BOCA RATON, FL.; December 6, 2022 – S2S Insurance Specialists, an independent insurance broker focused exclusively on providing seed-to-sale insurance coverages for cannabis and ancillary businesses nationwide, released its Insuring Cannabis 2022/2023 Report: "2022 Year-End Cannabis Insurance Trends & Analysis – How Cannabis Businesses Should Prepare for 2023.” The report includes the top five (5) trends that are impacting what policies cannabis businesses will need next year – no matter their size - to protect their companies, products, C-suite, and investments.
“As the cannabis industry continues to grow and enter the mainstream with recreational, adult-use marijuana now legal in nearly half of all U.S. states, we expect to see some significant changes impacting the industry in 2023,” said Eric Rahn, Managing Director. “The industry outlook remains positive, but there are several important trends we are seeing that will impact the insurance coverages cannabis businesses need to ensure they are full protected against the top risks they could face in the imminent future.”
For example, the industry continued to see a spike in litigation spanning all sectors in 2022, particularly as it relates to investor suits, trademark violation claims, and employment practices/contract disputes. In addition, the cannabis industry should brace itself for a surge in product liability lawsuits and consumer class actions in 2023, as the market matures, and new studies emerge on the health and safety of high-THC products. Following each of the top five trends, S2S Insurance Specialists’ Analysis details specific insurances that will be important for cannabis businesses in 2023, including Product Liability, Directors & Officers (D&O) Liability, IP Enforcement/Defense, and Employers Protection Liability (EPLI), to name a few.
To access the report, click here. If you have questions regarding cannabis insurance coverages or would like a detailed risk assessment and analysis, please contact Eric Rahn at (954) 790-6604; eric@s2sinsure.com or by clicking here for a consultation.
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