A framework for streamlined cannabis regulations

 

There are many societal benefits that come from a legalized cannabis industry.

But changing the law is just the beginning of a government role in regulating cannabis. Parsl makes monitoring the legal cannabis industry more transparent for regulators and less weighed down by red tape. 

Parsl automates taxation allowing regulators to calculate and collect tax dollars in real time as opposed to the current outdated methods. It provides an ecosystem where customers can’t make purchases that they aren’t authorised to make. 

Any potentially fraudulent activity is automatically flagged and while this doesn’t mean the wrong thing will never happen, is does mean breaches will be recorded and verified making them much easier and faster for regulators to pin-point and act on. 

Key benefits for regulators

Correct use of licenses

Parsl’s platform ensures that all activities carried out by licensed cannabis businesses are within the restrictions of their license. The full scope of the ecosystem that Parsl provides ensures that anyone with a role within the industry can only receive and alter products that they are eligible to possess. This is particularly relevant in jurisdictions where the types of cannabis products that can be obtained by medicinal and recreational consumers are different.

Compliance reports in real-time

Regulators will receive compliance reports from businesses in real time as a part of a business’s normal operations to allow for a more agile framework that regulators can monitor and respond to in a more meaningful way.

Accurate and fair audits

Parsl’s ability to track cannabis products on an item by item basis allows regulators to perform audits that are specific, accurate and fast. It also gives them the data needed to fairly implement government audits and only specifically target businesses when the tracking information they recieve suggests there may be irregularities in their operations.

Suppression of the black market

To date legalizing cannabis has not had much success suppressing black market activity. One of the key reasons for this is burdensome regulation costs keep black market cannabis a more affordable option for consumers.

Parsl’s automated tracking and compliance not only make it easier for regulators to detect irregularities in the industry but incentivizes consumers to operate in the legal market by lowering regulatory costs.

Precise navigation of laws

The fragmented and inconsistent nature of laws relating to cannabis is a key challenge in the regulation of any cannabis industry.

Parsl gives the granular data required to let regulators account for laws relating to cannabis at a local, state and federal level.

Compliance automated

Another key challenge for regulators is accounting for differences across juristictions.

Parsl’s system of secure handover and automated compliance means that regulators can ensure all import and export from their jurisdiction is compliant with both their laws and the laws of the source/destination jurisdiction.

Consumer informed regulations

For a long time laws and government were out of sync with general public opinion on cannabis. Since as early as 2010, surveys show the majority of Americans believed that cannabis should be legalized.  

The Parsl platform allows regulators to listen to the public more directly and collect sentiment on how their constituent would like to see the industry regulated. 

Interested? Contact us today