“There is still a robust black market in the cannabis industry and you’re always going to have the bad actors and the bad players”
The cannabis industry is still in a nascent stage, but it is growing exponentially as more benefits of this controversial product are discovered. Despite this massive growth rate, the industry is often highly scrutinized as compared to other industries.
The unprecedented growth of marijuana’s popularity is attracting huge investments from producers, processors, transporters, wholesalers, retailers, and consumers. In many ways, this craze has been great. The global recognition that the plant is receiving has helped create a whole new economy of the industry for farming and agriculture that crosses countless industries of value
However, the explosion in this industry comes with an even greater challenge towards compliance. The primary challenge remains the numerous unstandardized rules governing its cultivation, distribution, possession, consumption, and even advertising and marketing from country to country or state to state. Beyond the sheer number and layers, regulations are constantly changing and major stakeholders in this business need to tread very carefully within a complex web of rules and regulations to avoid unnecessary penalties.
Additionally, Jessica Arent, the Chief Compliance Officer at Cannabidiol Life, explains that there is a seedy side to this industry that continues to grow. With the potential of this industry to boom into a trillion-dollar market, everyone wants to “hit the cash cow, get the golden goat,” Jessica says. Greed however can put the consumer at risk with so many variables. Since there is controversy and uncertainty as to who the governing authority truly is, there is little monitoring of the production and distribution of CBD-related products.
Every user should get to know the brand before buying any product – understand what they know, the transparency of their digital presence, and the credibility behind their story. Ask questions like where the plant material is sourced from, how it is extracted, the steps to formulating, and the rigorous care they take with their facility to meet industry standards.
All these points, along with knowing the chain of custody are important in the determination of the quality and safety of any cannabis product. Integrity is highly important in this industry, and it falls upon everyone involved, including the consumers, to ensure that they hold it up to its highest standards.
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