What are the challenges of building a POS software compliance platform for the cannabis industry when regulations vary so much from state to state?
What are the challenges of building a POS software compliance platform for the cannabis industry when regulations vary so much from state to state? For example, will you have to build a completely different system to serve the state of Ohio once cannabis operations begin there?
Great question. One of the most difficult things about working in multiple states is the ever changing regulations. However, with the proper team in place, studying the individual state regulations, and a flexible platform architecture, it can be accomplished.
It’s difficult to go into too much detail without giving away our intellectual property, but we believe we’ve figured the most efficient way to do this.
Honestly, this is easier said than done. Distinct from POS software which covers some areas of compliance, the conversation as to what constitutes a compliance software beyond inventory tracking is ever evolving.
This feat is much more difficult to manage and generally involves more overhead and teams in various states managing the constant changes to such a program.
Well, it looks like whatever is in your IP has done you well considering the $23 million bet made by investors in the cannabis space in your company Flowhub. Good job on that. Will this be growth capital, product expansion capital, or used to go into more states?