Insurance for your cannabis startup should be seen as more of an investment than another expense but given the hectic lives of many founders, it sometimes becomes another tick-the-box activity. But when used properly, cannabis businesses can obtain value from their policies well beyond that “set it and forget it” approach. Here are a few … Read More
Cannabis company insurance requirements for landlords, clients and investors
It’s a new world, where we see many different types of cannabis company insurance requirements (as well as coverage change requests) from our clients’ landlords, business partners and investors. These processed requests create an endorsement on the policy that puts the change into effect. Whether it’s a change of location or the addition of new coverage to … Read More
The top reasons your company needs cannabis product liability insurance
Cannabis product liability insurance is a crucial aspect to the overall risk mitigation picture, especially for cannabis startups that sell an actual product. Usually included in a general liability policy (though sometimes offered by itself), cannabis product liability insurance protects your cannabis startup from lawsuits related to property damage or bodily damage caused by product defects. … Read More
The do’s and don’ts of buying insurance for cannabis startups
Rest easy There’s no doubt about it: buying insurance for a cannabis startup company can be overwhelming. The insurance market is vast and there are a ton of products out there. It doesn’t help that the insurance industry can often seem a little, shall we say, behind the times. (Many brokers still use fax machine, … Read More
Understanding insurance costs as your cannabis company grows
How much is this going to cost me? Over the years, we’ve encountered our fair share of companies grow beyond their “friends and family” round of financing to Series A, B, C and D rounds. As time goes by and a cannabis startup continues to expand, more employees and investors are brought on board, revenues explode and … Read More
Your cannabis business insurance start date & when coverage kicks in
Q: When is my cannabis startup officially covered by our new insurance policies? Ready for the short answer? It depends on the policy. There are different types of insurance policies available: occurrence policies and claims made policies. Depending on whether the policy is on occurrence basis or claims made determines when you can (or … Read More
Why cannabis startups need insurance
Let’s talk a little bit about why cannabis startups need insurance, shall we? Here are just a few of the main reasons you should seriously consider getting insurance, wherever you are in the life cycle of your company. 1. To provide stability The last thing you’d ever call a startup? Risk aversive. By their very … Read More
Legal 101: Cannabis Business Licensing & Multiple Condition Contracts
Guest post contributed by Abe Cohn to THC Legal Group and can be read in full HERE Our cannabis attorneys are often asked to provide guidance in balancing and prioritizing cannabis agreements that are mutually dependent – if the execution of one contract is contingent on the execution of a contract with a third party, which to enter into first? For example, a … Read More
How to buy insurance for cannabis companies (the right way)
Getting quoted As the cannabis industry grows, more insurance carriers are considering underwriting coverage for these new, emerging businesses. The struggle that many cannabis businesses face is their insurability based on the controls in place (or lack thereof) listed on their insurance applications. Another insurance issue is the cost of some policies relative to … Read More
Essential insurance policies for cannabis dispensaries and crop growers
The future is finally here and the cannabis industry is booming! On the retail scene we have cannabis dispensaries, vape companies, e-commerce companies, ancillary technology. And then there’s the whole crop grower side: traditional farming, hydroponics, aeroponics, vertical farming, and more. In this post we’ll focus on the cannabis dispensaries and crop growers and talk … Read More