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Cannabis-related businesses (CRBs) face many risks and obstacles. CRBs share the same general liability and other risks agricultural and manufacturing businesses face. This includes workplace accidents, damage to property and crop failure. CRBs are especially prone to fires from both wild and internal sources. Some of the biggest risks involve theft, general liability and product liability. Companies functioning within state legality face severe banking restrictions due to federal regulations. It is estimated that approximately 70% of CRBs operate solely as a cash-only business and have no formal relationship with a bank. As a result, CRBs may be forced to handle large sums of cash, subjecting them to a higher risk of theft and increased liability.
More than half of U.S. states have legalized some form of medical or recreational marijuana and the demand for cannabis is increasing dramatically. The division between state and federal status makes it difficult for businesses to receive inclusive, affordable coverage and often leaves policyholders with restrictive plans. The unique risks associated with operating a regulated dispensary or nursery require knowledgeable handling whether you are a building owner or leasing your facilities. At Atlas One, we have proven experience in the cannabis industry providing businesses a "one stop shop" for all policies and plans necessary to conduct business responsibly and safely.
Coverages associated with the Cannabis industry include:
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If your business falls into any of the following categories (or any combination therein), you need coverage in order to indemnify yourself in the event of a loss:
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Coverage and availability varies by risk type, state and insurance carrier. Not all coverages are available as specified and there are many variances among carriers.
