By Jeff Bess Legalization of recreational cannabis in four states and Washington, D.C.—and potentially another twelve states by the end of 2016—has brought a host of challenges and opportunities for those looking to capitalize on this newly legitimized industry. From a business perspective, the opportunities are clear: legal sales in Washington state alone netted the state $70 million in tax revenue and several times that amount in gross sales during the first year. What is often less easily appreciated, however, is the challenge cannabis retailers face in complying with complicated, sometimes onerous, state regulations. For example, Washington has instituted “seed to sale” tracking of all cannabis plants, which requires retailers to manage inventory and record sales of otherwise-identical products by plant number. Retailers must then submit all of this information to the state Liquor and Cannabis Board. Added to the obvious logistical challenge of…
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