This compliance “Dream Team” has an unmatched depth of expertise.
CS Compliance Systems, developers of CannaScore – the world’s first real-time regulatory compliance auditing software for the cannabis industry, announced it has recruited several leading compliance experts from around the nation.
State officials say they have yet to inspect the eight licensed medical marijuana businesses, making it unlikely that the Hawaii medical marijuana dispensaries will open by July 15, the earliest date legislators had allowed them to begin selling their products.
A combination of increasing pace of industry change, more intense examinations, demands for greater agility, addition of a regulatory view beyond traditional hard lines, and increasing complexity drives an evolution in the compliance department job description.
Today’s compliance officer increasingly does not look like the traditional regulatory expert, but a multitasker as compliance management keeps evolving. Speaking on a panel at the recent American Bankers Association Regulatory Compliance Conference, Cara James, senior vice-president and director of group compliance, Arvest Bank, said that compliance officers must now have tactical, conceptual, and strategic skills.
The Internal Revenue Service has written specific rules for every profession and activity, legal and illegal. For political bribes, see tax code 162(c) and for trafficking illegal drugs see tax code 280e. Legal marijuana businesses have to pay taxes under the same category of illegal drug traffickers because cannabis is still a federally illegal drug and is categorized as a Schedule I substance under the Controlled Substances Act.
But there are tax attorneys and accountants waging battle against these rules, and they may just be the industry’s biggest allies as marijuana companies’ struggle with the IRS.
When we read the phrase “compliance and ethics program,” we sometimes overlook the interesting connection between the words “compliance” and “ethics” and how each contributes to the formation of an organization’s compliance and ethics program (CEP). Sometimes one can spark a lively discussion just by inviting other compliance professionals to describe the differences between compliance and ethics, and how these differences may compliment or potentially be in conflict with one another, as they both impact the overall effectiveness of a CEP. In addition, the fundamental differences between compliance and ethics may present a philosophical challenge for employees in their role of supporting or acting in accordance with the CEP. It is important that a compliance professional understand some of the root causes of these philosophical differences, so as to be in a better position to address or help manage them when they occur.
Perhaps the most trusted American of all time was George Washington. Washington led our nation militarily and then politically during its troubled infancy, maintaining his vision and composure throughout a painful period of deprivation and uncertainty. Even after winning the War of Independence, the country was deeply divided. About one-third of the nation supported the new regime. Another third was neutral. The final third remained loyal to the king of England.
As a Navy SEAL, you learn the discipline of accountability from day one. You hold yourself and your teammates to the highest expectations. The same thing applies to high performance teams in any environment. After leaving the SEAL teams, going to grad school and becoming an entrepreneur, I quickly realized that a culture of accountability is critical for any company’s success.
Accountability matters as much as anything else people do on the job. It means that every single team member has made a personal commitment to meeting or exceeding the company’s goals. It’s not a bullet point on a job description but rather a mentality embodied by all. In this environment, employees never stop asking themselves, “What else can I do to ensure that I am performing at optimal levels?”
With the pending dismissal of the federal government’s highest profile case against a state-legal medical marijuana dispensary, Harborside Health Center — many in the pot industry are asking: ‘Is the federal war on medical marijuana over?’
The answer is: ‘not yet, but it’s trending that way.’
According to Harborside’s attorney Henry Wykowski, a Congressional cease-fire in the war on medical pot is beginning to take effect in America.