The immediate impact to Cannabis operators would be the realization of payroll savings related to optimizing their inventory management system. Reducing the time and the number of employees required to functionally manage their inventory controls and supporting regulatory audits will greatly increase revenues to the operators.
Operators will be able to more rapidly identify incidents of loss and theft, as well as better quality controls over their products which will preserve more capital and have faster and easier regulatory responses; which will reduce the risk of regulatory fines and regulatory actions such as corrective actions.
Operators will realize better returns on the capital they deposit into their Cardano enterprise wallets, have greater security of their assets, and allow for near-instant movement of assets from location to location reducing their reliance on cash, the risks of storing and transporting cash, and having better and quicker access to accounting records.
Challenges include largely regulatory matters such as:
- Compliance with CCB regulations
- Compliance with Department of Taxation regulations
- Due to operators having a lack of capital available to improve their processes and still comply with regulations, there is a real need to demonstrate a no-cost, proven, and well-designed solution to the CCB that would allow operators to improve their regulatory support and improve their business processes to realize greater compliance and increase their revenues.
Regulatory roadblocks and hurdles that will take time to navigate. CCB only meets once a month and, depending on the need to receive board approval, there may delay in board approvals and questions.
Delays in receiving or obtaining any necessary licenses through the Financial Institutions Division at the State of Nevada Department of Business and Industry for operators to operate their enterprise wallets.
Our mitigation efforts involve both a relationship-based approach with all stakeholders and the routine access, historical experience, business, and regulatory environments that Pinnacle Consulting & Advisors have within regulated businesses, state legislators, CCB members, the attorney general’s office, and local elected officials.