WASHINGTON, DC and DENVER (April 25, 2018) - The National Association of Cannabis Businesses (NACB), the first and only self-regulatory organization (SRO) for U.S. licensed cannabis businesses, has published for comment the NACB Advertising National Standard. The Standard is designed to help NACB members protect consumers and demonstrate to regulators, financial institutions and the public that NACB members operate at the highest levels of ethics and responsibility. The NACB Advertising National Standard is available for public review and comment on the NACB website at www.NACB.com from today until May 25, 2018.
The NACB has announced the Blue Ribbon Affiliate program, filling a critical need to help its members, investors, financial institutions and the others in the cannabis eco-system identify ancillary products and services companies they can better trust to conduct business.
The NACB Blue Ribbon Affiliation program helps bridge an ever-widening trust gap. It offers
equipment manufacturers and suppliers, consultants, law firms and other ancillary businesses the ability to communicate to cannabis license holders, investors, financial institutions and all other business partners that they have been rigorously vetted by the NACB as operating at the highest standards of ethics and responsibility.
In addition to receiving a distinguishing credential that recognizes their business as a trustworthy partner, NACB Blue Ribbon Affiliates will gain access to the cannabis community through NACB events and promotions, as well as to ongoing expert insights to help grow their business.
Companies interested in being recognized as an NACB Blue Ribbon Affiliate can apply here. The intensive, 28-point evaluation process encompasses both offline analyst and online due diligence elements. They include an online search of adverse and noteworthy risk-relevant information, a review of principals’ background for evidence of improper business practices, a search of the appearance of company owners on government watch lists, reference checks, and additional features. The process is expected to take approximately two weeks, after which the NACB will notify applicants of the result.
As part of its mission to bring its members valuable thought leadership and tools to help them Be Ready™ for the regulatory uncertainty facing the cannabis industry, on January 22, 2018 the NACB conducted the first NACB Legal Symposium: Preparing for 2018 and Beyond, an event focused on the critical issues of banking, finance and regulation in the cannabis industry.
Hosted by the international law firm Cadwalader, Wickersham & Taft LLP, and produced exclusively for NACB members and associates, the NACB Legal Symposium featured speakers from premier law firms and top-ranked boutique firms with dedicated cannabis expertise. They included Cadwalader, Wickersham & Taft, Jones Day, Davis Polk, King & Spalding, Torys, Hoban Law Group, Harris Bricken, and Frontera. Additional participants included NACB industry partners and experts, who helped shed light on the shifting and expanding cannabis landscape.
You can download the NACB Legal Symposium Handbook below, along with PDFs of each presentation from the event.
FOCUS President Lezli Engelking this week published a letter to the industry in an attempt to educate the cannabis community about the various organizations seeking to establish national standards, including the NACB. We were highlighted among an esteemed group of organizations on the heels of the publishing of a draft of our first NACB National Standard, focused on Packaging and Labeling. We commend Lezli for taking the time to publish her letter. We agree that the topic of standards can be confusing, particularly in an industry wrought with uncertainty. To that end, we wanted to ensure the cannabis community has as clear a picture as possible about how the NACB is approaching National Standards development, as well as our perspective about working with others in the industry, including FOCUS. You can read our full process here, but in a nutshell:
After several months of hard work among NACB Members and a team of regulatory experts, packaging consultants, cannabis advisors and NACB leadership, this week we published a draft of the first-ever National Standard for U.S. cannabis. As the Wall Street Journal said in reporting on the news, “[Cannabis operators] want to show that they can regulate themselves even though the federal government won’t” and “The proposed regulations govern topics such as tamper-resistant packaging, warnings for people with allergies or women who are pregnant or breastfeeding, and safeguards to prevent consumption by minors.”