Cannabis software company BLAZE Solutions, Inc. validated its data performance and implementation and gained SOC 1 Certification.
"Based on our research, it does not appear that any of our direct competitors in CannaTech have successfully completed a SOC 1 audit," stated Kai Kirk, COO of BLAZE. "This SOC audit is rigorous and you must show clear evidence that your product is working as designed. That means controls that confirm topics such as data validity, taxes applications are correct, discounts are working as expected, and compliance data is sent and properly reported on."
SOC 1 Certification centers on software's practical application and function of data. This differs from SOC 2, which is focused on security, processes and recoverability. The SOC 1 audit team, consisting of certified public accountants, evaluates BLAZE software, how data is entered, stored, transformed and reported. It also assesses the fidelity of the compliance integrations such as Metrc and BioTrack(NASDAQ:FORA).
With the addition of SOC 2 Type 1 Certification announced in July, BLAZE achieved both SOC 1 Certification and SOC 2 Type 1 Certification. This dual certification is critical to MSOs and publicly traded companies, allowing them to streamline auditing processes and show data fidelity. BLAZE began the process of achieving SOC 1 Certification by forming a strike team to complete the audit and confirm that the underlying infrastructure and software met SOC 1 standards. BLAZE customers will benefit from third-party validation that their data is handled accurately.
"BLAZE retailers can rest easy knowing that their data and their customer's data are secure and the systems are handling data properly and are regularly audited," continued Kirk. "As we see the cannabis space mature, many retailers will go through acquisitions, potentially with companies that demand high levels of security and compliance due to their investment structures. Running BLAZE can give them peace of mind that they will not have to swap out their retail solution due to non-compliance and can continue moving fast in this ever-changing market."
BLAZE' partnerships seem to have been strategically wise, considering that Metrc recently signed its 23rd government contract, and BioTrack completed launch in New Mexico in April. Having integrations with the track and trace providers, coupled with partnership with Bespoke Financial, and now SOC certificates, should position them very well in the space.
Photo: Courtesy of BLAZESolutions, Inc.
Â