The cannabis industry in the U.S is growing at an unprecedented rate and, within the next four years, is estimated to reach over $146 billion. This remarkable success has been an incredible boost for the businesses servicing the marketplace and the U.S. economy overall. However, this newfound success has arrived with a myriad of industry-specific obstacles to navigate.
As the user base and profits of businesses from legal cannabis continue to skyrocket and as the industry becomes further regulated, invariably, avoiding risk exposure will become increasingly difficult for companies.
Maintaining compliance to renew your operating license, mitigating customer claims from consumers, and the financial risks associated with theft or other organic perils are only a few of the issues expected to impact cannabis businesses.
When something goes wrong and a company lacks adequate risk protection, the resulting damages can be financially devastating. As a result, no industry can expect long-term success without reasonable risk management solutions in place.