A letter from the NACB President
It gives me great pride to introduce you to the National Association of Cannabis Businesses, the nation’s first and only self-regulatory organization for the U.S. cannabis industry.
The NACB aims to fill a critical need for the nation’s fastest-growing industry. Even the most well-run and compliant cannabis businesses face real threats to their survival and growth. These threats include the absence of a national platform to help distinguish themselves from the less-than-exemplary businesses that populate the industry; the cost and burden of compliance with inconsistent and ever-shifting state regulations; the uncertainty of Federal enforcement; and, for many business owners, the technological tools to help grow their operations and attract investors.
SROs, like the Financial Industry Regulatory Authority (FINRA) and others in industries experiencing significant growth and attention, have been proven to be highly effective in tackling similar challenges.
At the core of the NACB is a series of dynamic standards that members of the SRO will establish and enforce together. The alcohol and tobacco industries taught us that when that time comes, a whole new comprehensive regime of regulations will govern the cannabis industry. The NACB will help its members Be Ready for the advent of new regulations, by getting ahead of the game through dialogue with Federal and state regulators about the issues most important to them. Together, we will hope to strike the right balance of public safety and commerce.
Members of the NACB will use a best-in-class tech platform we expect to roll out in early 2018 to ease compliance with the SRO’s standards and state regulations. In addition to real-time compliance monitoring, the platform will create an auditable record of compliance and financial data that will help satisfy the required due diligence of investors and financial institutions, as well as help members more effectively respond to government inquiries.
It’s the opportunity to support the legitimacy and growth of America’s next great industry that attracted me to the NACB. As a former federal prosecutor, Senior Advisor to Vice President and then-Senator Biden, and most recently a senior member of the Enforcement Bureau of the FCC, I have spent the majority of my career in Federal government, working to shape and enforce public policies that promote the public good. I am immensely proud of the contributions I’ve made along the way. That said, I can’t remember a time in which I felt the same sense of purpose and passion as I do thinking about supporting the growth of the cannabis industry and the millions of consumers that benefit, medically and otherwise, from this industry.
I look forward to working with and for our members. I can promise that all of my esteemed colleagues at the NACB feel the same.