More than half of U.S. states have now legalized medical or recreational marijuana, and the number of cannabis-related businesses is increasing rapidly. But due to uncertainty related to the division between state and federal legal status, insurance companies have historically been cautious in entering the cannabis market. There has been a recent increase in the availability of certain insurance products as a result of reports stating that the Trump Administration would refrain from using federal law enforcement against cannabis businesses that comply with state law, but cannabis businesses still struggle to find affordable coverage sufficient to safeguard against the numerous risks facing the nascent industry. And even when businesses are able to find coverage, the current legal landscape provides avenues for insurers to evade their responsibilities to their insureds and deny legitimate claims.
This alert provides a brief overview of cannabis business risks and the types of insurance products currently available to manage those risks. We also address the state of the law today when it comes to collecting on a policy.
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