As the worldwide cannabis market grows exponentially, it is important that professional standards be developed to help ensure that the industry matures and flourishes in a healthy manner.
The Cannabinoid Industry Association (CBDIA) is working to accomplish just this. The group has already come up with a rudimentary set of best business practices that will be expanded as CBDIA receives and processes data and information from the industry.
Executive Director of CBDIA, Graciela Moreno, took the time to answer a few questions regarding this important topic.
Why are CBDIA Business standards important for the CBD and cannabis industry?
GM: As the cannabinoid industry develops, CBDIA Business Standards are important so that new and existing businesses can follow a guideline on best practices collectively formed by top experts, regulators and businesses in the sector to ensure a sustainable and growing industry, success for cannabinoid businesses and to ensure quality and peace of mind for consumers.
Why is CBDIA specifically tackling this issue?
GM: CBDIA is uniquely positioned to tackle this issue because we have created a strong community of cannabinoid industry, first-in-line leaders that have the experience, passion and battle-scars to help guide the future of this industry. As important as it is to understand what to do is to understand what not to do, and that can only be understood through years of experience. We have a dedicated and active Board of Advisors representing every sector of the Cannabinoid Industry to educate and serve the community.
How is CBDIA going about developing the Business Standards?
GM: We are inspired by existing Certifications such as the B-Corp standards, BBB and factoring in various regulatory knowledge lent by the medical, pharmaceutical, manufacturing, cultivation and government. The process is being led by the President of the Board Priscilla Agoncillo, Executive Director Graciela Moreno, committee members Sheryl Loja-Dumale and Jordan Isenstadt along with our highly esteemed CBDIA members.
When does CBDIA expect to have these standards developed?
GM: These standards will be continually reviewed and developed to adapt as the industry develops and more data and information is gathered. CBDIA has come up with a base of best business practices to guide businesses and elevate the current cannabinoid industry standards.
How will CBDIA inform the industry of the cannabinoid industry standards it develops?
GM: As a CBDIA member you will have access to first-hand information directly coming from regulatory agencies, our internal member newsletters, as well as access to exclusive events and educational courses to inform important information to CBDIA members. Non-members are always welcome to receiving information through our website and social media accounts.
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