The insurance marketplace is already a confusing place, and when you introduce a product that the Federal Government and State Government can’t agree on, it only gets worse.
The Good News: There are great insurance companies that provide great coverage for the cannabis industry. These plans can be a bit pricey, depending on your specific business operations, but there are solutions for any size company in any part of the industry.
The Bad News: Not everyone likes the price for proper coverage, leading to an acceptance of subpar coverage.
When insurance carriers know that a cannabis operator cannot afford the proper coverage, they are still going to provide a CHEAP coverage option to satisfy contractual needs………. with hidden exclusions essentially barring the client from receiving any actual coverage at the time of loss.
This isn’t necessarily a bad thing if it is well documented to the client and the client is fully aware that they are essentially paying for only their certification to complete certain contracts or be able to operate in a certain space or store and not actual coverage.
The problem I have with this is that not all brokers provide full disclosure. Often, they are just trying to make a sale and they take advantage of the client through the complicated nature of insurance policies. Most policies I have reviewed have had a Products Exclusion that makes the coverage inapplicable if a loss were to happen. Despite this, the client is under the impression that they have insurance and are fully covered.
The main point to take away from this article is be careful during broker selection. You want to partner with someone who you are confident has your best interests at heart and who understands you built your business with your blood, sweat, and tears. Don’t be fooled by “too good to be true” prices and, when purchasing insurance, remember how much you spent to build your business. Don’t skimp on the protection needed to keep your business going.
Author Bio: John Burkhalter, AINS, AU, CRIS, RCIP, is the Vice President of the Cannabis Division at Assured Partners Insurance in Colorado. John has over 4 years of experience in assisting cannabis clients with their risk management, compliance, and insurance programs. You can find out more about him and Assured Partners here.
Here’s what you need to know before seeing your local medical dispensary:You will require a physician’s recommendation, medical cannabis certificate, and/or whatever appropriate documentation is needed by your condition. Typically, you must be 18 or older to be eligible for a medical consent, but exceptions could be made in some conditions for minors with especially debilitating problems. You will usually register with a medicinal dispensary. This is to maintain your medical cannabis recommendation or certification on file for legal and regulatory purposes. There will be a waiting room. This will be to control the flow of patients and product, but a simple dividing wall gives patients solitude and direct one-on-one contact with a budtender to candidly discuss medical issues. This process can assist budtenders and patients track effective medication as well as possess a living listing of manufacturers and goods for future reference and follow-up. Medicinal dispensaries usually permit you to smell and analyze the buds before purchase. This may differ from state-to-state.
DOES AN APPLICANT NEED MUNICIPAL APPROVAL BEFORE RECEIVING A RETAIL CANNABIS LICENSE? Yes, municipal approval is necessary prior to the AGLC will issue a retail cannabis license. Applicants should get in touch with their planned municipality to learn requirements concerning municipal retail cannabis laws, zoning requirements, land-use restrictions, and place requirements regarding how close a retail store is into a provincial health care centre, school, or parcel of land designated as a school reserve.
Keep non-medical cannabis legal Adults who are 19 decades or older are in a position to:Possess up to 30 g of legal dried cannabis or the equivalent in their person. Share up to 30 gram of legal cannabis with other adults in Canada. Purchase cannabis goods from a Yukon Liquor Corporation licensed retailer. Grow up to four crops per family. It’s illegal to present non-medical cannabis to anyone under the age of 19 and for anyone below the age of 19 to possess any amount of non-medical cannabis in Yukon.It is dangerous and illegal to drive while under the influence of cannabis or other intoxicants.