Markets function on certainty. Investors commit capital when rules are clear, institutions are credible and businesses understand the legal environment in which they operate. If certainty is absent, uncertainty acquires value. Increasingly, that value is being exploited by criminals. A recent incident involving a cannabis retailer illustrates the point. An individual purporting to be a police officer contacted the business claiming he could arrange the necessary licences and permits in exchange for R40,000, insisting that payment be made before midday. The retailer became suspicious, sought independent verification and established that the individual had no authority to issue licences or permits. No payment was made, and a criminal case has since been opened. The attempted fraud is concerning, but it is also symptomatic of a broader governance problem. South Africa’s cannabis industry continues to operate in an evolving legal framework shaped by constitutional judgments, draft legislation, sector-specific regulation and multiple government departments exercising different responsibilities. Entrepreneurs attempting to participate lawfully often find themselves navigating overlapping legal instruments, changing policy positions and administrative uncertainty. That environment creates opportunities for individuals willing to exploit confusion for personal gain. Fraudsters rarely create uncertainty. They exploit uncertainty that already exists. The individual demanding R40,000 was not offering a legitimate regulatory service. The proposal relied on something far more valuable: the belief that someone claiming connections to law enforcement could resolve uncertainty or prevent regulatory consequences. Fear became the commodity being traded. Entrepreneurs attempting to participate lawfully often find themselves navigating overlapping legal instruments, changing policy positions and administrative uncertainty. That distinction matters because it changes the nature of the risk facing legitimate businesses. Investment decisions are ordinarily influenced by market demand, production costs, taxation, financing and regulatory compliance. Increasingly, investors must also consider whether the regulatory environment itself creates opportunities for criminal interference. If entrepreneurs cannot easily distinguish legitimate enforcement from criminal impersonation, uncertainty becomes more than an administrative inconvenience. It becomes a commercial risk. The implications extend well beyond cannabis. Any emerging industry characterised by fragmented regulation, evolving policy and unclear administrative processes creates opportunities for individuals claiming privileged access to government officials, regulators or law enforcement agencies. Cannabis simply provides a particularly visible example because the transition from prohibition to regulation remains incomplete. The incident also highlights the importance of transparent regulatory administration. Legitimate licensing systems are designed to remove discretion, establish accountability and make official processes verifiable. Businesses should never be uncertain about which authority is responsible for issuing approvals, what those approvals require or how they are obtained. Where those answers become difficult to verify, misinformation flourishes. The consequences are not confined to financial loss. A business owner confronted by someone claiming to represent law enforcement is unlikely to think first about the eventual outcome of legal proceedings. The immediate concerns are far more practical: disruption to operations, reputational damage, legal costs and the possibility of detention, even if any subsequent action proves unlawful. Criminals understand the commercial value of that fear. Regulatory certainty is therefore more than an economic objective. It is an essential safeguard against criminal exploitation. South Africa has spent years debating cannabis policy, constitutional rights and economic opportunity. Those debates remain important, but another consequence of prolonged uncertainty is beginning to emerge. As long as businesses struggle to identify clear regulatory pathways and consistent administrative processes, individuals prepared to exploit that uncertainty will continue to find willing targets. The R40,000 demanded in this case was presented as payment for licences and permits. It was payment for the promise of certainty in an environment where certainty remains difficult to find. That should concern more than the cannabis industry. It should concern everyone interested in investment, governance and the integrity of South Africa’s regulatory institutions. • Botha, a legal strategist and cannabis policy specialist, is co-founder of H3 Legal Solutions.