5 Ways That Smart Cannabis Packaging Technology Is a Game Changer for Regulatory Compliance

Regulations and state-by-state compliance standards can hobble your budding cannabis operation. What’s the solution?

The cannabis industry may be poised for growth, but multiple factors can complicate any business’ plans for success. Legality, stigma, and lack of research are slowing us down, combined with the difficulties that many small cannabis operations have with securing funding. Organic growth carries them to a certain point, but reaching that next level calls for capital to support the necessary overhead costs and infrastructure. Because it’s not a federally legalized industry, securing these loans can be difficult, especially since your options are limited to private equity firms, investments from high-net-worth individuals, or other private means. Not everyone has those kinds of resources or connections at their disposal.

Understanding and navigating the patchwork of rapidly evolving state laws and regulations can be confusing and create huge resource demands. Compliance with those regulations is another major hurdle, and one that widens the divide between large, well-funded companies and smaller cannabis operations. But having smart systems to track your product and report to government agencies can be a game-changer for smaller companies, both from an operational standpoint but also in helping to tell your growth story to potential investors.

We recently sat down to talk with John Gilstrap, an experienced business leader and cannabis industry trailblazer, about the complexities this creates, and how small cannabis growers, distributors, and dispensaries can overcome these roadblocks with smart packaging technologies.

John has deep executive experience in operations, and a knack for identifying the exciting potential within new markets. He also understands how to best advance products and processes across organizations of all sizes.

Why cannabis compliance helps level the playing field

1. Satisfy state-by-state cannabis requirements
Let’s circle back to that divide between the large cannabis players and the smaller operations. Because it’s not yet legal on a federal level, cannabis products are subject to individual state laws and regulations. It can be difficult for smaller businesses to track and share that essential data, especially since they don’t have the same resources and technology as the larger, dominant players in the cannabis space.

TrueGreen’s smart packing technology is an accessible solution. It helps keep this data organized and immediately available, offering details about your cannabis product’s place of origin, strain, ingredients, and more. I’ve never seen anything like it in the industry and those who deploy will have a huge competitive advantage.

2. Easier cannabis product tracking and reporting
In an effort to keep a close watch on compliance and standards, different states have their own tracking requirements that make it critical to have organized records on hand. As we mentioned in another Cannabis Conversation, covering the 5 ways that smart packaging is a game changer, many cannabis operations are held back by low-tech systems. If you’re relying on legal pads and basic spreadsheets, it’s going to be difficult to keep up the necessary tracking and reporting.

TrueGreen’s smart packaging technology makes it easier to manage and present the data that each state is looking for. This could include unique product identifiers, licensing information, proof of product testing (and where it was tested), details about the cannabis itself, and more… Add the potential for randomized testing to the mix, and this becomes even more important.

With the burden on you to supply this information, having the right technology in your corner makes all the difference. And TrueGreen’s versatility and adaptability makes it a unique offering no matter what state you are operating in.

3. Smart packaging can help take your cannabis operation to the next level
Industry compliance is essential, but let’s talk for a minute about another type of compliance that’s critical to your long-term growth.

It may be difficult to secure business loans, but you gain a huge advantage when you have the right tracking in place and can give your lender the data they need. TrueGreen smart packaging offers a clearer, more comprehensive level of visibility into your operations. This certainly helps you make better internal business and marketing decisions, but it also helps you organize and share the information you need to be a viable loan candidate.

The takeaway?
Data is everything to your cannabis operation and its collection and application is only going to get more important. It fuels your growth, opens new doors, and helps you better communicate with your customers as well. TrueGreen smart packaging is a scalable solution, designed to support your business and grow right along with you.