The Shifting Maze of Cannabis
Cannabis is quickly becoming legal for both medical and/or recreational consumption in various states across the country. One of the most difficult things about running a cannabis business is that the rules keep changing — or are still being formalized — as each state has their own separate appointed agencies overseeing regulation. Even tax rates from county to county can be different, so simple tax reporting becomes a logistical challenge! It’s almost like you need to go through a maze that keeps shifting walls on you, just to figure out how to do business as usual.
ABI Insurance understands the various complexities within the cannabis industry that affect liability coverages, and can help your cannabis business attain commercial insurance.
And, some conflicting federal laws are making it tricky as well. Many cannabis businesses are finding it hard to get a payroll or banking service that will work with them, and so they’ve had to create some super arcane solutions just so that they can pay their staff and vendors.
Even though the market is new and there are some complexities, you can and should attain commercial insurance for your cannabis business. Like any business, it’s important to cover your investment in the case of damage from theft, fire, water damage, or other catastrophe to your property and inventory.
We do, however, understand there are intricacies to consider. As we’ve secured the proper coverage for our cannabis business clients, we’ve found a wide variance of issues and areas within the cannabis industry that affect liability coverages. These includestate compliance issues, the whole supply chain (from seed to store), needs of the medical professional, and independent contractors vs. employees and workers compensation.
ABI Insurance is aware of the issues and can help you weigh all the factors that affect your individual cannabis business operations. We know cannabis business is complicated, but we understand and offer you solutions no matter where you are in the industry — from seed to store! Give your ABI insurance professional a call to discuss possible coverage that’s available to you.