3 Major Cannabis Industry Security RisksJanuary 11, 2021
The cannabis industry is experiencing an exponential boom as laws regarding its regulation continue to loosen and more states move toward medical and recreational legalization. Because of these legal components, however, those who grow or dispense cannabis are subject to a number of unique security risks, and managing them is essential to successful production.
1. Inadequate Insurance Coverages
Due to its status as a controlled substance, cannabis companies must prioritize insurance coverage to avoid legal consequences. Additionally, without adequate coverage, any damage or destruction that comes to your crops — whether by accident, nature, or theft — will result in out-of-pocket losses.
2. Unreliable or Unprepared Employees
Employee screening is essential to those in the cannabis industry, as those without adequate background checks may take advantage of the position to procure and dispense cannabis individually. Similarly, inadequate or nonexistent employee training can result in unnoticed third-party theft.
3. Faulty or Nonexistent Security Systems
Although many dispensaries and grow sites have security alarms, their use is most beneficial when combined with well-placed security cameras. This ensures that out-of-sight areas are monitored even when an employee is not directly present.
As is the case with many medicinal and recreational substance businesses, mitigating cannabis industry security risks is critical to the success of your cannabis company. Reviewing insurance policies and security measures helps keep your business running smoothly at all times.