The cannabis industry is one of the largest in the United States. By the year 2020, sales had reached a sum of 20 billion USD, with an estimate for the year 2025 of 45.9 billion USD.
Right now, the majority of the U.S. population lives in a state where cannabis is legal in some form since more than two-thirds of U.S. states have legalized medical cannabis and many have legalized cannabis for recreational use.
CannICheck is an information technology business that was created and designed with the goal of being able to help secure licensed cannabis transactions that are on terms. It basically is a toll to see who is doing good business and who is not.
By using CannICheck, people can identify best business practices and provide accurate ratings of businesses and brokers so they can make the best purchasing decisions for their company’s needs.
While the COVID-19 pandemic has led to a boost in the cannabis industry, which is now expanding rapidly and creating jobs, there have also been some hurdles in the system. Some believe it was designed to fail and some companies lose their money due to a legal technicality.
Requests on marijuana reform and legalization at the federal level have been raised to be taken into consideration but due to the lack of consensus among lawmakers and industry members, change is not seen on the immediate horizon.
Accordingly, right now cannabis companies do not have the tools that other business sectors have. Companies and people have no way to check whether a company is credible before doing business with it.
“Our industry had no legal ramifications for bad business, no accountability or public record. Well….now we do!” Say the founders of CannICheck.
CannICheck was founded on the idea that farms, manufacturers, and distribution companies need to have a way to check if a cannabis company is reliable when it comes to paying their product terms.
Before CannICheck existed, industry outlets were taking advantage of farms, manufacturers, and distributors.They were jumping from one company to another taking consignments and then not giving them back.
“After four years of development and research, we created a way to finally secure those installment transactions.” State CannICheck founders.
Despite the advantages that can be gained by implementing a system like CannICheck, there are still many challenges such as the lack of support from the states, and the fact that a system like CannICheck is not mandatory to use.
“It’s a difficult road to ensure that this is implemented nationally to protect the industry and its owners.”