Twenty-three states and the District of Columbia have legalized cannabis for medical use and four states have legalized cannabis for recreational use. This new industry is expected to grow over 700% over the next five years, but with that growth comes a messy, quickly evolving set of issues.
Many nationwide insurance groups have held off on jumping into the cannabis market due to the competing state and federal statues, and, unsure of the new market’s needs, are waiting for the dust to settle. This makes it hard for new cannabis entrepreneurs to not only acquire the insurance they need, let alone to figure out what insurance they need. For instance, do your employees consume cannabis in any form during the normal course of the working day? If you are a grower, how do you insure a crop that is still illegal under federal law? Does your state prohibit you from carrying insurance at all for cannabis related business?
Whether you’re established or just starting out, Crimson Business Insurance Agency is your go-to resource for marijuana business insurance. If you need general business insurance or cost-effective and up-to-date product liability coverage (hydroponics, vaporizers, e-cigarettes), our team of experts can address any issues specific to the industry and customize your comprehensive policies.