Tag: Cannabis business insurance

Insurers and licensees alike concerned over Michigan cannabis liability insurance

Marc
Cannabis liability insurance - cannabis growers

The state’s new legislation could force insurers and licensees to suddenly jump through complex hoops. Michigan’s new cannabis liability insurance legislation has now become effective and may unintentionally force companies and their insurers in the state to have to scramble to ensure they are compliant with the mandatory and complex changes. The state moved forward in quite a surprising way with the requirements without consulting the insurance industry. The Michigan cannabis liability insurance regulations went into effect quite suddenly without consultation with the insurance industry on the mandates’ feasibility. Many…

Read More

Cannabis business insurance options weak despite thriving marketplace

Nordstrom
Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

Read More

Cannabis business insurance is easier to obtain in 2019 (but still has a long way to go)

Nordstrom
Cannabis Business Insurance - Hemp Leaf

Options are becoming much more widely available including coverage from top carriers. One year ago, cannabis business insurance coverage options were few and far between. Now that 2019 is getting started, these companies already have far more opportunities to obtain insurance. Moreover, many top carriers are among those selling products in this market. This niche had once been covered nearly exclusively by start-up insurers, but the trend has changed. A growing number of states have legalized cannabis. Accordingly, selling cannabis business insurance has become far more appealing to insurers of…

Read More

California cannabis business insurance is now more widely available

H. Cutner
cannabis business insurance marijuana

Businesses working within the legal marijuana industry now have options for covering potential losses. The medical marijuana industry in California has struggled with a significant stigma and, until recently, cannabis business insurance opportunities have been few and far between. That said, coverage is now opening up for these companies who want to protect themselves against losses relating to their facilities, products, or other business related perils. This week, the California Insurance Commissioner, Dave Jones, released a statement to this extent. Jones explained that the California has approved the first cannabis…

Read More