In late May 2015, a memo went out from the head of Lloyd's of London to its syndicates advising all underwriters that, effective immediately, no new marijuana-related business was to be written and none was to be renewed.
The reason? Lloyd's no longer wants to write this business until cannabis has been legalized at the federal level.
The decision sent shockwaves through the insurance industry, as well as the ever-growing cannabis industry across the country. With a majority of the industry insured by Lloyd's, there are sure to be long-term effects on not just the marijuana insurance industry, but the marijuana trade itself.
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