Our compliance team understands the complex process of structuring cannabis deals and navigating the series of steps and actions triggered in the transferring of cannabis licensing from one operator to another.
While there are a near-limitless number of ways for a license transfer deal to go south, there is only one way to transfer a cannabis license to a new owner without interrupting its active status.
CREC Compliance goes to great lengths in structuring acquisition deals to avoid the temporary suspension of operations while awaiting approval from the regulating agencies.
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Cannabis license acquisitions involving multi-tier entity structures and non-US citizen owners provide additional challenges. Municipal and state regulations require full disclosure of all entities and individuals involved in the ownership and management of day-to-day operations for licensed cannabis operators.
Whether buying or selling a cannabis license, due diligence and proper structure are critical factors to a smooth transaction. CREC Compliance has successfully completed dozens of municipal and state license transfers. We stay engaged until the transaction is 100% complete, offering continual regulatory support to our clients.
Over the years, CREC Compliance and its principals have secured hundreds of operating cannabis licenses in all available verticals.
As these companies become operational they frequently face regulatory audits by local and state administrators. When this occurs it can place licenses at risk, operators at risk and also subject operations to substantial fines. This service has become very popular!
How an outsourced Cannabis Compliance Officer (CCO) would support your business operations:
License Tracking, Renewals and Reminders: Land-Use Permit Renewal, Municipal Regulatory Permit/License Renewal, State License Renewal, Filing of Sales Tax Reminder, Filing of Cannabis Tax Reminder, Completion of Cal/OSHA 30-hr Training Reminder, Weighmaster License Application.
Audits and Remediation: Quarterly on-site facility and operational compliance audits, remediation plans, SOP creation and amendments, certification statements of compliance, physical representation at audit or inspection.
Books and Records: Required documentation organized, updated and available immediately upon audit request – employee training records, standard operating procedures, financial records, production records, inventory tracking records, waste records, sales records, quality assurance records, surveillance records.
Staff Training and Preparation: Train management on all SOPs and procedural updates.