The United States is finally realizing the many benefits of medical marijuana. And while debate and disagreement have been quite high in terms of the issue, many states are catching up. The Federal Government is still holding back and refuses to change the status of marijuana as a Schedule 1 drug (where it’s ranked along with baddies such as LSD and heroin), the governments at state levels are changing their opinions.
Moving Towards Acceptance
A total of 33 states in the US—more than half of all its states—have legalized marijuana under certain conditions (such as medical marijuana if not recreational). 10 states in addition to the District of Columbia have legalized marijuana for recreational use, to the joy of many. California, it happens, is one of these states.
After years—nay, decades and centuries—of being ostracized and looked down upon, the people of the US at large and of California, in general, have begun to view cannabis in a positive light. They’re less hostile towards those who consume the drug and more willing to try medical marijuana to treat their own health-related problems.
With this wave of acceptance comes of course the general growth in demand of the plant. Since it’s no longer a taboo to consume it, it’s easier to access. Businesses have popped up all over the US. which deal with the production, cultivation, distribution, and infusion of the plant.
And the rapid rise of these businesses can only be cemented in legal grounds through the right insurance coverage.
The Federation and the State
While not directly affected by the political science of it, cannabis businesses have much to lose from the disparity between the federal laws and the state laws. There’s confusion and businesses aren’t given a chance to be included in all arenas, plus there’s always the problem of relevant funding. Finding coverage that is affordable is difficult, and policies are often muddled with contradictory language, and plans verge on the restrictive.
The Risks Involved
With big businesses come big risks, and with a business growing as rapidly as that of cannabis production and distribution, the risks are certainly high. Some of the major risks which threaten your business enterprise consist of:
Injuries to employees
Destruction of property or land that you’ve lent out
In 2017 California was ravaged by torrid wildfires which affected cannabis growers among others and caused much loss. Such losses can be covered through insurance. Additionally, there is the heightened threat of theft arising straight from the federal regulations, which result in banking restrictions and financial complications. Large sums of cash, of course, get involved since banking is not a viable option, and with large sums of cash, the threat of theft and embezzlement is likewise high.
There’s always the risk of a product being labeled as harmful given the potential of its cannabis-infused disposition. In non-CRB businesses, a standard general liability will account for such a claim. Many companies refuse to provide the same coverage for CRB businesses, and hence the policy language matters a lot. You require policy language that is tailored specifically for businesses related to cannabis.
What Insurance Companies Cover for You
Most insurance companies will provide you with protection against:
Liability issues, both general and product
Damage to equipment
Let Leaf Insurance Find the Best Coverage for Your Cannabis Business
Leaf Insurance is an independent agency based in Thousand Oaks, California with an experience of over 2 decades in the industry. We partner with a selection of the most well reputed and financially able insurance companies, from which you can choose your insurance coverage from. We compare and contrast, and consult with you before arriving at any decision. The competitive rates and the presence of so many companies ensures that you get the best coverage for your money. We cater to dispensaries, ancillary businesses, infused product manufacturers, events, growers of the crop, landlords, and delivery mechanisms. Call us today at (323) 230-6111.