NACB National Standards address the highest priorities of regulators with regard to public health and safety
DENVER and WASHINGTON — January 24, 2018 /Canna Newswire/ — The National Association of Cannabis Businesses (NACB), the first and only self-regulatory organization (SRO) for U.S. licensed cannabis businesses, has published for comment the NACB Packaging and Labeling National Standard. This is the first of many NACB industry standards to be created and adopted by the SRO’s members. The Packaging and Labeling National Standard, like other NACB standards to come, is designed to help NACB members protect consumers and demonstrate to regulators, financial institutions and the public that NACB members operate at the highest levels of ethics and responsibility. The NACB Standard is available for public review and comment on the NACB website at www.NACB.com today until February 21, 2018.
“The NACB believes that self-regulation is the most effective course of action for our members to control their own destiny in the face of regulators’ growing need to intervene,” said Andrew Kline, president of the NACB and a former federal prosecutor. “The creation and adoption of national, voluntary standards that are aligned with regulators’ priorities takes input from government, NACB members, and subject matter experts into careful consideration. Through this process, the SRO identified product packaging and labeling as our first priority because it impacts so many issues related to health and safety.”
The new packaging and labeling standard addresses key public health and safety concerns, including:
- Child-resistant packaging guidelines for all cannabis products
- Consistent labeling that identifies the cannabis product’s origin, cultivator and processor
- Inclusion of warning statements regarding health risks associated with cannabis consumption, such as advising consumers not to drive or operate heavy machinery while using the product, and that the intoxicating effects of the product may be delayed after consumption
- Avoiding packaging and labeling that appeal to minors
- Requirements and methods for listing all ingredients present in the product
- Inclusion of major food allergen warnings and information on cannabis edibles based upon U.S. Food & Drug Administration guidelines
- Guidelines on how to address health and medical claims for cannabis products
“Consumer education and awareness regarding the effects of cannabis products is a key concern for everyone working in the industry,” said Pete Kadens, co-founder and CEO of NACB founding member Green Thumb Industries (GTI). “It’s important that all cannabis consumers are made fully aware of what they are purchasing and consuming. Following these product labeling standards will ensure that marijuana products are used safely, are secured in packaging not accessible to anyone under the age of 21, and that consumers have all the information about the product they require.”
NACB National Standard Review Period
The NACB Packaging and Labeling National Standard will be posted online at NACB.com for a four-week period – until February 21 – during which anyone can offer their comment. Every comment will be reviewed and considered, and may result in a revision of the standard. Following the review period, a new draft of the standard will be circulated to NACB members for a final vote to approve and adopt it.
For more information on the NACB and to review the proposed NACB Packaging and Labeling National Standard, visit www.NACB.com.
Compliance with the NACB National Standard
Non-compliance with the NACB Packaging and Labeling National Standard, as with all NACB standards, can result in expulsion from the NACB or other consequences.
To help aid members in complying with the requirements of state governments and the NACB’s National Standards, the NACB expects to launch a technology solution exclusively for members in 2018. The technology platform is also expected to help members meet the rigorous due diligence required by financial institutions and business partners, by creating an auditable ledger of compliance and financial records.
About the National Association of Cannabis Businesses (NACB)
The National Association of Cannabis Businesses (NACB) is the first and only self-regulatory organization for U.S. cannabis, with a mission to support the compliance, transparency and growth of legal cannabis businesses. Led by a team of government, legal, banking and data security experts, the NACB helps member businesses establish voluntary national standards that demonstrate unerring business and compliance practices to consumers, regulators and financial institutions. The NACB also provides members access to expertise, tools and services that are intended to help them enhance the value of their business and navigate the complex web of constantly shifting regulations they face every day. The NACB is a division of First American Holdings, a technology and business services company. For more information, visit www.NACB.com.
# # #
The Cannabis Story Lab for NACB
These materials are being provided on a confidential basis by First American Holdings, LLC, a Delaware limited liability company (the “Company”), solely for the information of those persons to whom it is transmitted. These materials are confidential information and may not be reproduced or otherwise disseminated in whole or in part without prior written consent of the Company. The information set forth herein does not purport to be complete or to contain all of the information a prospective or existing investor may desire. The Company does not assume, and hereby disclaims, any obligation to update or otherwise revise such information.
The contents of these materials should not be construed as investment, legal, tax, ERISA or any other advice. Each prospective investor should seek independent professional advice concerning the consequences of investing in the Company and conduct its own investigation and analysis of the Company and the data set forth herein. No action is being soliciting based on this communication, which is for informational purposes only and does not constitute any advertisement or solicitation or offer, inter alia, to buy or sell any security in any jurisdiction. Any such offer or solicitation would be made only in accordance with applicable laws.
These materials include certain statements and estimates provided by the Company with respect to the projected future performance of the Company and its subsidiaries. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to an investment in the Company. This presentation may contain statements that are not historical facts, referred to as “forward looking statements.” The Company’s actual future results may differ materially from those suggested by any such statements.
The information and data contained herein is not intended to be relied upon or for any purpose other than your personal information and use. None of the Company or its subsidiaries or their representatives, agents or assigns, shall have any liability for investment or other decisions based upon this information. No warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions or recommendations, which may change without notice. To the maximum extent permitted by law, the Company disclaims all liability and responsibility for any direct or indirect losses or damages which may be suffered by any recipient through reliance upon this communication.