Canna Business 101: Insurance Coverage Options
Like other agribusinesses, cannabis grow, processors and sellers' insurance needs include life and health, property (farm, dwelling and homeowners), casualty, cargo, equipment breakdown, automobile, business owner, commercial, general liability, business interruption and workers' compensation coverage.
However, because of industry-specific risk factors such as theft (cash-only businesses carrying high value inventory), security, regulated waste disposal, and neighbor complaints, marijuana-related businesses have additional needs including theft coverage for valuable crops, professional liability coverages for prescribing doctors, and products liability policies for product growers and processors.
Further, because marijuana is a "data-driven" industry, cyberliability and electronic data policies are critical for patient-personal-information-storing dispensaries in the event of a client database breach or theft.
Apple Valley Town Council approves ban on marijuana with glimmer of hope for activists
Attorney Pamela Epstein, who represents the High Desert Cannabis Association, told the Daily Press she was pleased by the Council’s decision, calling the consideration to allow cannabis delivery “baby steps” in the right direction.
“I am cautiously optimistic about what happened this evening and I think every first step is shaky, just like your first step when you are a child,” Epstein said. “We really made some progress with the Council members. And really, all you need is three.”
New York Aims for Reform
New York may be famous for a lot of things. But within the cannabis industry, it’s not considered a poster child for savvy MMJ regulation.
That was the takeaway from New York City attorney Noah Potter, a lawyer who works in conjunction with Colorado-based cannabis law firm Hoban & Feola.
“Every last bit of it is strange,” Potter said. “Everything they’re recommending was foreseeable from the outset. It’s an implicit admission that the program was deficient from the beginning.”
He agrees the changes will probably help make the New York MMJ program more viable in the long term by expanding the patient pool. But Potter the expects the state will drag its feet on implementing the reforms, and that it’ll be months before many of them will be implemented.