Joe Biden’s election as President of the United States and the Democrats’ reclamation of control of the U.S. Senate may well have far-reaching effects on the U.S. cannabis industry, including, but not limited to, ultimately impacting what insurance coverage is available to businesses in and ancillary to the industry.
More immediately, Merrick Garland’s recent confirmation as U.S. Attorney General is also likely to benefit the cannabis industry – including by potentially encouraging more insurers to offer coverage for this industry.
As such, starting now, cannabis-related businesses needing to place or renew insurance policies should work with their insurance brokers to fully explore the ever-changing insurance market, determine whether there are in fact additional insurers willing to write coverage for this industry, investigate how else the market may have changed since Garland’s confirmation and review carefully any specimen insurance policies available.
To be sure, legalization, or decriminalization, of cannabis at the federal level in the U.S. obviously would be a game-changer. If cannabis were to become federally legal, almost certainly, more, if not most, “mainstream” insurers would begin to offer coverages for cannabis-related businesses.
Read full article at : https://www.insurancejournal.com/news/west/2021/03/12/605105.htm