Federal Bill Would Expand Insurance Coverage to Cannabis Industry

Leafly report..

The Clarifying Law Around Insurance of Marijuana (CLAIM) Act would extend insurance protections to the cannabis industry, allowing state-legal cannabis companies to obtain insurance coverage just like any other legal business.

Introduced by US Sen. Bob Menendez (D-NJ) and sponsored by a bipartisan coalition including Sens. Rand Paul (R-KY), Jeff Merkley (D-OR), and Kevin Cramer (D-ND), the CLAIM Act would essentially do for insurance what the SAFE Act would do for banking. The bill would allow insurers to provide coverage to state-legal cannabis businesses in both medical and adult-use states. It would also prevent insurance companies from dropping coverage of entities that do business with cannabis companies, such as landlords.

Read More At: https://www.leafly.com/news/politics/federal-bill-would-expand-cannabis-insurance-industry

The Bill

419538929-CLAIM-Act-July-22-2019-discussion-draft

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