In a highly regulated industry like cannabis, what’s the most critical barrier to growth? Raising capital? Supply chain? Innovation? Marketing?
According to a study Fyllo recently completed in partnership with The Harris Poll of over 300 compliance leaders, nearly two-thirds of heavily regulated companies agreed compliance was the critical factor blocking growth. When asked if their company could adapt quickly to sudden changes in its regulatory or compliance environment, 61% did not believe their company could, with 28% pointing to outdated technology as the cause.
If that’s true for global banks and pharmaceutical companies with deep experience and ample budgets to invest in compliance, it’s doubly true for entrepreneurial cannabis companies managing rapid growth.
The frustrations of dealing with ever-changing patchwork State and Federal legislations might look like an ugly problem to most. But smart companies see something beautiful: opportunity.
It’s not a crisis. It’s a catapult.
Compliance is really only a problem for the companies that haven’t figured out how to manage it. For the companies that use the Fyllo Compliance Cloud, it’s a source of powerful competitive advantage.
What if you had a map of all the hidden compliance roadblocks and landmines on the road ahead?
What if you could leapfrog your competitors to new markets first, with better products and services, because you weren’t constantly distracted by cleaning up compliance failures?
It’s time to turn compliance into a competitive advantage
That’s exactly why we built Fyllo. It’s a suite of software and services that enable organizations to navigate today's ever-changing regulatory landscape, streamline compliance, and scale with speed. In fast-paced, highly regulated industries, the winners are the companies who know more and know it sooner. We’re here to help cannabis companies win.
In highly regulated industries, it’s hard to keep up with all the information you need. The Fyllo Regulatory Database helps you accelerate legislative and regulatory research, track licensing opportunities and make better decisions with the largest collection of cannabis regulatory intelligence in the U.S.
Is that something fast-growing cannabis companies really need?
Yes. Without it, costly mistakes happen. In fact, the study showed that over the past five years alone, companies have been cited on average 12.6 times (median: 3 times) for noncompliance. It’s not because companies aren’t trying. It’s because getting the market intelligence right is harder than it looks.
Keeping track of what’s required today and what’s coming next is an inhuman task. There are thousands of jurisdictions across the country, and each has countless regulations with many more coming. Content that can provide critically-needed insights for product and service innovation is scattered everywhere.
The Fyllo Regulatory Database gives you unparalleled visibility at every level of government. Our customers can see beyond the Black Letter Law and gain access to more than 230,000 pages of content each month aggregated from 4,300+ sources in 1,450+ jurisdictions across the country. You can identify key players, dates and conversations earlier in the legislative process. Expose critical meetings and events, and track policies from start to finish.
If you invest what it takes to get compliance right, it tilts the odds in your favor.
To learn more about the cost of compliance and how to use it to your company’s strategic advantage, check out this Cheddar News interview with Fyllo’s chief compliance officer Nicole Cosby.