Risk, Insurance And SOPs: Benzinga Conference Experts On Safeguarding Your Cannabis Business

Thinking about protecting your cannabis business while enhancing bud quality and consistency? At the recent Benzinga Cannabis Capital Conference in Chicago, industry experts discussed insurance, compliance and workforce development in the sector. They highlighted protocols and quality management systems as key elements, debunked misconceptions about cannabis-related insurance and stressed the importance of compliance and employee training.

Want to know more about risk mitigation and quality assurance in the cannabis industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

SOPs, Insurance And Risk Mitigation

The panel, moderated by Kady Cravens, CEO of Build My SOP, included Michael Hennessy, executive VP of IMA Financial Group, an insurance brokerage and risk management firm; Alex Bushman, senior VP of Risk Strategies, an insurance and risk management advisory firm; Isaac Bock, COO of AlphaRoot, a tech-driven insurance brokerage and Scott Samuel, CEO of C15 Solutions, Inc., specializing in quality management solutions for the cannabis industry.

They explored the role of insurance in safeguarding businesses and assets within the industry while addressing misconceptions about cannabis-related insurance. Identifying and managing various risks, from regulatory compliance to proper Standard Operating Procedures (SOPs) and insurance classification were emphasized as crucial.

SOPs are a set of well-defined and documented instructions that outline step-by-step processes, procedures and guidelines for various tasks and operations within a cannabis business, enabling these to adhere to stringent regulations, mitigate risks and maintain product quality and consistency.

Through efficient management, automation, and careful record-keeping of SOPs, cannabis companies can navigate the complex regulatory landscape and ensure their operations are both compliant and efficient.

Samuel stressed disciplined SOPs in the regulated cannabis sector. Automated systems can expedite corrective actions, reduce errors and hasten product launches thereby enhancing quality control and cost efficiency. He also explained that streamlined SOPs, coupled with technology, fast-track products to market, ensuring safety and consistency.

Cravens, meanwhile, highlighted the value of tracking SOP revisions, as these ensure compliance amid shifting regulations and showcase diligence and transparency. Cravens explained in product issues or contamination cases, documenting historical SOP versions is vital for regulatory inquiries and insurance claims.

Leveraging QMS And SOPs For Cannabis Success

The panel's consensus highlighted Quality Management Systems (QMS) and SOPs as game-changers in the cannabis industry. QMS, coupled with unwavering adherence to SOPs, ensures not only regulatory compliance but also consistent product quality.

Samuel emphasized how QMS and automated systems expedite corrective actions, reduce errors, and maintain product consistency, offering an insurance policy in an industry with rigorous regulations.

Furthermore, Bock stressed the importance of uniform SOPs across jurisdictions, underlining the need for a compliant culture and technology-driven QMS for efficiency, transparency, and sustained growth in the cannabis sector.

Skill Development in the Cannabis Industry

In terms of employee training and development, the cannabis sector mirrors other industries in valuing adaptability, problem-solving and a solutions-oriented mindset.

Panelists highlighted certifications such as OSHA training, Worker Protection Standards and state-specific requirements are essential, but it's crucial to recognize that regulations vary significantly from state to state.

Want to know more about risk mitigation and quality assurance in the cannabis industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

Photo by Piotr Chrobot on Unsplash.