As a cannabis business owner you have to be aware of every risk for each aspect of your business. While some business owners may be multi-million dollar corporations, others are much smaller with fewer resources to devote and even fewer resources they can afford to throw away. For those in the cannabis industry that have taken on the task of growing cannabis for mass production, many fall outside of the category of multi-millionaire. Cannabis crop growers have a number of balls to juggle when it comes to compliance such as weather, soil, and transportation to name a few. An area that can not be ignored is cannabis crop insurance.
Cannabis agriculture is no different than any other aspect of the cannabis industry as it relates to insurance. Farm owners put in a great deal of time and money to grow cannabis crops and there are multiple risks that could derail their ability to produce a yield. With the threat of extreme temperatures, extreme wind, lack of rain, too much rain, wild fires, and other natural disasters, cannabis growers must have a line of defense in the form of cannabis insurance. Cannabis growers insurance is specifically designed to cover your needs as a legal marijuana supplier. Crop insurance does exist for typical crops, but the unique nature of cannabis and the it’s Schedule 1 status as an illegal drug, requires a specific policy to ensure coverage when you need it most.
COLUMBUS, Ohio – The plants are still small — about two or three inches tall — but a state-approved medical marijuana cultivation company announced it is on its way to providing one of the first crops of legal cannabis in Ohio.
The Ohio Department of Commerce awarded a certificate of operation to Grow Ohio Pharmaceuticals, in Muskingum County’s Newton Township, on Sept. 10. The company said it has plants in 20 small flowering rooms.
Since Ohio weather isn’t as mild as places such as California or Mexico, the farm is all indoors. It is not using greenhouses, either, and must rely on lights to initiate photosynthesis. It uses a unique form of energy – generated from food, oils and even sewer sludge – from a nearby Quasar Energy biogas plant.
Once the company gets the final OK from the state to begin processing – it has a provisional processing license in addition to its provisional a large-scale cultivation license – it can make oils, edibles and other products with the THC, the psychoactive ingredient in marijuana.
S2S Insurance is able to provide cannabis crop insurance to marijuana growers with coverage options designed to fit what you need as a cannabis business owner. Some things that can be covered include, living plant material, harvested plant material, and finished stock (processed plant ready for sale). Cannabis crop insurance not only protects you against natural disasters, but also theft, explosions, vandalism, water damage, smoke and more. Also, it is important to work with an experienced professional like Eric Rahn of S2S Insurance who can tailor a specific policy to your needs instead of a cookie cutter policy that may not fit everything you need or want. With the time and money you have invested in your business, take the additional step to work with a professional to protect you if and when disaster strikes.