Obtaining a cannabis license is a lengthy and expensive process, but it’s just the beginning when it comes to running a compliant business. Cannabis attorneys should be sure to look into ongoing disclosure requirements at both the state and local level, as well as the timelines disclosures must be made within. Ideally, a business ought to look into required disclosures prior to creating or altering its corporate structure. Disclosures are often necessary when a cannabis business’s ownership structure or standard operating procedures change, but the specifics can vary by jurisdiction. The disclosures are often made via email or online upload, and are typically pretty straightforward. Just make sure you are monitoring these requirements as we will likely see fines, suspensions, and license revocations handed down by regulatory agencies across the country for failing to provide mandated updates.
DISCLAIMER: THIS INFORMATION IS STRICTLY EDUCATIONAL AND DOES NOT CONSTITUTE LEGAL ADVICE.