Introduction:
Cannabis businesses must meticulously track their activities and inventory to remain compliant and optimize taxes. With frequently changing regulations across different states, keeping accurate records is both critical and challenging. Monarch offers powerful document management capabilities purpose-built for the needs of the cannabis industry.
The Compliance Burden of Records Management
Meticulous record-keeping is required at every stage of the cannabis supply chain, from seed-to-sale. Inventory logs, sales invoices, shipping manifests, tax payments and more must be comprehensive and auditable. If any records are missing during an inspection or tax audit, steep fines can be levied.
But with disparate systems used across organizations, records are often fragmented and siloed:
- POS systems contain sales data but lack inventory insights
- Seed-to-sale systems track plants only
- Accounting software houses financial records
Piecing together the full compliance picture during an audit can be extremely difficult. And with regulations differing in each state, the documentation requirements multiply.
State-by-State Complexities
Each state has unique documentation and reporting requirements that add complexity:
- California requires extensive product testing and safety records
- Colorado mandates video surveillance and alarm system documentation
- Oregon necessitates detailed transportation manifests
- Alaska demands perpetual inventory tracking
Keeping up with what’s needed where and consolidating it all poses major challenges.
Audit and Inspection Risks
During inspections and audits, regulators review documentation closely. Any gaps, inconsistencies or incorrect filings can lead to:
- Tax penalties, interest charges, and back payments
- Product recalls, destruction orders or inventory seizures
- Suspension or revocation of business licenses
- Criminal charges in severe cases
Lacking proper documentation trails significantly raises these risks.
Monarch: Your Cannabis Compliance Vault
Monarch integrates with all of a cannabis company’s systems to provide complete, centralized document management. Key capabilities include:
- Automated data ingestion from POS, ERP, seed-to-sale, and others
- Organized storage of all tax-related records
- Real-time compliance status tracking
- Version control and annotations
- Lifecycle management and retention policies
- Role-based access and permissions
With Monarch, cannabis businesses have a “single source of truth” for all compliance documentation. Audits and inspections can be completed quickly and confidently. And the risk of non-compliance is dramatically reduced.
Automated Data Consolidation
Monarch integrates with other leading seed-to-sale systems to auto-populate plant tracking data. It also syncs with POS and ERP tools to bring in sales and inventory information.
Compliance Dashboards
Users can view compliance status in real-time via dashboards in Monarch. This provides visibility into upcoming deadlines, missing documentation, and other risks to stay audit-ready at all times.
Take Control of Cannabis Compliance
Maintaining comprehensive and organized records across seed-to-sale operations is critical for cannabis businesses. Monarch makes it easy through integrated, system-agnostic document management purpose-built for the industry.
To learn more about how Monarch can power your cannabis compliance program, visit Monarch.