Considering the risks for any business is an essential part of the business model for success, but it is crucial for anyone dealing in cannabis. Since cannabis is so much more watched and owners face far more consequences if they allow risks to happen, it’s good to understand what could go wrong and how to take preventative action.
You should always look at aspects of your business through a critical lens and ask yourself if something poses a risk. In the cannabis industry, anything from defective products to general liability could get you in trouble if not managed the right way. You should have general liability insurance to protect yourself and customers on your property, and you should market your products for what they are without exaggerations purely to make them sell.
Cannabis business risk management includes anticipating and preparing for risks before they happen. Test your products regularly to make sure they fall under federal and state laws and regulations. You should constantly check up on laws to make sure you are still meeting them and changing tactics as they change. Ensure your workplace is clean and safe for employees and customers to prevent liability issues. The last thing you need is to have a lawsuit on your hands because you failed to take preventive measures or have proper coverage.