As more and more states legalize recreational and medical marijuana, the cannabis industry is continuing to grow at an increasing rate. Valued at 5.4 billion dollars in 2015, market experts are expecting the value of the industry to reach 11 billion dollars in 2019, doubling in only four years. As dispensaries and cannabis shops start popping up on Main Street, USA, most people associate this growth in value with the growers and sellers of cannabis, but the effect is widespread. The legal, medical, insurance and financial industries are all experiencing the positive economic effects of cannabis as they develop tools to support it and bring it into the mainstream.
Cannabis occupies a unique niche in the American legal system. While states may be legalizing its use, the federal ban on cannabis opens the industry to potential conflicts not experienced by other markets. The National Cannabis Bar Association steps into this grey area. Founded to educate and connect “cannabis industry lawyers to promote excellent, ethical, and advanced legal assistance to this growing industry,” the NCBA is open to membership by practicing and retired attorneys, law students, and paralegals. For an industry still hard hit after the recession, the opportunities for growth in the law profession are growing and lucrative.
The America Cannabis Nurses Association, founded by two registered nurses, provides resources to nurses for “the public health considerations of cannabis use, the social and legal climate, and patient care issues.” Their efforts are helping to change the public’s perception of cannabis. On the pharmaceutical side, GW Pharmaceuticals is experimenting with new uses for THC and the non-psychoactive cannabidiol in mainstream drugs.
Any industry, let alone an emerging one, needs financial support and many people with money to invest are seeing nothing but green. New hedge funds such Poseidon Asset Management and Privateer Holdings are making money investing in everything from medical marijuana growers and dispensaries to pharmaceuticals.
Like any other business, growers and sellers need insurance too. Due to the legal ambiguity of cannabis in regards to state and federal law, major domestic insurance carriers are reluctant to step into the cannabis market, and one (Lloyd’s) pulling out of the market in 2015, many actively operating companies were left concerned! Crimson understands the unique needs of the 420 business sector and assists in facilitating appropriate coverage.