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 obtain and submit proof of liability insurance to the MRA within 60 days of receiving their license.
How Kapnick Can Help
At Kapnick, we offer programs to ensure your cannabis risks are covered and compliant, even with new legislation. As your trusted advisors, we handle the insurance so you can focus on growing your business.
