Earlier this fall, ALM launched the insurance industry’s first designation for companies serving cannabis-touching businesses – the Cannabis Insurance Coverage Specialist. The certification comprises six courses: a general overview of the cannabis industry, as well as a more in-depth look at issues involving risk management, real estate, product liability and claims, medical and health concerns, including workers’ comp and employment law, and issues for business advisors such as financial services professionals and attorneys.
ALM’s next course, Managing the Risks of Cannabis-touching Entities, launches soon and the latest Insurance Speak podcast features a discussion with Jodi Green, an attorney in the insurance recovery and cannabis team of Miller Nash, to discuss some of the hazards for those operating in the cannabis space. She is also the subject matter expert and chief architect of ALM’s new course.
Risk management is an essential strategy for any type of business, but for those involved in enterprises involving cannabis, the risks may be a bit more unique because the industry is still evolving. “As it normalizes, you will see more common risk management issues emerge,” says Green.
Cultivators face a host of agriculture risks that may vary depending on where they are located and whether the grow operation is indoors or outdoors. Outdoor hazards include fire, rain, humidity and pests. Indoor operations can be plagued by plumbing, electrical, fire or water damage, mold and other contaminant issues.
When it comes to manufacturing, Green shares that anyone in the supply chain can be liable for problems that can occur such as contaminants within the product line. And product theft can affect cultivators, manufacturers and dispensaries.
“A product liability case can be a huge game-changer for a business,” explains Green. She says that product recalls can be due to mold or pesticides found in the products or because black-market products don’t comply with established guidelines and make their way into the mainstream product supply.
To hear the full discussion on this and other risk-related issues, listen via the link above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn. For more details on ALM’s Cannabis Insurance Coverage Specialist designation, visit www.nutraining.com.