Cannabis has seen a meteoric rise in popularity. From edibles to creams, people are reaching for cannabis products to increase their health and energy and ease symptoms form a wide range of afflictions. Cannabis product manufacturers face a special set of considerations that they must address to minimize their risk.
Changing Regulations for Edibles
Cannabis edibles are incredibly popular, but the rules and regulations that govern it have led to a lot of confusion. The ones that are in effect can change rapidly, leading to misapplied enforcement policies. What works one week may be banned the next, meaning your products can be seized or returned. To further increase confusion, many states and localities often enforce policies differently than neighboring ones.
Increasing Rates of Counterfeit Products
The cannabis market is flush with new products, and many of them do not live up to their claims. Suppliers are increasingly substituting counterfeit or poor-quality ingredients to boost their profit. According to CannGen, product liability insurance can help protect you against problems created by other parts of your supply chain.
Evolving Labeling Rules and Requirements
Chances are that you print labels and packaging in advance of manufacturing. However, what is allowed and required to be on cannabis packaging is evolving as fast as the rest of the industry. That can leave cannabis product manufacturers with a large stock of labels that no longer meet requirements.
Implementing a risk management program that involves training, monitoring regulations and the proper coverage can help you manage these risks and protect your business.