Ep. 43: Scams & Fraud Targeting Cannabis Operators & How To Protect Yourself

🎙 In this episode of Under the Microscope with Jenny, host Jenny Germano breaks down the growing wave of scams and fraud targeting licensed cannabis operators across the U.S. Drawing from her experience operating vertically integrated cannabis facilities in Denver since 2009 and her work through ICS Consulting for over the last 10 years, Jenny explains why cannabis businesses are uniquely vulnerable due to regulatory complexity, cash-heavy operations, evolving licensing frameworks, and limited banking access.

The conversation outlines six major scam categories affecting operators nationwide - including regulator impersonation, fake licensing and social equity programs, payment diversion schemes, delivery and reporting fraud, and investment scams. Jenny walks through real-world examples and regulator alerts while highlighting common red flags like spoofed communications, urgent payment demands, threats of license action, and attempts to bypass internal controls.

✨ This episode delivers practical safeguards operators can implement immediately, including SOPs for verifying regulator communications, stronger payment controls, role-based employee training, and clear response protocols when scam attempts occur - helping cannabis businesses protect their licenses, finances, and teams in an increasingly complex environment.

 

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com

 

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

03:39 National Scam Overview
06:52 Red Flags Basics
08:52 Regulator Scam Warnings
12:15 Colorado + other State Scams
13:14 Fake Licensing & Social Equity Scams
19:03 Investor Fraud & Phishing
24:22 Federal Investment Schemes
26:27 Building Scam Safeguards
28:01 Cybersecurity Essentials
28:30 Phishing & Phone Scams
29:43 Money Verification Controls
32:17 Verifying Regulators
33:56 Crypto Payment Red Flags
35:37 Recommended Controls & Drills
38:28 Payment & Licensing Protections
43:17 Frontline Staff Training
46:56 Accounting Scam Risks
50:46 Key Takeaways + Wrap-Up

 

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.