Insurance

Having access to legal medical cannabis in all 50 U.S. states could save Americans up to $29 billion per year in reduced healthcare expenditures, according to a recent study.

A Utah-based start-up recently applied to sell insurance in Oregon that would cover the cost of defending a DUI for driving under the influence of cannabis.

Whether cultivating, distributing, manufacturing, and/or retailing cannabis products, it’s crucial for cannabis operators to prepare for a diverse array of challenges — and specialized insurance solutions are one of the first, and best, lines of defense.

A Pennsylvania appeals court ruled last week that the state’s medical cannabis law does not prohibit health insurance providers from reimbursing workers’ medical cannabis treatment costs for work-related injuries.

A New York proposal would require some health insurers to cover medication costs for state-registered medical cannabis patients.

According to statistics from car insurance companies, cannabis law reforms have made no statistically significant impact on the rate of vehicular accidents in Canada and the U.S.

The Canadian government spent $153 million in fiscal year 2021-2022 to reimburse medical cannabis purchases by more than 18,000 veterans.

The class action lawsuit in New Mexico seeking to make health insurance companies cover medical cannabis costs has been moved to federal court.

The health insurance providers in New Mexico who are being sued for not covering the costs of medical cannabis have filed a motion to move the case to federal court.

Pennsylvania Gov. Tom Wolf (D) signed a bill to protect banks and insurers who work with medical cannabis companies from state interference.

USDA Emergency Relief Program funds are not available for cannabis cultivators due to the plant’s federal status as a Schedule I Controlled Substance. Hemp farmers are not subject to the same provisions.

Ultra Health, New Mexico’s largest medical cannabis producer, filed a lawsuit with the state to force insurers to pay mental and behavioral health patients’ costs for cannabis medication.

Jesse Parenti is the Program Director and Kirk Miller is the Executive Producer for Nine Point Strategies, an insurance and human resources consulting firm dedicated to the cannabis space.

A new survey found that 56% of respondents would obscure their cannabis consumption in order to lower their life insurance rates.

BRP Group, Inc. launched a management liability insurance program named Alpharoot, which will cover cannabis, hemp, and CBD companies, directors, and officers.

The National Underwriter Company is launching the Cannabis Insurance Coverage Specialist program, one of the first certifications for insurance agents, risk managers, and other professionals who advise cannabis-related businesses.

The National Cannabis Risk Management Association is offering cannabis industry packages through its new Trichome insurance brand.

Bipartisan legislation in the U.S. House and Senate seeks to guarantee insurance services for all businesses working in or adjacent to the cannabis industry.

The USDA has expanded its pilot hemp crop insurance offerings into new states and announced improvements to the insurance program.

Lawmakers in the New Jersey Assembly Appropriations Committee have advanced a bill requiring workers’ comp and personal injury protection auto insurance to cover medical cannabis under certain circumstances.

Chris Van Leeuwen is the Vice President of Agency Development for Insurance Canopy, an online insurance marketplace helping businesses and entrepreneurs access top-rated and low-cost professional, product, and general liability insurance.

Cannabis companies are paying insurance rates that are up to seven times higher than other industries with many citing a rise in U.S. lawsuits against publicly traded cannabis firms.

John Salley, former NBA player turned entrepreneur, has teamed up with insurance industry veteran Daron Philips to launch The Cannabis Plan with National Insurance Partners.