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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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Cannabis laws. Rapidly changing legislation is creating challenges for insurers when determining underwriting and coverage risks around the globe. (Photo: Shutterstock)

Cannabis. Marijuana. Pot. Not only is it known by a wide variety of names, but it’s also subject to an equally wide variety of regulations, which vary significantly from one region to another. With legislation surrounding its production, distribution, sale and possession changing rapidly, insurers have the difficult task of assessing not only the physical and business-related risks of cannabis-associated underwriting but also the legal implications. Following, we examine the current legal environment — and associated insurance implications — in Canada, the U.S. and U.K., to see what the laws currently state, and how the insurance industry is responding accordingly.

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