In brief: With 16 U.S. states plus Washington, D.C. having legalized medical marijuana, it was only a matter of time before business-specific insurance coverage for it would be offered.
The full story
Like any specialized business, the medical marijuana trade (production, distribution, sales) requires insurance coverage to protect it from liabilities. A broker in San Diego is offering specialized coverages for businesses dealing in MMJ.
MMJ growers, collectives, dispensaries, landlords, and related suppliers all run risks of theft, burglary, and more. Many have been virtually uninsurable because of the ambiguity of the law - marijuana is still illegal under federal law. Now specialized insurance coverages are being offered despite the roadblocks.
"Medical Cannabis Insurance," says Scott Sherwood at Breeze Insurance Services, "comes in the form of Crop Coverage, General Liability, Meds Coverage, Delivery Coverage, Workers Compensation and Commercial Auto Coverage."
Summing up
Obviously the business has its liabilities, but insurance specialized for it only enhances the burgeoning MMJ market's legitimacy.
Photo credits: Stock
