Colorado: New Company Offers Compliance and Inventory Tracking For Marijuana Industry
Adherence Colorado, a regulatory compliance and inventory management company for the marijuana industry, has announced its formal launch of operations and proprietary software that allows auditors to ensure that licensed marijuana businesses are in compliance with state and local laws.
"We're thrilled to be open in Colorado," said Steve Owens, founder and CEO of Adherence Colorado. "By delivering compliance audit results in hours, compared to days or often weeks, we provide our clients with unprecedented value at an industry leading price.
"If a license is not within compliance limits, the underlying business's value can be reduced significantly," Owens said. "For license owners, investors, and financial services and banking experts, it's imperative to know where the business stands in terms of risk and value. Our state-of-the-art process does this and more."
According to Adherence Colorado, this is the first enterprise risk management (ERM) platform designed specifically for licensed medical and retail (recreational) marijuana businesses, providing license owners, banks and investors with valuable information about where the business is most at risk. Adherence Colorado says its software is scalable and can be customized to any state's regulatory compliance and inventory tracking system.
The marijuana industry is viewed by many -- including investors and bankers -- as a high-risk investment. Adherence Colorado says it can quantify risk for investors and provide license owners with an efficient and affordable way to make the necessary changes to become compliant with state and local marijuana laws.
The company says its software helps license owners to better track their inventory, thereby maximizing profits while minimizing losses especially from employee theft, which the company claims is prevalent in the marijuana industry). Adherence Colorado said it has discovered up to 5 percent 'inventory loss' at some marijuana businesses -- and 90 percent of this loss occurs in-house.
During regulatory compliance audits, Adherence Colorado uses its proprietary software to check the status of hundreds of regulations that medical and retail licensees must follow in order to remain in good standing with the Marijuana Enforcement Division of the Colorado Department of Revenue. Following an audit, licensees receive immediate access to their Adherence Compliance Score (ACS), which quantifies risk on the underlying licenses or assets, and a Detailed Compliance Report with line-item actions for licensees to complete in order to improve results on subsequent audits.
For its inventory reconciliation services, Adherence Colorado currently employs 11 licensed and badged auditors and consultants who work on-site with licensees to correct issues related to inventory control and tracking. Adherence Colorado also works with point-of-sales systems that provide transactional and package information directly to Marijuana Enforcement Tracking Reporting Compliance (METRC), the state's mandatory marijuana inventory tracking system.
“When it comes to something as valuable as their business licenses, our clients find it really pays to work with us, and not try to do their compliance and inventory in-house,” said Owens.
Adherence Colorado currently conducts audits for dispensaries/stores, marijuana-infused product manufacturers (MIPs) and cultivation facilities, for both medical and retail licensees. Adherence Colorado also provides Valuation Analysis reports to determine the fair market value of licensed business operations, and Investor Request packages for licensees looking for additional funding or investment.
Adherence Colorado is now taking appointments for regulatory compliance audits, inventory reconciliations, business valuations, and other services. To celebrate the launch, the company said it is offering a special rate for all audits conducted during the first quarter of 2015.
For more information, visit: www.adherence-colorado.com or call: (720) 536-0667.