Markets

Cannabis operators are facing increasing operational costs and liability risks and are looking to cut costs wherever they can.

Challenges persist for the cannabis industry due to changes in the regulatory landscape, an increase in product recalls, increasing premiums and industry consolidation.

With regulatory gaps and safety concerns surrounding hemp-derived THC beverages, manufacturers, distributors and retailers need to protect themselves with the right insurance coverage.

Insured event triggers include impairment, government recall, malicious product tampering and product extortion.

For many of the small business owners who have entered the retail cannabis market, ensuring they have the correct type and sufficient levels of insurance coverage may not be top of mind.

As states expand legalization, the demand for cannabis is growing, creating both opportunities and challenges for independent agents to enter the market.

“I consider myself an expert in regard to cannabis business operations and understanding all the business tiers—growing, laboratories and dispensaries,” says independent agent Tyler Cline. “Pairing that with my years of experience in the insurance industr

“I don’t think we’re going to see an insurance change until it becomes federally legal,” says independent agent Sabrina Alkire. “I do think we’re going to see more property markets opening up, but I doubt that we’ll see any more general liability markets