When you buy a product you enjoy, you usually expect the quality you’ve received in the past. There are plenty of industry standard certifications and similar organizations in other industries – but few exist within the legal cannabis sector. Organizations such as the National Association of Cannabis Businesses (NACB) seek to be one of the first of their kind to fill this industry need.
What Are SROs?
Self-regulating organizations (SROs) are groups that uphold organizational and industry standards. SROs are not publicly funded government agencies, but rather are made up of voluntary members working in various professions. Examples of SROs include The American Medical Association (AMA), The Financial Industry Regulatory Authority (FINRA) and the National Association of Realtors (NAR). An SRO audits their members to ensure transparency, quality of product or service, and upholding honesty and integrity. SROs are still subject to government laws and regulations.
Perfect for an Evolving Cannabis Sector
Generally speaking, regulatory bodies and governments mostly concern themselves with enforcing laws and generating tax dollars to boost state or local budgets. While some officials certainly are concerned for the average consumer, ensuring the quality and safety of cannabis products is best left up to the passionate professionals that actually make up the industry. Of course, issues arise with self-regulating models as well, which is why competition is just as important when it comes to a business selecting the best SRO. A trustworthy SRO could help push back against the advancement of ‘Big Marijuana’ lobbyists entrenching themselves in the industry, such as that of big pharmaceutical, big alcohol or big tobacco.
Whether they are registering strains on the Bitcoin block chain or removing weed testing from pre-employment processes, cannabis entrepreneurs tend to be forward thinking, with an emphasis on solutions to optimize the customer experience. This is one reason why joining SROs would likely be a great fit for a constantly growing cannabis industry that faces changing laws and regulations.
One of the First of Their Kind
According to the NACB’s press release, “NACB will also provide members access to expertise, tools and services they are unlikely to access elsewhere that are intended to help them enhance the value of their business and navigate the complex web of constantly shifting regulations they face every day.”
The NACB will also be setting up a reporting hotline for the public to express their concerns or to alert the organization to member businesses that may have committed violations. Cannabis SROs, as with legal weed itself, will only continue to improve as we inch toward legalization and continue to build legitimacy, honesty and integrity around the industry.