A Majority of Companies in Tightly-Regulated Industries Say Compliance is Biggest Barrier

Out of all the issues associated with the volatile nature of industries such as the cannabis industry—compliance is the top barrier, representatives from multiple companies said. As it turns out, sectors such as the healthcare industry face similar problems with compliance.

According to a new study announced by The Harris Poll and Fyllo on September 21, nearly two-thirds, or 63 percent of companies see compliance issues as a “critical barrier to growth.” Representatives from highly regulated industries were asked a series of questions in a survey—with a selective highlight on the cannabis industry in particular.

The study is entitled, “Leading With Compliance: The Key To Growth In Highly Regulated Industries.” Researchers surveyed 305 compliance leaders at companies in highly regulated industries including cannabis, healthcare, financial services, alcohol and pharmaceuticals.

The results revealed a common denominator: all of the highly-regulated industries struggle with a complex web of federal and local legislation and an outdated compliance approach—not just the cannabis industry.

“In the face of fast-paced regulatory demands, outdated processes can’t keep up and that derails growth,” said Chad Bronstein, CEO and founder of Fyllo. “This survey revealed that companies want to utilize technology to understand regulatory updates, whether new laws or even just local legislative conversations.” Fyllo offers software to overcome the complexities of compliance. Fyllo’s Data Marketplace, for instance, can target previously inaccessible cannabis and CBD consumers.

Nearly 50 percent said noncompliance results in higher costs to attract new investors and win new customers. Eighty-two percent report that adhering to regulations drains resources that would otherwise drive expansion into new markets, new products/services and innovation.

Twenty-five percent said problems led to a loss of customers; 20 percent said it led to employee turnover. Seventy-three precent of companies say compliance issues damage trust among consumers, regulators and employees.

Survey respondents also said that getting fined for noncompliance is practically unavoidable—just something they have to learn to deal with.

Over three-quarters, or 82 percent of companies in highly regulated industries currently accept that compliance is a cost of doing business, over the past five years, these companies have been cited on average 12.6 times for noncompliance. 

This results in extensive operational, reputational and financial risks. Moreover, the majority of compliance leaders admit that they are often uncertain as to whether or not that the organization is compliant due the dynamic nature of the regulatory environment.

Constant changes in laws is getting to be the norm, but most companies said they can handle it, albeit the technological problems that make it more difficult.

When asked if their company could adapt quickly to sudden changes in its regulatory or compliance environment, 61 percent said they did not believe their company could, with 28 percent citing outdated technology as the core cause for those problems.

Compliance in the Cannabis Industry

Depending on how you define regulation and if you include nuclear industries, etc., cannabis remains one of the most-regulated industries in the U.S. However, IBIS World ranks the healthcare industry as the most regulated industry of all, which of course overlaps with medical cannabis.

The discord between state and federal law makes the cannabis industry unique in the sense that laws often contradict one another more than you’d see in other industries. It would require a figurative PhD of regulation just to understand the full scope of the patchwork of state cannabis laws.

“Cannabis professionals are operating in a regulatory environment that changes daily across federal, state and local levels,” Bronstein added. “As such, cannabis businesses have been quick to embrace tech solutions that streamline compliance processes to free up resources for growth, with the industry becoming the benchmark for effective management of compliance processes at scale.”

Noncompliance in the hemp industry, for instance, is a problem. New Frontier Data reported that over 4,000 acres of crops were destroyed in 2019 (out of the 242,565 acres that were planted) because they were considered to be “hot crops” that surpassed the THC limit. Although crops in 2020 decreased, hot crops still increased, which led to an even more devastating year with 6,234 labeled as hot.

Cannabis and hemp laws are constantly changing at a rapid pace, much faster than you see in other established sectors such as traditional healthcare.

The post A Majority of Companies in Tightly-Regulated Industries Say Compliance is Biggest Barrier appeared first on High Times.

What Is The Difference Between White Light And Yellow Light? Find Out Here

Light is an essential aspect of our lives. Its value cannot be understated. The presence of light enables us to carry out many day-to-day activities. Light allows us to see and therefore read or carry out any other activities that require vision. Light is also crucial in the vegetative growth of plants. Plants utilize sunlight […]

The post What Is The Difference Between White Light And Yellow Light? Find Out Here appeared first on Latest Cannabis News Today – Headlines, Videos & Stocks.

Cannabis Density: What Is It and How To Improve It?

Having a big, vigorous cannabis plant is every grower’s dream. The cannabis plant can survive even extreme conditions, but it needs a little love to grow correctly like any other plant. Maintaining proper conditions for optimal growth should be the priority for every grower, especially if your primary objective is to achieve dense buds.  The […]

The post Cannabis Density: What Is It and How To Improve It? appeared first on Latest Cannabis News Today – Headlines, Videos & Stocks.

Cannabinoids Have Potential to Reduce Tumor Growth, Researchers Find

A recent scientific review concludes that marijuana’s legal status should be revisited given existing research that shows cannabis’s components can inhibit tumor growth and help with cancer management.

Researchers at Amity University in India detailed the scientific literature surrounding the effects of cannabinoids on different cancer types and also looked at marijuana’s anti-nausea, appetite stimulation, and pain-relieving qualities.

Besides treating symptoms of chemotherapy side effects, cannabis also shows potential in slowing the growth of cancer cells and even kill cancer cells in certain cases, the researchers wrote.

But that’s not all. “Apart from exerting palliative effects, THC also shows promising roles in the treatment of cancer growth, neurodegenerative diseases (multiple sclerosis and Alzheimer’s disease), and alcohol addiction and hence should be exploited for potential benefits,” stated an abstract of the study, published in the Journal of Cancer Research and Therapeutics.

The majority of the studies that were reviewed were based on in vitro experiments, meaning they did not involve human subjects but rather isolated cancer cells from humans, while some of the research used mice.

THC also shows promising role in the treatment of cancer growth, neurodegenerative diseases (multiple sclerosis and Alzheimer’s disease), and alcohol addiction and hence should be exploited for potential benefits.


THC also shows promising role in the treatment of cancer growth, neurodegenerative diseases (multiple sclerosis and Alzheimer’s disease), and alcohol addiction and hence should be exploited for potential benefits.
Click To Tweet


Cannabinoids appear to “exert potent [anti-growth] activity and activate various apoptotic mechanisms eventually leading to cell death” of cancer cells associated with glioma, an aggressive form of brain cancer.

At least once clinical trial showed that patients with recurrent glioblastoma multiforme who were treated with a “proprietary combination of THC and CBD” in addition to a traditional pharmaceutical had a higher one-year survival rate (83%) compared with a placebo group (53%).

Another study found blood cancer cells that were treated with two synthetic endocannabinoids activated receptors that “mediated apoptosis,” or  cell death.

In certain cell lines of prostate cancer, similar findings were observed. There was “[s]ignificant cell growth inhibition followed by apoptosis” in one particular cancer cell type in a “study which was designed to evaluate the in vitro effects of endocannabinioids such as 2-arachidonoyl glycerol, anadamine, and its synthetic analog methazolamide.”

Less research has been conducted on the effects of cannabis on lung, breast, oral and liver cancers, but the study authors documented instances where mice with certain lung cancer types treated with THC experienced a “notable reduction of the subcutaneous tumor growth and lung metastasis” of those cells, “prompting its significance as a novel therapeutic molecule in lung cancer treatment.”

But while THC is a common study focus, other cannabinoids show particular potential in treating different cancer types, they found. For example, a synthetic cannabidiol (CBD) compound, 940-CBD, was the most effective “in terms of antiproliferative effects and invasiveness” of a particular breast cancer cell line.

When treated with THC, an oral cancer cell line that’s “highly resistant to anticancer drugs,” showed increased “cellular respiration inhibition,” whereas another conventional treatment option “showed no such effect.”

While researchers have investigated a wide range of cancer treatments, “the utilization of THC and their derivatives is still unexplored pharmacologically owing to their ‘habit-forming’ nature,” the researchers concluded. “Specific targeting of cannabinoid receptors can be used to manage severe side effects during chemotherapy, palliative care, and overall cancer management.”

“Furthermore, research evidences on cannabinoids have suggested tumor inhibiting and suppressing properties which warrant reconsidering legality of the substance,” they said. “Studies on [cannabinoid] receptors, in case of cancers, have demonstrated the psychoactive constituents of cannabinoids to be potent against tumor growth.”

Because the activation of CB1 and CB2 receptors “tends to limit human cancer cell growth,” there may be a “role of the endocannabinoid system as a novel target for treatment of cancers” and “[f]urther explorations are required to exploit cannabinoids for an effective cancer management.”

The growing data on marijuana’s ability to inhibit cell growth and kill cancer cells indicates that it should be a major area of research going forward.


The growing data on marijuana’s ability to inhibit cell growth and kill cancer cells indicates that it should be a major area of research going forward.
Click To Tweet


The findings reflect another recent study that also explored the therapeutic potential of cannabis extracts in the treatment of cancers. Like this new review, it demonstrated that while variation in cannabinoids that are used to treat distinct cancer cell lines is an important consideration, the growing data on marijuana’s ability to inhibit cell growth and kill cancer cells indicates that it should be a major area of research going forward.

 

This article was republished under a content syndication agreement with Marijuana Moment. Read the original article here

Feature image: While cannabis has been used to treat cancer patients for the side effects of chemotherapy, researchers from Amity University in India theorize that cannabinoids may also help to inhibit growth of tumors themselves.  

The post Cannabinoids Have Potential to Reduce Tumor Growth, Researchers Find appeared first on Weedmaps News.