It's happening more and more: insurance is responding to and looking for new ways to protect individuals and business owners in the medical marijuana industry.
The latest entry is Cannabis Insurance Advisors, a specialty insurance division of Paragon Underwriters, based in West Bloomfield, Mich. The new division services dispensaries, compassion clubs, collectives, cooperatives, growers, certification centers, bakeries and all other related medical marijuana businesses.
Cannabis Insurance President Kenneth Lipson is bullish on growing a pot specialty. Although most coverage is currently available solely in the E&S market and is likely to remain so for now, standard carriers will probably get into the act as medical marijuana legalization spreads to more states (it's currently legal in 15). Likening it to the alcohol business right before the end of Prohibition, Lipson says of the nascent marijuana market: “We see it as one of the fastest-growing industries in our lifetime.”
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