What You Need to Know Before Going International with Your Cannabis Business

Taking your cannabis business to international markets can yield huge profits. After all, cannabis is completely legal in places like Canada, Jamaica, Colombia and Italy, and they don’t face the same tax, research and patenting issues as countries like the United States.

While going international with your cannabis brand might seem like a great idea, doing so within legal guidelines is not always straightforward and easy to do.

According to Simone Cimiluca-Radzins for Kalogia, entering into the international cannabis market involves taking risks and overcoming barriers. The one thing you really want to know is that in order to integrate your brand into a new market, you must connect with foreign officials on a personal level. Getting to know foreign officials on a personal level can be difficult, however, because if you do the wrong thing, you could be violating The Foreign Corrupt Practices Act of 1977 (FCPA).

The FCPA is a federal law in the United States that addresses bribery of foreign officials and also enforces transparency requirements as outlined in the Securities Exchange Act of 1934. This means that if you decide to give a foreign official expensive gifts, or if you don’t meet outlined accounting provisions by the United States, then you could find yourself in big trouble.

Luckily, Cimiluca-Radzins outlined three ways to ensure you’re not breaking any FCPA guidelines when conducting international business. First, training is key. Make sure you have a training program specific to FCPA guidelines and that anyone who conducts in international business is thoroughly trained. Second, all your contracts should include a clause about following FCPA guidelines. Last, you want to continue to monitor your training program, contracts to ensure that everyone is consistently acting in compliance with the FCPA.

Be sure to follow Cimiluca-Radzins’ advice, and be sure to keep in compliance when you’re going overseas to make big profits.