If you’ve ever started a business, you know how time consuming and exhausting it can be just to set it up. Before you can sell anything, you must raise funds, apply for the business license, establish bank accounts, find a location, acquire an Employer Identification Number, hire the staff, file for a business license to name a few. Once you open your doors, you’re then tasked with penetrating the market and finding customers. Under the best of circumstances, it takes time to turn a profit, which can seem endlessly frustrating. Having been there and done that, we can attest to the fact that starting a business is no picnic, even when everything goes as planned.
But ask seasoned entrepreneurs about the challenges they encounter starting a company in the cannabis space and you’ll be convinced that starting a conventional business is a walk in the park by comparison. With every step, there are regulatory obstacles, legal barriers and political pitfalls that just don’t exist in other sectors. Banks, insurance companies and other federally-regulated institutions are barred from catering to cannabis companies under federal law.
But many of the same entrepreneurs will tell you that the rewards of contributing to such a transformational emerging industry make those every-day challenges seem well worth the risk. But Darwin’s theory of survival of the fittest applies. Not everyone has the high level of stamina, persistence and unwavering passion required overcome the immense challenges. But those who do are rewarded with a foot in the door of a billion-dollar industry that is already transforming human health and paving the road toward a prosperous, sustainable future.
But navigating the cannabis industry amid legal ambiguity and regulatory constraints no other industry has to face takes experience and knowledge. Fortunately, compliance expert Mark Denzin joined us to shine the headlights on our road ahead.
Mark Denzin is a leading expert in regulatory compliance, capital funding and block chain resources serving the cannabis industry. With more than two decades of experience in merger and acquisitions in the technology sector, he has held leadership positions for technology giants such Godaddy.com, Endurance International and Newtek Business Services. Mark and his team have created a propriety blockchain utility token called Instate Compliance Commodity Exchange, which provides the cannabis sector with banking and B2B transactions that are FinCEN and AML compliant.
If not for the generosity of our supporters, we wouldn’t be here! We’d first like to express gratitude for our radio sponsors, Sunstate Technologies, C2 | ICS Integrated Compliance Solutions, First Direct Financial, Honor Enterprise Fund and Cannasphere Biotech. We are grateful! Many thanks go to Erik Godal for our theme “Evergreen” and Dr. Bryan Doner for the Medical Marijuana Minute. We’d also like to shout out to XRQK Radio Network and Society Bytes Radio Network for broadcasting our show as well as Compassionate Certification Centers and Cannabis Radio for helping us spread the word online.