Cannabis Insurance is a requirement for any business operating in the marijuana industry, hemp industry or any cannabis ancillary business to mitigate risk and as an investment. S2S Insurance Specialists LLC is an international insurance intermediary and brokerage firm, specializing in the placement of insurance and other risk insurance services to businesses operating in the Medical And Recreational Marijuana Industry.

New Opportunities In The World of Cannabis Require Cannabis Insurance

The cannabis industry is growing, and it is no secret. 30 states across the country have legalized cannabis for medicinal use and 9 different states have both medicinal and recreational marijuana. As the states legalize the drug, the cannabis market in these states has created opportunities for multiple business types and business owners. If you are opening a cannabis business you undoubtedly have a great deal of responsibility and are constantly reviewing what your company needs and what expenses you can save. One of those expenses you must account for is cannabis insurance.

Every small business should protect their assets with insurance, and for marijuana companies, they need cannabis insurance. Defending against claims and lawsuits can be a costly and a time-consuming process. Yet many cannabis business owners risk everything they’ve worked for by not having a risk management strategy. There are multiple types of essential cannabis specific insurance coverage options for cannabis business owners, both large and small. S2S Insurance provides multiple types of insurance: D&O – Directors and Officers liability, EPLI-Employer’s Protection liability, Product liability, Cargo/Transportation/Warehouse, Professional liability, Worker’s Compensation, Property and Casualty, and Cyber Defense.

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Donnegan Systems Cannabis Storage

Since the 1970s, law enforcement officers across New England have stored marijuana they seized in secure evidence lockers purchased from Donnegan Systems in Northborough.

Today, the storage solutions company says a full 10 percent of its revenue comes from licensed marijuana cultivators, which are snapping up its sliding “ActivRAC” shelves to maximize the amount of cannabis they can grow in a warehouse. And with recreational marijuana sales about to start in Massachusetts and other states contemplating their own commercial cannabis markets, Donnegan Systems chief executive Jeffrey Loreaux expects that figure will soon pass 20 percent.

“We’re already reinvesting the money we’ve made in cannabis,” Loreaux said in an interview. “We’ve hired more service technicians, more salespeople, more installation crews — it’s provided a lot of growth and it will continue to. We definitely see a huge opportunity here.”

cannabis insurance, Eric Rahn, S2S insurance, dispensary insurance, lab testing insurance, marijuana business risk, marijuana insuranceIt is important for cannabis businesses to partner with an insurance carrier that understands the cannabis business so that the policy can be tailored to fit its specific needs. For instance, if your business subcontracts some work to others, it is important for the policy to cover the work of those subcontractors. It is also important to remember that a standard insurance policy may exclude certain contraband such as marijuana. Cannabis is still considered a Schedule 1 drug by the DEA and is therefore illegal federally. The federal illegal status of the drug has not stopped legalization in individual states, but it does preclude some standard insurance policies from paying out should an incident occur. Working with an experienced cannabis insurance professional like Eric Rahn of S2S Insurance will allow you as a businesses owner to develop a risk management strategy specifically crafted for your cannabis business. As with any insurance policy, coverage limits do apply and therefore you should always review your policy with an experienced insurance agent along with your attorney. Contact S2S Insurance Specialists today to develop a risk management strategy for your cannabis business.

read more at bostonglobe.com

Opioid Epidemic Presents Lessons For Cannabis Businesses

The opioid epidemic has impacted nearly every state in the union. People are overdosing and in many cases dying by the thousands every day because of opioid abuse. Statistics in many recreational marijuana states show that the rate of opioid overdose deaths, along with the amount of marijuana prescriptions being filled, have lessened as of late. Many cannabis legalization advocates use these statistics to leverage their argument for legalization which would benefit the cannabis industry. While there is some positive for the cannabis industry there are lessons to be learned by the cannabis industry from the manufacturers of these opioid drugs. Opioid manufacturers are being sued by states, municipalities, and various advocacy groups across the country in class action law suits. The drug manufacturers are being sued for contributing to the growing opioid crisis and misleading the public on the addictive nature of the drugs and pushing them as an effective way to treat chronic pain, contrary to overwhelming evidence.

s2s insurance, eric rahn, medical marijuana insurance, opioid epidemic, cannabis insurance, marijuana patient dataYou may be asking what is the connection to cannabis businesses and how does it tie to cannabis insurance? While cannabis does not seem to create the same issues as opioids, there is no guarantee or sure way to know how people will respond when they take any substance. If consumers and or the public feel that they have been harmed in any way due to consuming cannabis manufactured and sold legally, there is potential for a claim against the dispensary, the cannabis lab testing facility or the manufacturer. Professional liability insurance, also known as errors and omissions (E&O insurance), is a special type of coverage that protects cannabis companies against claims that a service your company provided caused your customer or client to suffer financial harm due to mistakes on your part, or because you failed to perform some service. If one of your employees gives a customer the wrong information about a product, or a product is mislabeled, or if any number of things occur that could lead to perceived harm, your business could be held liable for those damages.

A coalition of 41 states’ attorneys general have served five major opioid manufacturers with subpoenas seeking information about how these companies marketed and sold prescription opioids. The coalition is also demanding documents and information related to distribution practices from three drug distributors.

The investigative subpoenas and document requests were sent to pharmaceutical manufacturers Endo International, Janssen Pharmaceuticals, Teva Pharmaceutical Industries Ltd./Cephalon Inc. and Allergan. The group also served a supplemental investigative subpoena to Purdue Pharma. Documents were also requested of three major pharmaceutical distributors: AmerisourceBergen, Cardinal Health and McKesson.

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The fight against opioid manufacturers is also extending to local municipalities, who are waging their own wars against the deadly epidemic. Bensalem Township is bringing claims against several drug companies and their subsidiaries, including Purdue Pharma, Teva Pharmaceuticals, Cephalon, Johnson & Johnson and Endo Pharmaceuticals. Similar litigation is already underway in Oklahoma, Ohio and Mississippi. However, in Philadelphia, construction workers are especially susceptible to injury and, as a result, often turn to opioids for rehabilitation, Dougherty said. But addiction is never far behind.

S2S Insurance Specialists are aware of the risks that may be out of your control as a cannabis business owner. It is important the business owners work with cannabis insurance specialists who understand the landscape. Eric Rahn of S2S Insurance asks, “if the crap hits the fan, are you prepared or will you be left holding a crap covered fan?” Contact Eric or any of the specialists at S2S Insurance today.

read more at policymed.com

Data Breach Increase Directly Impacts Cannabis Businesses

Legalization of cannabis has grown in popularity due to the recreational potential for some. People like the idea of being able to partake in cannabis freely after a long day, or before a night out, similar to the way we freely consume alcohol. For others, cannabis has the potential to help with all sorts of medical conditions from arthritis to cancer. Many states have legalized cannabis through the mechanism of medicinal use. The medical use requirement means that those facilities providing cannabis fall under the umbrella of medical facilities. These medical facilities are required to keep patient records, patient data, possibly insurance information, payment information and more. These facilities are the prime targets for cyber criminals who can exploit network weaknesses and expose cannabis businesses to a data breach.

s2s insurance, eric rahn, cannabis data breach, marijuana, who insures the cannabis industryA data breach is an incident in which sensitive, confidential, or other private date is accessed and/or disclosed in an unauthorized fashion. Data breaches may involve personal health information, personally identifiable information, trade secrets or intellectual property. A company that stores this information such as a medical cannabis provider is legally liable for the protection of this personal information. It is important to have proper security measures to protect the data, but cyber criminals are persistent therefore you’ll need additional protection. Data breach insurance is that additional protection. Marijuana data breach insurance protects business owners from legal liability resulting from this type of breach, whether the information is leaked electronically or by some other means such as a paper file.

Over an eight-year span, healthcare organizations reported 2,149 data breaches affecting 176.4 million records to the federal government, with almost every year bringing an increase in privacy incidents, according to new research.

To conduct their research, they examined all data breaches compiled by the U.S. Department of Health and Human Services Office for Civil Rights from 2010 through 2017. They found that, aside from 2015, the annual data breach tally increased each year, rising from 199 in 2010 to 344 in 2017.

Under the law, healthcare organizations that handle protected health information must report breaches of a certain size to the federal government. But that does not mean that every data breach gets reported or included in the count.

The size of each breach ran from 500 to 78.8 million patient records, with a median of 2,300 records and a mean of 84,456, according to the findings.

Healthcare providers were hit the hardest, reporting 1,503 data breaches that compromised 37.1 million records during the period in question. The number of incidents made up 70 percent of all data breaches included in the tally.
But health plans, which reported 278 data breaches, reported 110.4 million exposed records, or 63 percent of the pie, according to the findings.

Although most healthcare data breaches focused on paper or film, the 410 breaches that emanated from network servers bared 139.9 million records, nearly 80 percent of the total.

s2s insurance, eric rahn, cannabis data breach, marijuana cyber security, lab testing insurance, cannabis insuranceEven the best network security systems can be hacked or compromised in some way shape or form. Often the compromise is due to human error such as opening and clicking on links in a phishing email or inadvertently providing access to an outside threat. There are a number of variables that a business owner or cannabis medical provider can’t anticipate, which is where cannabis data breach insurance becomes necessary. Business owners should work with an experienced cannabis insurance specialist like Eric Rahn of S2S Insurance. As always all polices are subject to policy limits and should be reviewed with a cannabis insurance specialist and your attorney.

read more at hcanews.com

Need For Cannabis Crop Insurance On the Rise

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.

marijuana crop insurance, s2s insurance, eric rahn, cannabis insurance specialists, cannabis crop insurance, who insures the cannabis industryCannabis 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, eric rahn, cannabis crop insurance, marijuana insurance specialists, cannabis insuranceS2S 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.

read more at cleveland.com

Cannabis Cash Creates Threat For Cannabis Business Owners

The cannabis industry is growing year-over-year as individual states legalize the plant. The industry is growing because of legalization, but also because of market demand. People are spending their hard earned cash on cannabis every day, which therein lies the problem. Cannabis cash is not accepted by most financial institutions and leaves cannabis business owners with few options on how to deal with the surplus of cash. When we reference cannabis cash, we are speaking directly to the actual printed currency used in transactions. Because financial institutions are beholden to federal law, most financial institutions frown upon participating in any transaction that involves the exchange or use of cannabis cash.

s2s insurance, eric rahn, marijuana insurance, dispensary insurance, lab testing insurance, cannabis cashAs long as the federal government views cannabis as a Schedule I drug along the lines of heroin and cocaine, financial institutions are at risk of being audited, fined, and possibly shut down for violating federal law if they partake in any transactions using cannabis cash. At S2S Insurance we see the accumulation of large amounts of cash problematic for a number of different reasons. “Cash Only” businesses invite criminal activity because criminals have an opportunity to obtain a large amount of cash that cannot be traced and can be used quickly to avoid capture. Cannabis business owners become targets for breaking and entering, robbery, and vandalism. An attempted robbery whether successful or not can leave a great deal of property damage, from broken windows or doors, to broken equipment, display cases, vaults or point of sale devises. That type of damage is costly to any business owner, not just those in the cannabis industry.

The marijuana business is booming in the US. According to a report from the investment bank Cowen, legal marijuana is set to hit $75 billion in sales by 2030, putting it on par with soda consumption. Marijuana cultivators are now listed on the NASDAQ, have former politicians on their board, and are backed by heavyweight investors like Leon Cooperman.

But for many big institutions, the risks of banking and lending to the cannabis industry under the current federal mandate just aren’t worth it, especially with all the extra paperwork and scrutiny it can generate.

“For cannabis businesses, this means that access to the basic financial products like checking and savings accounts can be elusive,” John Hudak, a senior fellow at the Brookings Institution who studies issues pertaining to marijuana legalization, told Business Insider.

s2s insurance, eric rahn, marijuana insurance specialists, liability insurance for marijuana, dispensary insurance, cannabis cashTyler Beuerlein, a VP at Hypur, an Arizona-based fintech startup that acts as a middleman between banks and cannabis companies, told Business Insider that he believes there are “less than 30” banks willing to do business with the booming cannabis industry in the US.

That means the costs of doing business and remaining compliant with the byzantine patchwork of state and federal laws guiding the cannabis sector are much higher than in any other industry.

Every cannabis business owner that has the “cannabis cash” problem, should take the first step in protecting their business by getting cannabis insurance. Standard insurance polices will not be enough because of the uniqueness of the cannabis industry. Cannabis business owners should be working with experienced cannabis insurance specialists like Eric Rahn of S2S Insurance, to help determine the right risk management strategies for their business.

read more at businessinsider.com

D&O Insurance For A Canadian Reverse Merger

The amount of new headlines popping up regularly about United States based marijuana companies going public on a Canadian exchange through reverse mergers is pretty common these days. More and more US based marijuana companies are entering the Canadian public markets to gain access to private equity and public capital markets. This year we have seen MedMen Enterprises, a very popular and quickly growing marijuana dispensary company primarily located in California and Las Vegas, go public through a reverse merger on the Canadian Securities Exchange or CSE. MJardin, a Colorado based marijuana company also went public through a Canadian reverse merger on the CSE and everyone is anticipating both Acreage Holdings and LivWell to do the same in the near future.

 

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As often as you hear about reverse mergers they are not as simple as they may first seem and they are certainly not risk free. The appeal to entering an exchange traded equity market through a reverse merger is that it can be a quicker and less expensive way of going public than a traditional initial public offering or IPO. These US based cannabis companies find businesses trading on a Canadian exchange like the CSE, TSX or CNSX that are struggling financially for some reason, buy the majority of the shares of what would now be referred to as a shell company, and exchange the shares of the private company with shares of the shell company. While a reverse merger into a Canadian public company may be quicker and cost less than an IPO, it also comes with some additional risks that certain marijuana insurance policies can help define.

CBP, canadian reverse merger, marijuana insurance, directors and officers liability insurance, who insures the cannabis industry, s2s insuranceCanada’s marijuana industry is booming and expected to add another $5 billion in marijuana sales now that the Cannabis Act has been passed legalizing adult-use marijuana in Canada nationally. In fact, the commercial sale of adult-use cannabis is set to start on October 17th, 2018. Some other countries like Russia have condemned the legalization of cannabis in Canada saying that it violates international trade treaties. Recently the United States Customs and Border Protection Agency threatened to issue lifetime travel bans to the US for Canadian marijuana employees and investors. Here in the United States, marijuana is a Schedule 1 drug and authorities are suggesting that Canadians involved in the cannabis trade that are looking to enter into the US could proliferate the state legal marijuana industry here. Whether you agree with this stance or not, the financial risks to a marijuana business are still very real. How these cross border threats play out financially are still an unknown which is the very nature of risk and what marijuana insurance policies are for.

Cross border threats aside, there are inherent financial risks associated with reverse mergers no matter where they take place. Again, a shell company typically has financial troubles which is why they are targeted for the acquisition. What are those financial liabilities? Some companies that have moved forward with reverse mergers have missed certain debts and liabilities of the shell company, in particular in cases where the shell company was in the process of being sued.  Perhaps an acquisition is exactly what the shell company needed to get out from under certain debts. Another risk could be that without holding periods, the investors in the shell company could dump their shares right after the acquisition causing the price of the company to fall rapidly.

Toronto stock exchange, marijuana insurance specialists, Eric Rahn, S2S insurance, Canadian reverse merger, cannabis insuranceThese are only a few of the potential challenges that US based marijuana companies face by establishing themselves as a Canadian exchange traded company. Finding out how marijuana Directors and Officers Liability Insurance could help to financially protect you from the unforeseen only makes sense for a US based cannabis company that is considering going public in Canada. As a Canadian public company you must now comply with Canadian securities laws which adds an entirely new layer of compliance and liability to consider. Insurance for marijuana companies, such as Directors and Officers Insurance, is always a good idea and would certainly be good to have when going public in Canada through a reverse merger.

The elements of the unknown are heightened through reverse mergers, especially those that happen on an international exchange that will have rules that differ from US exchanges. That is why reaching out to S2S Insurance Specialists for hard to place marijuana insurance policies can be the solution you need. S2S Insurance Specialists focus on providing clients with this critical early stage insurance for complex cross border deals. Let us assist in guiding you through the minefield of issues required to obtain proper coverage. Here are some of the policies that your cannabis business can specifically benefit from before executing a reverse merger in Canada.

  • Directors and Officers Insurance (D&O Insurance for marijuana)

A D&O Insurance policy protects you as a director or officer of marijuana company of  wrongful acts that negatively affect the company’s profitability. It will also protect you if the company is sued as a result of these wrongful acts. The policy also covers legal damages and fees. Excess Limit Coverage Policies are available as well. Company executives, newly appointed officers and a board of directors should want adequate D&O insurance in place prior to moving forward with a reverse merger. Investors should require that any company they are investing in must have D&O Insurance to protect their investments from wrongful acts by the directors and officers. Again, when it comes to reverse mergers, it takes a lot of due diligence to ensure that the shell company does not have some hidden liabilities. Regardless of whether a wrongful act was truly intended, the liability still falls to directors and officers.

  • Professional Liability Insurance for cannabis companies (PLI)

Who would be held accountable during a reverse merger if errors and omissions were discovered? As a cannabis accountant or attorney, those blames could be turned upon you. A PLI policy can cover traditional business professionals such as marijuana growers, trimmers but also marijuana accountants and lawyer.

  • Employers Practice Liability for a marijuana business

If any of your employees file a claim against you for discrimination including age, race, disability, sexual discrimination, wrongful termination or some other type of discrimination; Employers Practice Liability coverage protects you from these types of employee-related claims. When a reverse merger occurs with a Canadian shell company, it is likely that your marijuana business may retain some of the shell company’s employees familiar with Canadian security laws. It may be challenging to judge their particular state of mind after their company has been acquired and the threat of discrimination claims cannot be ignored.

S2S Insurance Specialists is an international insurance broker for the cannabis industry. We will help you find the hard to place cannabis insurance policies that will protect you when taking such a big step by going public. Find the D&O policies, PLI and Employers Practice Liability policies by contacting Eric Rahn of David Rahn, the marijuana insurance specialists.

Why Cannabis Lab Testing Insurance Matters | S2S Insurance

As cannabis and CBD oil become more mainstream due to legalization in states across the country, it is important that consumers know what they are consuming. Cannabis lab testing allows for wholesalers, retailers, and the end consumer to trust that what they are selling/buying is what they believe it to be. The cannabis and CBD market is new and growing with increased competition everyday, so it is important that the consumer knows how to distinguish the good from the bad. If you are a person looking for just CBD oil, which lacks the THC or the psycho-active component of cannabis, you do not want to end up with something that has more THC than anticipated. Same goes for someone looking for a product containing THC, you do not want something missing the main ingredient. Cannabis lab testing helps to prevent those types of mistakes from happening, among others.

S2S insurance, cannabis lab testing, marijuana testing, Eric Rahn, who insures marijuanaWhen searching for a CBD or cannabis product, consumers should look for products that have been tested by a third party and not just the company selling it to the consumer. Independent testing companies stake their reputations on each test they produce, so they have no reason to be biased toward manufactures. The job of the third party cannabis lab testing facility is to identify the purity, potency, and other data points to ensure the product is safe for consumption. Most states have requirements for lab testing of all cannabis and CBD products, but these regulations and requirements vary state to state.

Cannabinoid potency data quantifies levels of plant cannabinoids present in cannabis products. Producers are required to obtain potency data for THC and CBD, the two most common cannabinoids. It’s important for consumers to know THC and CBD levels because these will have a strong influence on the effects of the product. For example, some medical patients may want a strain with a high CBD: THC ratio, while adult-use consumers may request the opposite.

According to Confidence Analytics, a state-certified laboratory in Washington, “there are no strong regulations in place about how cannabis chemicals are measured. However, HPLC has emerged as the dominant technique for measuring cannabinoids.” In other industries, there are specific guidelines on testing methods and settings for laboratory equipment.

S2S Insurance can help insure your cannabis testing lab, contact us today!This lack of regulation can lead to discrepancies in potency data and inaccurate cannabinoid data. States are pushing to standardize cannabis testing and ensure that potency values are consistent across laboratories. In Washington state, a group of I-502 accredited laboratories are undergoing a “round robin,” measuring the potency of an unknown cannabis sample and comparing the results between laboratories. If proper testing practices are in place at each laboratory, reported potency data should be similar across the board.

If you are the owner or manager of a cannabis testing lab, you are aware of the importance of what happens in your lab. The flip side of this from cannabis insurance specialist Eric Rahn is “are you prepared to deal with the cost of a mistake”? He follows that statement with “Cannabis is an industry that requires accurate compliance and financial records, cannabis insurance can safeguard you from faulty errors and omissions.” Cannabis labs are no different than any other branch of the cannabis business and need specialized insurance that covers the lab in spite of it’s dealing with cannabis. Cannabis is a Schedule I drug in the US and often can prevent insured business owners from collecting if they don’t have the right policy. Contact an insurance professional at S2S Insurance today.

read more at leafly.com

Hurricanes Potential Risk to Cannabis Businesses

Every year towards the end of summer and early fall, home and business owners across the country pay close attention to the weather. While some may be checking to see when they can bust out the scarves and pumpkin spice lattes, others are concerned about hurricanes. Each year hurricanes do millions and in some cases billions of dollars in damage. These storms impact home owners, renters, traditional business owners and cannabis related business owners as well. As states legalize marijuana along the eastern seaboard, cannabis business owners will need to know what to do to protect their marijuana businesses when a hurricane is approaching.

insurance for marijuana, dispensary insurance, s2s insurance, eric rahn, cannabis insuranceHurricanes can develop quickly and bring significant flooding and strong winds especially to communities along the coast. Very similar to the wild fires of the west coast, insurers have catastrophe teams ready to respond if and when the storms produce significant property damage. “If a storm does cause property damage, it’s important to contact your insurer or agent as soon as possible so they can help you begin the process of restoring your business,” says Eric Rahn of S2S Insurance Specialists.

Officials in the potential path of a still fierce Hurricane Florence had a stern, clear message for people still in coastal towns under evacuation orders.

Leave. Now. “You put your life at risk by staying,” North Carolina Gov. Roy Cooper said. “Don’t plan to leave once the winds and rains start.”

Cooper and his South Carolina counterpart, Henry McMaster, told the more than 1 million people who have been told to leave that if they don’t, they are on their own.
McMaster told residents in some counties that emergency responders will be pulled from areas expected to be hit hard. “Even the rescuers cannot stay there,” he said.

Florence is forecast to crawl up to the North Carolina coast late this week and turn slowly left — a development that would smash the Tar Heel State with life-threatening storm surge, catastrophic winds and inundating rain while also endangering a large portion of South Carolina.

S2S Insurance recommends taking the following precautions:

  • s2s insurance, eric rahn, cannabis insurance, cannabis insurance professionals, who insures cannabisReview your cannabis property insurance policy, especially the “declarations” page, and check whether your policy pays replacement costs, or actual cash value for a covered loss.
  • Inventory your business, not only your merchandise, but computers, electronics, office furniture, display cases, point of sale systems, and all items of value. Take pictures and or video of all of them and keep all in a safe place.
  • Protect your property by covering all windows and doors with plywood or shutters if possible.
  • Keep all receipts of any repairs after the fact so you can be reimbursed by your insurance company.
  • Contact your insurance adjuster for referrals to professional cleaning services, salvage companies, restoration companies, if these additional services are needed.

As a cannabis business owner you do not want to begin thinking about hurricanes and the damage they cause after they have already destroyed your business. It is critically important that you cover your investment and your business with sound insurance policies that can help cover the losses after a devastating storm.

read more at cnn.com

Selecting a Qualified Cannabis Insurance Broker

The legal marijuana business sector may be relatively new compared to, well any other industry, but that does not change the fact that traditional best practices still apply. Many cannabis business owners may have a mentality towards risk. They may feel like they took a big risk in the first place entering into the industry and that diving into the business simply means that you have to accept the risks that come with working with a substance that is listed on the Controlled Substance Act. While that may be the right attitude, delving into the details is merited so that a marijuana business owner is making wise decisions and not taking on anymore risk than they absolutely have to. Be conscious of the risks you are taking by understanding them entirely and provide financial security wherever you can through marijuana insurance policies. The best way to begin is by selecting a qualified cannabis insurance broker.

Article Highlights:

Qualified Cannabis Insurance Broker, dispensary insurance, liability insurance for marijuana, cannabis insurance specialistsIn the years that S2S Insurance Specialists has been operating, we have noticed an almost blasé attitude towards risk mitigation in the cannabis space. If you are taking your business seriously, than you must take risk mitigation seriously. Do you really think that fire hazards are less likely for a marijuana business? Do you believe that sexual harassment does not exist within the confines of your walls? Do you not think you are vulnerable to theft? If you do think these things then you are not paying attention to the news. Many fires have broken out at dispensaries, in fact explosions have occurred especially for those companies specializing in marijuana extracts where at times dangerous equipment, high pressure and volatile chemicals are mixed together. And, criminals are well aware that the marijuana industry is cash heavy.

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The real challenge for marijuana companies in terms of understanding their financial risk is a lack of cannabis insurance professionals. Most insurance agents are avoiding the cannabis space due to its Schedule 1 Controlled Substance Act status and also are not doing their due diligence in researching this restrictive sector.  Cannabis business owners are skeptical that the insurance agent they are speaking with don’t even know the specific and oftentimes unique risks associated with the marijuana industry.

Whether you grow and cultivate marijuana, own a cannabis dispensary, manufacture extracts or own a marijuana lab testing company, these are all jobs that involve handling the marijuana plant. It is these specific industries that really have to contend with the federal illegality of cannabis rather than most ancillary businesses associated with marijuana, though they too should be conscious of their risks. If your company is in the United States, Canada or any other country, insurance for marijuana is very much worth looking into. The challenge is finding the marijuana insurance specialist that can direct you to the right policies for your business and turn cannabis insurance into an asset of your company.

 Qualified Cannabis Insurance Broker, testing lab insurance, cannabis insurance, medical marijuana, employer protection insuranceAsk your insurance specialists; what are the current national and state marijuana insurance carriers? Ask what type of policies they are presently working with. Ask them if they are licensed marijuana insurance specialists as the field is very limited.  Ask questions, lots of them, and make sure they are not just placating you to earn your business without considering what is truly in your best interest. As a marijuana business owner it behooves you to really read through your entire policy and see if your agent is taking the time to clearly walk you through the policy. What are you most interested in? The answer is marijuana policy exclusions and endorsements. If the insurance agent is only showing you the advantages of the policy, then they are focused on selling exclusively. Big tip, read your marijuana policies backwards. Start on the last page, that is where you will find the exclusions, what the policy does not cover.

Marijuana insurance specialists will have endorsements from the clients they are working with. Ask for their references. If an insurance agent does not have any marijuana insurance references, that likely means it is not their focus and that they do not understand entirely the very policies they are showing you. True marijuana insurance specialists, like you find with Eric and David Rahn at S2S Insurance, will be very frank with you right from the beginning by explaining that the cannabis industry has a lot to navigate due to the restricted status of cannabis. They will inquire about which state you are based in and then delve into the details of that particular state’s marijuana insurance policies. They will also discuss the national policies towards marijuana whether it is in the United States, Canada, Mexico or outside of North America.

Here are the main points. Not all marijuana insurance policies are the same, so read them. Read policies starting from the last page so that you first understand the exclusions, what the policy will not cover, and see if there are any endorsements. Remember that not all internet or retail insurance agents understand the restrictions surrounding the marijuana industry. Not all insurance agents are licensed to underwrite marijuana insurance policies either. Marijuana policies are in flux in each state and country, so your marijuana insurance agent better be confident when explaining to you the most current policies concerning marijuana in your particular geographic location.  Read policies carefully and ask for references. Like any other business, marijuana companies need employer protection insurance, D&O insurance, liability insurance, workers compensation insurance and crop insurance. The challenge is understanding the limitations to a policy due to the legal restrictions surrounding marijuana and discovering that the marijuana insurance policy is crafted around those restrictions and designed specifically for a marijuana business.

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S2S Insurance Specialists understand cannabis insurance for recreational marijuana, medical marijuana and all of the businesses associated with the cannabis industry. We have the licenses and knowledge to direct you to the policies that will provide the exact coverage your company needs. When speaking with a marijuana insurance specialists at S2S Insurance, you will feel confident that you are being provided with the best possible service for you, your directors and officers and overall operation. Organizing and optimizing a business in a restricted industry like marijuana may be more essential than it is in the traditional business space. S2S Insurance Specialists can guide you to the marijuana insurance policies that will optimally cover the unique risks associated with your business.

Product Liability Claims In Cannabis Bound To Rise As Investments Increase

The acceptance of cannabis use is on the rise across the country. Each year a few more states choose to legalize the Schedule 1 illegal substance, and support for legalization on the federal level is also on the rise. Not only are state and federal legislators taking a deeper look at cannabis but also investors. Besides venture capitalists and angel investors for startups, large corporations are beginning to stake a claim in the cannabis market. Constellation Brands is investing a record (for cannabis companies) $4 billion US into Ontario-based Canopy Growth Corp in a deal to produce non-alcoholic cannabis based beverages. This massive investment by Constellation Brands set off a wave of investments into marijuana related stocks. While this explosion of investment is good for the cannabis industry, the inevitable result will be a rise in product liability litigation.

dispensary insurance, marijuana edibles, s2s insurance, eric rahn, liability insurance for cannabisYou may be thinking, how can more investment in the cannabis industry be a bad thing that leads to product liability litigation? The equation is simple, more consumers using more products plus the law of averages. With increased medical and recreational marijuana use and sales there will in turn be an increase in potential litigation. Issues like negligence, breach-of-contract, intentional misrepresentation, marketing to youth, design defect claims all increase in their probability of occurrence every time the market, use and demand increase. As the market grows there will be fewer customers with a full knowledge of what they are consuming, which could lead to over dosing and other bad reactions. Customers may potentially sue for negligence or failure to warn in that instance.

Constellation, among the first big alcohol makers to invest in the marijuana industry, pumped almost US$200mln in Ontario-based Canopy Growth Corp (NYSE:CGC), last year in a deal to produce a non-alcoholic cannabis-based beverage. It recently upped its investment in cannabis with a record US$4bn investment in Canopy, spurring a buying frenzy in marijuana stocks.

“Fundamentally, we believe cannabis is going to be a big business worldwide … not going to be limited to Canada. This will be undoubtedly a market that develops in the United States, it’s already done so on a state-by-state basis here,” Newlands told the Barclays Global Consumer Staples Conference in Boston. “It’s developing around the world, in places like Germany and Australia and other markets. So the whole combination of things is shaping up in a way that this is going to be a big business.”

s2s insurance, eric rahn, insurance for marijuana, cannabis insurance specialists, marijuana businessIf there is increased investment in the cannabis industry, that should translate to growth and that’s good. With said growth comes an increase in potential for product liability claims, and that’s bad. Cannabis related companies can protect themselves with a cannabis product liability policy. A standard commercial general liability insurance policy isn’t adequate protection for the cannabis business owner. General liability polices contain Schedule 1 substance exclusions which would make the policies useless for cannabis/marijuana businesses whose businesses are centered around a federally illegal substance. Cannabis business owners should be working with experienced cannabis specific insurance companies and agents. At S2S Insurance Eric Rahn provides his clients with the experience and expertise to ensure they have a risk management portfolio that makes sense. “As your business grows, has your insurance coverage grown with it?” -Eric Rahn. Don’t find out the hard way that you don’t have the right coverage or the right amount of coverage.

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