Benzinga reports…the former Detroit Pistons, Miami Heat, Chicago Bulls and Los Angeles Lakers player told Benzinga he’s building a health insurance package for cannabis businesses and their employees, that will soon be expanded to cover individual cannabis users.
“We’ve literally got to a point where we can insure cannabis smokers and cannabis companies,” Salley said.
Along with National Insurance Partners and other partners, the duo launched “The Cannabis Plan.” It’s an insurance plan specifically designed for anything that touches the industry: growers, labs and CBD. Even convenience stores that sell CBD are eligible for this.
The plan also makes sure that users who choose to self-medicate with THC don’t receive punishment by their brokers.
Any cannabis business in the country, depending on state requirements, with two or more employees can apply to receive insurance. This plan is also 20% cheaper than other insurance solutions of the sort, Phillips explained.
California businesses, for their special regulations, require at least 25 employees.
Insurance ‘Is All About Numbers’
“I’m a numbers guy, and that’s all insurance is, it’s numbers,” said Phillips, who worked with a team of data analysts.
“We did the math on how many times they were hospitalized and their average age,” he continued.
With these facts into consideration, Phillips and Salley’s team came up with a healthcare plan specifically designed for cannabis businesses and their employees, that can cover up to 200,000 employees.