Magic mushrooms are a class of drugs in a promising industry referred to broadly as psychedelics, a market that some believe will reach more than $8 billion in the next few years.
Like cannabis, they are considered controlled substances. So, they’re federally illegal, but states like Oregon and Colorado are creating regulated markets.
And there’s enough promise in psychedelics to pique the interest of a few early adopter cannabis insurance specialists.
For our latest podcast we spoke with Tyler Cline, a third-generation broker who owns Cannabis Business Insurance and Psyched Insurance, and Jodi Green, an attorney who represents cannabis businesses and executive director of the Women in Psychedelics Network.
Following are takeaways from that conversation.
Green, who formerly represented insurers and brokers, said she’s heard from a number of insurance professionals who are interested into getting into insuring psychedelics.
“Yes, there are some brokers that see it as worth the risk of jumping into a new industry. And I think carriers in large part are on the same sort of fence, some of them are going to be the first movers and they view it as worth putting the time and energy into this and playing the long game, if you will, to help this industry grow,” Green said. “Others are more risk averse and prefer to take the wait and see approach. But I’m excited to be on the forefront of this, and trying to create solutions before it’s too late.”
Beside the states of Oregon and Colorado, Green counts at least 15 cities in the U.S. that have decriminalized psychedelics in some form, including mushrooms.
Read full article:
https://www.insurancejournal.com/news/west/2023/04/06/715123.htm
