Instant Insights / Marijuana and the Insurance Industry

Cannabis businesses face unique risks and challenges, and insurance slowly gaining its footing on how to properly insure this budding industry.


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The program will be rolled out to over 1,700 Atlas appointed agents in California and another 4,000 agents in the other states with legal cannabis operations. (Photo: Shutterstock)

Cannabis’ place in U.S. society — and the question of its legality — has been debated since the beginning of the 20th century.  The movement to prohibit cannabis hit its high watermark in 1970 when President Richard Nixon signed the Controlled Substances Act into federal law, which designated cannabis as a Schedule I drug and made its possession, distribution and sale a punishable offense. Since that time, however, the pendulum has swung aggressively in the other direction.

With the successful passage of ballot initiatives in Michigan, Missouri, and Utah in November’s midterm elections, cannabis is now legal for medical use in 32 states and Washington, D.C., and available for recreational use in 10 states and Washington, D.C.

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