How Risk Management Can Make Marijuana-Related Businesses Bulletproof
By Steve Schain
Envision managing the risk of a volatile, staggeringly lucrative, 100-percent federally legal enterprise? Toss in ridiculously inconsistent federal, state and local regulations, insanely evolving technologies and efficiencies and an industrywide disinclination to ever “play by the rules.”
However, when armed with decent risk management fundamentals, a marijuana-related business can diminish most horrible outcomes, fortify the enterprise’s sustained growth and maybe even get rich along the way.
Risk management is the identification, evaluation and prioritization of risks followed by coordinated and economical resources applications that minimize, monitor and control unfortunate events’ probability or impact.
Although denied many standard “risk management tools” (like credit cards, bankruptcy law protection and federal patents and trademarks), assembling a “risk management insurance, accounting and legal advisory team” could prevent an insufficiently prepared marijuana-related businesses from foundering.