Fyllo redefines regulatory technology for cannabis with a single platform that conquers compliance at every level.
Fyllo, the world’s first single-solution regulatory technology for cannabis, announced that it has fully integrated CannaRegs into its Fyllo Compliance Cloud. In January, Fyllo acquired CannaRegs, a database of state and municipal cannabis rules and regulations, to enhance its compliance products for stakeholders. Now completed, the platform streamlines traditional workflows, supercharges regulatory productivity, and accelerates business profitability.
In the cannabis industry, nearly every business decision faces stringent regulatory oversight, and non-compliance can result in hefty fines or even a revoked license. Now smarter, easier to navigate and more responsive than ever, The Fyllo Compliance Cloud conquers compliance at every level of the organization through its unified platform.
As part of the integration, CannaRegs received upgrades to its design with an enhanced UI, as well as investments in rich functionality such as high-performance search, radically increased speed, and smart planning tools. The CannaRegs database also now fuels Compass, a revolutionary technology that scans images and copy, verifying market compliance in real-time, a process that traditionally involved legal teams and could take days to weeks to complete.
“Fyllo Compliance Cloud allows us to focus on what matters most, which is business performance and achieving topline growth,” said Mitch Kahn, founder and CEO of Grassroots. “The solutions that Fyllo offers set a new standard for regulatory technology, helping us mitigate risk and seamlessly maintain compliance across our operations.”
The updated Fyllo Compliance Cloud began rolling out to clients in early June. Migration to the new platform continues through the rest of the month. The first-of-its-kind platform disrupts core compliance functions throughout an organization and is set to become a model adapted for other highly-regulated industries like pharmaceuticals, e-sports, or telehealth.
“From its inception, Fyllo has been committed to helping cannabis companies be responsive and creative while protecting its resources,” said Chad Bronstein, founder and CEO of Fyllo. “This latest integration with CannaRegs sets a new benchmark in smart, regulatory technology designed for an entire organization. We believe that Fyllo Compliance Cloud will set the standard for all highly-regulated industries.”
LegalReader is grateful to Nicole Cosby, Chief Data and Compliance Officer, for taking the time to answer some questions about this new and exciting technology.
LR: It’s clear that the time has come for a business such as RegsTechnology. What was your inspiration for it? Was the cannabis industry the one readiest for such an innovation, or did you have another reason for choosing it first?
NC: We saw how numerous cannabis companies were still using archaic and time-consuming compliance solutions and knew we had the expertise to develop more technically advanced methods of managing and tracking regulatory research. A completely new and modern industry can’t depend on yesterday’s intelligence. Cannabis is one of the fastest-growing industries and needs a platform like RegsTech that can keep up with the constantly changing federal and state regulations. We believe that Fyllo Compliance Cloud will set the standard for all highly-regulated industries.
LR:What do you think is the single biggest challenge facing the cannabis industry today?
NC: Cannabis regulations change every 18 minutes. That’s 80 changes every 24 hours. Professionals in this space require the ability to find information, spot trends, anticipate risk and act on opportunity in a faster and smarter way. CannaRegs allows companies to see what others can’t in cannabis by understanding what’s happening in real-time.
LR: I can see just about every level of the industry finding value in and a benefit from CannaRegs. Out of all the customer bases you serve (cannabusiness, legal professionals, activists), which do you think will benefit the most? Is that sector currently your most active customer?
NC: There’s no doubt lawyers have a lot to gain as we know cannabis law is becoming an increasingly popular service, but what sets CannaRegs apart how it is specifically built for business, by lawyers. We’re the only compliance cloud technology solution built exclusively for professionals pioneering the cannabis category. Our client base spans business entrepreneurs, legal professionals, real estate investors, education and government officials who rely on CannaRegs to achieve the highest level of regulatory confidence in cannabis.
LR: Services such as Lex Machina focus on federal and state statutes, whereas CannaRegs includes the hyper-local, which we’ve seen is vital to compliance. Will you develop CannaRegs to include case law tracking, similar to Lex Machina, that will help legal professionals plan case strategy?
NC: Until cannabis becomes federally regulated, companies still need to build their businesses around laws that pertain to their local states and municipalities, which are constantly evolving. That’s why we’ve built Hyperlocal Lens, viewing tools that allow companies to watch regulations take shape in real-time at the state, city, and municipal level – all in one place. Case law, on the other hand, develops at a significantly slower pace, which means that other services can easily provide this feature and the case laws themselves are less relevant to companies experiencing rapid growth.
LR: Does CannaRegs have any involvement in advocacy/activism/lobbying in the cannabis sector? If not, do you see this as an option in the future?
NC: Yes. It’s important to acknowledge that cannabis criminal laws have disproportionately targeted and have served as a source of disenfranchisement for people of color who are now being left out of the newly emerging commercial cannabis conversation. Fyllo is launching a social responsibility initiative that will amplify access to cannabis compliance education for individual and small business social equity applicants and existing non-profit organizations with a goal of breaking down the barriers to entry for individuals of color. People formerly incarcerated on cannabis-related offenses are often barred from working in the legal cannabis space as expungement initiatives are only offered across a handful of states, or have unequal access to the tools and services required to scale cannabis business.
LR: Is there a regulation or set of regulations you’ve seen in your work that is just so seemingly over-complex or otherwise strange that it’s become your “go-to” example? If so, can you tell me about it?
NC: In the month of May, there were 93 regulatory changes on cannabis curative claims alone. That’s more law than there are states! Imagine how challenging it would be to advertise the benefits of any mainstream product when state regulators cannot decide on what a brand can or cannot say about the product. Any cannabis brand trying to legally scale or advertise its business must have a system in place to monitor these often cumbersome hyper-local advertising regulations that vary state by state.
LR: Is CannaRegs optimized for mobile devices?
NC: Our current focus is the relaunch of a new and even more intuitive CannaRegs database to meet the demand of current research behaviors. It’s a very text-intensive platform geared towards legal professionals who are more likely to conduct business on a desktop than a mobile device.
LR: What one thing would you most like our readers to know about CannaRegs or the cannabis industry?
NC: Compliance with local laws is vital if you want to operate a cannabis business for an extended period of time, and each locality or state puts its own spin compliance requirements. The laws change frequently and keeping up with these changes in even a couple of jurisdictions is a tall order, especially considering how online versions of a city’s municipal code may only be updated once or twice each year. By tracking changes throughout the regulatory process, CannaRegs allows businesses to stay ahead of impending changes and avoid making reactive decisions that may hurt them in the long run.
Fyllo is leveling the playing field for cannabis companies with the Fyllo Compliance Cloud, a suite of enterprise-grade software and services powered by RegsTechnology, the largest database of cannabis laws and regulations at the federal, state, and local level. Fyllo delivers advanced data, media, and compliance solutions that are built for the complexities of the cannabis industry today. From local dispensaries to large MSOs and traditional CPG companies, ambitious cannabis brands and industry professionals choose Fyllo as their partner to go bigger and grow faster with trust and confidence in compliance. https://hellofyllo.com