Self-regulatory group forms to set voluntary marijuana standards

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

As the marijuana sector continues to try to find its way without established standards, a new group has arrived to help guide the industry toward more mainstream practices.

Specifically, the National Association of Cannabis Businesses (NACB) hopes to offer U.S. cannabis companies direction in responsible business practices that include compliance, transparency and accountability, according to its website.

The self-regulatory organization – led by a team of government, legal, banking and data security experts – plans to assist its members in developing consistent national standards as well as providing them with the expertise, tools and services needed to effectively run their businesses, according to a news release.

The NACB will be helmed by President Andrew Kline, who served as an assistant U.S. Attorney and as a senior adviser to former Vice President Joe Biden.

The association is composed of marijuana businesses that include Buds & Roses, Cresco Labs, Etain, Green Dot Labs, Local Product of Colorado, Matrix NV and Mesa Organics.