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“A lot of clients tell me that adding D&O to their portfolio allowed them to attract board member X or investor Y,” says Charles Pyfrom, CMO of CannGen Insurance Services, LLC. “Absent that coverage, they couldn’t have accessed that growth.” “A lot of clients tell me that adding D&O to their portfolio allowed them to attract board member X or investor Y,” says Charles Pyfrom, CMO of CannGen Insurance Services, LLC. “Absent that coverage, they couldn’t have accessed that growth.” (Image: NU Property & Casualty, March 2022/Adobe Stock)

With a record $21 billion in sales during 2021 and annual sales projections of $70 billion by 2028, the U.S. cannabis market continues to show explosive year-over-year growth. The industry’s insurance needs, however, have begun to outstrip coverage availability.

In addition to the myriad of challenges now facing any enterprise — including labor shortages, severe weather and mounting cyber perils — the cannabis industry also contends with a patchwork of state regulations as federal legalization continues to be the proverbial can that’s constantly kicked down the road.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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