No, a live trademark application typically doesn't pose a risk for the business, since a trademark is officially protected from its filing date, not the date of registration. However, that protection is only confirmed if registration ultimately succeeds. While the application is in progress, using the ™ symbol puts others on notice that protection is being sought, which can deter copycat attempts.
If there is a possibility of issues arising during registration, such as an opposition or office action refusal, it is worth being cautious about acquiring and distributing large quantities of products before the outcome is confirmed.
In some countries, including the US, starting commercial use within a specified period after filing is compulsory and failing to do so will prevent trademark registration from being completed.