Cannabis is frowned upon by many, but others still don’t think it’s very good. Some years ago we began to discover the medicinal benefits that this plant has for our body. More and more countries are legalizing cannabis, this is a big business in the United States, and will soon be for Cannabis Insurance companies as well. Cannabis use has increased over time and it is estimated that by 2022 there will be total consumer spending of approximately $23 billion in the United States.
All of this is attracting the attention of people interested in the income and profits that this business can bring. But even so, many insurance companies are against and prefer not to offer their services to these companies. Very few companies in the United States will offer policies for cannabis-related companies. In 12 states, it is still illegal to use marijuana in any form, both recreational and medicinal.
Cannabis Companies and Insurance
Cannabis-related businesses face many risks related to theft, workplace accidents, property damage, crop loss, general liability, and product liability. They usually handle large sums of cash and this is why most companies require an insurance policy.
Cannabis-related businesses, such as growers, dispensaries, and testing labs, may need at least general liability insurance. This insurance policy can cost between $700 and $3,000 annually. This policy can cover customer injuries and property damage. Cannabis business owners can also get commercial property insurance, crop insurance, or commercial auto insurance.