancements and retail offerings, just in time for the April 20 cannabis industry holiday “420.”
Confia has rolled out key product improvements, including ConfiaPay consumer payment enhancements, B2B payment and usability enhancements, and automated accounting software system reconciliations, specifically for bill payments and invoice receipts. The planned enhancements are designed to make payments easier for its members and provide them with a more direct path to their transaction requirements, in addition to streamlined bookkeeping.
Confia has also released an industry-first managed escrow service for purchase-sale transactions for its members, which are designed to create trust and transparency across the cannabis industry.
“Our retail clients will enjoy a large boom in sales on the 420 holiday, and Confia is proud to be there to provide them with simplified easy payments, while maintaining compliance in this highly regulated industry,” said Mark Lozzi, CEO of Confia. “Our new customer enhancements will simplify the process of accounting reconciliations in an attempt to reduce duplicative entries for business operators. Financial services should be easier to access for cannabis businesses, and we look forward to assisting our customers with our simplified commerce service and payment platform.”
The ever-changing landscape of transactional commerce for the cannabis industry has propelled Confia’s growth in recent months, where it has full coverage in California, the world’s largest legalized cannabis market.
Confia also recently announced two industry leading social equity programs, with notable cannabis industry players Eaze Momentum and NCIA. Eaze’s Momentum business accelerator elevates Confia as the preferred financial services provider for their members. Confia will provide Momentum participants and alumni with preferred financial services terms, access to financial planning resources, and commerce fees of just $250 per month. In addition, Confia has financially sponsored Momentum’s grant program and hosts financial services workshops throughout the year.
NCIA’s Diversity, Equity, Inclusion Program (DEI) will oversee and validate all social equity applicants through its Social Equity Scholarship Program (SESP). NCIA operates one of the nation’s largest social equity initiatives, and all of NCIA’s verified SESP members will be eligible for Confia’s financial services platform for a fee of $250, which is an overall 50% discount.
Confia is also looking forward to announcing its first acquisition enhancing and broadening functionality for its members and allowing the Company to support traditional banks with servicing emerging markets and higher-risk activity.
For more information on Confia and to learn about the platform, visit https://www.confia.io/.
About Confia
Confia, operating as the dba for PointChain, is a financial technology platform that offers the cannabis industry transaction commerce services, a payments network, lending solutions, API-powered payment capabilities, and full-service cash management. Confia’s service hosts a best-in-class compliance program, and promotes business, transactions, and trust among members within its network. To learn more, visit www.fe-stage.confia.io.
Media Contact:
Cassandra Dowell
CMW Media
858-264-6600
pointchain@cmwmedia.com
www.cmwmedia.com
by Confia Development | Apr 12, 2022 | Press
Confia supports cannabis entrepreneurs in their efforts to overcome marijuana commerce challenges
As the go-to financial platform for cannabis businesses, Confia (“Confia” or the“Company”) is available to discuss marijuana commerce and other complexities of the industry with potential clients. The Company took the opportunity to remind interested entrepreneurs concerned about the commerce challenges the cannabis industry faces to schedule personalized consultations. Aside from providing clients with a breakdown of their financial services compliance requirements, these private consultations can help remove uncertainties as to the legal and financial position of cannabis entrepreneurs.
Mainly due to the fact that marijuana remains an illegal substance at the federal level, newcomers to the industry are faced with certain dilemmas, which Confia’s team works to help clients solve. As a unique technology platform offering comprehensive commerce and financial services for the cannabis industry, the Company has previously announced support for the federal cannabis legalization bill and acknowledged the difficulties entrepreneurs may encounter as they attempt to navigate the complexities of the industry.
Chief Executive Officer of Confia Mark Lozzi explained:“In spite of its current success and even more promising future, the cannabis industry comes with challenges of its own, one of which is that cannabis businesses do not have access to traditional commerce services. This is due to the federal regulatory regime. These circumstances may make even the most daring, most forward-thinking entrepreneurs reluctant to launch what could be a thriving business venture, and lock out traditionally underserved communities from business ownership.”
Lozzi continued:“In this industry, there are many external factors to consider, including timing, competition in the market, and access to resources. Confia is here to provide up-to-date information and valuable guidance. We have the capabilities to support ambitious cannabis businesses and facilitate their business processes through a diverse scope of secure financial services uniquely designed for the cannabis industry, with a focus on financial compliance and B2B/B2C transactions.”
“Our portfolio covers digital commerce and transaction management, bill pay, unlimited B2B payments, real-time API-powered payment solutions, as well as cannabis funding and lending solutions. The cannabis scene offers attractive growth opportunities. As the industry continues to grow exponentially, we expect the nationwide legalization trend will ultimately eliminate all these cannabis commerce and tax policy obstacles, and the SAFE Commerce Act may be the first step. But until that day comes, we are here to enable our current and future clients to maximize their business potential safely and with confidence,” Lozzi added.
About Confia
Confia, operating as the dba for PointChain, is a financial transaction platform that offers the cannabis industry digital bank-like and cash management services, bill pay, unlimited B2B payments, API-powered payment solutions that service both businesses and the consumer, and lending solutions. Confia processes payments in real time, and the platform contains ongoing compliance features and offers trusted relationships with other member companies and clients. To learn more, visit .
