While cannabis crop insurance isn’t required in all states, it’s essential for protecting the primary product of the cannabis industry—a plant. This insurance covers every stage of the cannabis growth cycle, from seeds to finished stock.
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Unsure where to start with Michigan’s new marijuana liability insurance requirement? Kapnick can help. Public Act 55 of 2021 recently amended the Michigan Regulation and Taxation of Marihuana Act. Effective October 11, 2021, this law requires marijuana retailers and microbusiness licensees to maintain at least $50,000 in marijuana liability insurance coverage. Compliance Deadlines for Marijuana Liability Insurance The compliance timeline depends on your license date: Existing Licenses: Retailers and microbusinesses licensed before October 11, 2021, must submit proof of liability insurance to the MRA at license renewal. New Licenses: Retailers and microbusinesses licensed on or after October 11, 2021, must…
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Managing common workplace hazards directly impacts your bottom line. This case study highlights how strategic risk management improves your cannabis workers' compensation programs. Learn how we helped a startup optimize their coverage, secure better rates, and protect their growing team. The Problem: Fragmented Cannabis Workers' Compensation A startup cannabis distribution client operated multiple locations across the same state. Each facility held separate policies through a state-sponsored assigned risk pool. This setup complicated their cannabis workers' compensation strategy and drove up their operational costs. The Solution: Streamlined Coverage We successfully combined those fragmented policies and placed the coverage directly with one…
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The US legal cannabis market is a serious industry and has grown at an exponential pace. In 2020 it was conservatively valued at slightly more than $15 billion, with sales having jumped 45% from the year before. Experts are projecting sales to surpass $30 billion
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