A Californian need not be an insider to know that banking within cannabis is a borderline non-starter. But banks have nothing on insurance, an industry which has similarly been kept out of the weed game by federal prohibitions.
As insurance companies remain on the sidelines, eyeballing the industry, “[f]rom seed to sale, cannabis businesses operating according to the law, need insurance protection,” to cite Insurance Commissioner Ricaro Lara.
North Bay Journal
- “Carriers that have entered the market are typically partnering with agencies and producers that have a better understanding of the industry and the needs of cannabis businesses,” according to an A.M. Best report, titled “Cannabis: New Opportunities for Insurers, but with Burgeoning Risks.”
- Last August, the National Association of Insurance Commissioners developed its Cannabis Insurance Working Group in an effort identify gaps and opportunities facing the industry, as well as identify best regulatory practices.
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- CEO “Big” Mike Straumietis maintains a lifestyle that has him toggling between his $16M mansion in Malibu and his Advanced Nutrients operations in L.A. and Vancouver. And yet, he’s taken time out of his busy schedule to tell you what to do.
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