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ERP: Managing Regulatory Compliance in the Cannabis Industry

05/11/2018

As a grower, processor or dispensary of marijuana goods, you’re navigating the legitimization of the cannabis industry in its infancy. As a trailblazer in the field, it’s clear that the primary effect of widespread cannabis legalization is regulation, and managing regulatory compliance and navigating constant change in the industry are keys to your success. ERP software solutions provide the most reliable tools to keep up with all compliance aspects of your cannabis operation - helping companies new to ERP systems profit with a proven business management solution.

How ERP Can Help

An industry-specific ERP for marijuana manufacturers and distributors provides a real-time, comprehensive system that automates and streamlines critical business functions like accounting, manufacturing, quality, inventory, financial, sales and reporting. Choosing a cannabis ERP software allows your company to track all aspects of production, manufacturing, distribution and sales – providing functionality that manages inventory, traceability, profitability, purchasing, production planning and more. Marijuana software provides an effective, flexible, secure and scalable solution that allows your company to adapt to a rapidly changing business climate.

You Can’t Afford Not to Utilize ERP

When looking at the multitude of regulatory requirements and tax implications for cannabusiness, it becomes evident that failure to adequately address either of these results in severe consequences. If you’re lacking a system to track compliance metrics, you face the loss of production and employee time, expensive fines and criminal prosecution. Regulatory compliance is not optional and it’s imperative to maintain strict adherence to these regulations to mitigate the negative consequences of state regulators, auditors and law enforcement. An ERP provides the regulatory compliance functionality to handle current compliance requirements and adjust to future changes as well.

Regulatory Compliance as Top Priority

As states continue to pass legislation regarding marijuana, the focus of companies in the cannabis industry remains on regulatory compliance. Not only is it a highly regulated field, but changing laws and requirements regularly occur. Multiple demands require your company to maintain licensing requirements, seed-to-sale traceability, testing procedures, waste disposal protocols, transportation requirements, product recall capability, compliant packaging/labeling and tax payments – all needing varying levels of reporting capability. Added to the mix is the possibility that a company may function in multiple locations, jurisdictions, or intra-industry verticals (growers, processors and dispensaries), further complicating an already volatile industry. An ERP solution readily handles the complexities of regulatory compliance to keep your company aboveboard. With one centralized database and integrated reporting, departments are no longer operating as silos and employees can access the real-time information they need for compliance initiatives.

The cannabis industry is rapidly evolving, and it’s up to your company to keep abreast of current regulations as well as future changes. ProcessPro’s ERP software system provides you with a solution to keep up with all aspects of regulatory compliance with an industry-specific system that enables you to remain flexible and adapt to changes as they occur. Contact us for a personalized demonstration today.

Tags: ERP Software Selection,Inventory Management,cannabis