The last few years have seen a number of new industries emerge across various sectors. One of the largest and most anticipated has been the legalization of medical and recreational cannabis products. In states where the sale of these goods has been legalized, companies of all sizes are attempting to get in on the ground floor. Of course, there are plenty of considerations to take in advance. Appropriate insurance coverage is vital for any organization operating within this industry.
Common Industry Concerns
Major outlets have mentioned that businesses are expressing a number of valid cannabis insurance industry concerns. Due to how new this industry is, there are still some huge gaps in terms of sensible regulations and specifics of insurance coverage. Perhaps the biggest struggle is that cannabis is only legal in some states and not on a federal scale. This creates plenty of complex issues with insurance. Additional points of concern include:
- Supply chain coverage
- Theft and security
- Protection for manufacturers against federal action
Stay Secure and Take Action Now
While it might still be a new field, people around the country are working tirelessly to bring sense to the situation. In the meantime, it is essential for any business operating within this industry to take extra steps with insurance coverage. Protecting yourself to the fullest in advance is the easiest way to stay safe until more sensible regulations can be put into place.