Unsure Of Where To Start With The New Marijuana Liability Requirement? Kapnick Can Help.
There is a new law in Michigan requiring marijuana liability insurance. Public Act 55 of 2021 recently amended the Michigan Regulation and Taxation of Marihuana Act. PA 55 of 2021 takes effect on October 11, 2021 and requires marijuana retailers and marijuana microbusiness licensees to have and maintain a minimum of $50,000 of marijuana liability insurance coverage.
The deadline for compliance depends on your initial license timeline:
EXISTING LICENSES:
For marijuana retailers and microbusinesses licensed before 10/11/21, they must submit proof of the required liability insurance to the MRA at license renewal.
NEW LICENSES:
For marijuana retailers and microbusinesses licensed on or after 10/11/21, they must obtain and submit proof of the required liability insurance to the MRA within 60 days of their license being issued.
At Kapnick, we have programs in place to help ensure your cannabis risks are covered and compliant, even for new and emerging legislation. As your our clients’ advisors, we focus on the insurance, so you can focus on what you do best: growing your business.
To learn more, reach out to our cannabis risk expert, Rama Gupta by email or connect with him on LinkedIn.
