Posts

Cannabis Industry Top Paying Jobs

The beauty of the cannabis industry is that as it becomes less taboo, more opportunities will arise for more individuals to profit in the flourishing field. Not everyone involved in the cannabis industry can be a dispensary owner or a cannabis grower. There is a need for budteneders, bud trimmers and cannabis insurance providers like S2S Insurance Specialists. While these jobs are all important and require certain skills, there is also a demand for jobs that require a more advanced skill set and knowledge. These jobs are more than likely to turn into careers for those qualified, and not just part time jobs while in school.

The jobs cannabis industry employers are most eager to fill usually require chemistry, botany, and/or engineering degrees. The jobs deal heavily with the science of manipulating the cannabis plant for a desired product or effect. Many of these higher skilled positions can pay in the six figure range for larger companies with all signs pointing towards long term job security.

S2S Insurance, cannabis industry, david rahn, marijuana industry, cannabis professional liability insurance, marijuana jobs

Budtenders, who sell marijuana to customers at dispensaries, typically make about $14 an hour. The job requires an in-depth knowledge of cannabis strains and products and a bartender-like rapport with customers. In Colorado and also Michigan, where medical marijuana is legal, budtenders are required to have licenses.

The greatest demand, according to James Yagielo, co-founder and owner of the Florida-based headhunter HempStaff, is for master extractors. They process the active components THC and CBD from marijuana and hemp to make oils, concentrates, edibles and other products.

The master extractor at Acme Elixirs, a producer of THC and CBD chews and vape pens, earns $250,000 a year, said founder and CEO Peter Pietrangeli. But he said that even with that level of pay it’s hard to recruit and keep these workers “because after a while they’ll get the funding to build their own labs.”

Becoming a master extractor requires a PhD in biochemistry with a background in engineering, which means there’s a small pool.

He said job seekers with degrees in botany, chemistry or pharmacology are the next generation of master growers and lab directors. Like master extractors, lab directors and master growers can earn big dollars.

“I know some master growers who make more than $200,000. They’re valuable,” said William Simpson, CEO of Golden Leaf Holdings, an Oregon-based chain of dispensaries, cannabis farms and manufacturers. “That is going to be a very sought after, difficult position.”

Elad Spiegel, director of cultivation and breeding for Golden Leaf, said his annual pay is $120,000. He has a bachelor’s in plant science from Hebrew University in Jerusalem and started working in the cannabis industry in his native Israel before joining Golden Leaf in 2015.

cannabis insurance, s2s insurance, david rahn, cannabis industry, marijuana professional liability insurance, cannabis insurance specialistsHaving a master extractor or master grower can be a benefit for a growing cannabis company. But, like anything in business there is risk involved. Certain professionals, because of their expertise, are held to a higher standard of liability due to the impact of their potential mistakes. These professionals are well trained and skilled at not making mistakes, but they do happen. If a mistake does happen, you as a business owner want to be prepared. Eric Rahn of S2S Insurance asks a simple question when potential clients waiver on cannabis insurance, “When the shit hits the fan can you afford to clean up the mess?” Professional liability insurance is designed to protect professionals against liability incurred as a result of errors and omissions in performing their professional services. This protects the professional, and with the right risk management strategy, can protect your business as well. Contact S2S Insurance Specialists today to see what we can do for your cannabis business.

read more at money.cnn.com

Best Places To Grow Cannabis In The US

Many people are looking for ways to get into the growing cannabis industry. The potential is vast from cannabis dispensaries, cannabis lab testing facilities, edibles, infused drinks, oils and more. The one area people can also look at in this growing industry is actually growing cannabis. The obvious key to the industry is the actual plant, and the only way to have more cannabis is to grow cannabis. That being said, not all soil and growing conditions are created the same, so where are some of the best places to grow cannabis in the United States?

Leafly put together a list of the top five regions in the united states to grow cannabis and S2S Insurance Specialists thought we’d share it along with a few thoughts on how to protect your crop once you figure out if you are in a good place to grow cannabis and enter the world of marijuana.

Grow cannabis, S2S Insurance, Eric Rahn, marijuana insurance specialists, who insures marijuanaCalifornia’s lush, rugged northwest territory—dubbed the Emerald Triangle—is akin to the New York Yankees and their history-leading 27 championships. The region’s balmy Mediterranean climate and vast swaths of sloping mountainsides have made it a premiere growing location, akin to France’s Burgundy and its contribution to making wine.

Ranking second in indoor cannabis production behind California, Washington the Northwest territory proves to be a formidable rival to Oregon despite its more precipitous location on the west side of the Cascade Mountains. Areas nearby Seattle are dampened by heavy rain and lack of sunlight, leaving most growers to cultivate more sativas and early-flowering hybrids. However, towns east of the Cascade range get much better sunlight, while all parts of Washington benefit from the rich soil and abundance of fresh water.

Ranking 4th in indoor production, Oregon is a fantastic state for cultivation due to its relaxed personal cultivation laws and ease of entering the commercial industry. Naturally, the state grew way more cannabis than it even needs. Price declines have spelled trouble for many farmers, but consumers have rejoiced in $50 legal ounces, more than 80% cheaper than Califor

nia bud in 2018.

The East Coast may be notorious for low quality buds, but the Northeast can actually provide decent conditions for outdoor growing, namely Maine. Humid summers combined with a shorter fall season might not be ideal, but early-harvesting strains such as indicas or hybrids can benefit from the nurturing soil and the extremely fresh water.

Grow cannabis, Eric Rahn, S2S Insurance, marijuana crop insurance, dispensary insuranceGrowing cannabis is like any other form of agriculture and requires knowledge, skill, patience and a bit of luck. The luck comes into play when weather and other variables out of your control enter the picture. S2S Insurance Specialists can help take luck out of the equation by providing a risk management solution tailored to your needs. Some of the regions mentioned above are threatened by hurricanes, fires, and other real threats to agriculture and especially cannabis. Crop insurance, property casualty insurance and cargo transportation insurance are all options to help you with your grow operation. Contact Eric Rahn of S2S Insurance Specialists to discuss your risk management plan and to help protect your investments of time, money and energy.

read more at leafly.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

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.

Qualified Cannabis Insurance Broker, cannabis concentrates, cannabis insurance specialists, insurance for marijuana

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.

Qualified Cannabis Insurance Broker, cannabis insurance specialists, cannabis crop insurance, who insures the cannabis industry

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.

Cannabis Insurance Provides Peace of Mind

S2S Insurance, Eric Rahn, dispensary insurance, marijuana doctor insurance, medical marijuanaAll cannabis related business owners have unique issues and concerns that do not apply to traditional business owners. As a cannabis related business owner the biggest concern is the legality of the product you sell. Marijuana is legal in many states but is a Schedule I drug according to the DEA and is illegal federally. A marijuana business owner has no control over what happens to the legality of cannabis, but they can minimize their risk exposure. Cannabis insurance, specifically property and casualty insurance, protects against property losses and losses that may result from a lawsuit due to negligence.

Property and Casualty insurance can be broken into two types of coverage in one. The property piece of the policy will protect the assets of your business if they are damaged by a random event such as a storm, theft, or vandalism. The casualty piece of the policy will cover the business if you’re sued for negligence whether it’s you the business owner or one of your employees. If someone slips and falls in your dispensary and requires medical attention, that person might file a lawsuit against your business for damages. Losing a negligence case in court could mean you are liable for for tens or hundreds of thousands of dollars. With this form of cannabis insurance you’ll be covered not only for the damages but also the attorney fees.

S2S Insurance, Eric Rahn, cannabis insurance specialists, marijuana insurance, weed, who insures the cannabis industryA Marijuana grow operation in Southeast Portland caught fire twice overnight. The first time was Tuesday evening, the second time was early Wednesday morning. The second fire destroyed the business’s storage and office warehouse building. Photo courtesy Portland Police Bureau

“Obviously re-kindle is always a question we want to know for ourselves if there is anything we could’ve done or should’ve done differently, but then we have to do our due diligence for the occupants in the business owners and make sure there wasn’t anything nefarious going on,” said Cpt. Louisa Jones of Portland Fire and Rescue.

The grow operation which is housed in a warehouse next door was not damaged, just the office and storage area.

In the case of property damage there are other concerns that business owners have to manage. Depending on the amount of damage from a storm, fire, or vandalism, your business may have to cease operations until the damage can be assessed and repaired. If operations are suspended, this will undoubtedly negatively impact your cash flow. Fortunately, cannabis insurance covers operations interruptions. Put another way, if you have to stop running your business for a duration of time due to circumstances out of your control, then you are eligible for compensation covered by your policy. S2S Insurance can help you assess your level risk and plan accordingly. “What”s your tolerance for risk? How much can you afford to lose? Are you properly covered?” – Eric Rahn, CEO S2S Insurance. Knowing your level of risk exposure and planning for those risks can provide peace of mind in an industry that keeps business owners concerned about what is coming next. Contact S2S Insurance today to determine the level of cannabis insurance your business needs.

read more at katu.com

Cannabis Business Property Insurance Protecting The Bottom Line

Making the decision to invest in a marijuana related business takes a big investment of time, energy and money. Early in the process of making those investments, cannabis business owners need to ask themselves how do they plan on protecting those investments. One measure of protection begins with business property insurance. Whether you own a marijuana dispensary, a cannabis testing lab, or grow operation, business property insurance can protect the items and space you need to keep your business running.

S2S Insurance, cannabis business property insurance, marijuana dispensary insurance, weed insurance

Marijuana related businesses face unique challenges and risks because of the products being sold and their relationship with the retail market. Marijuana related business owners are at serious risk of vandalism. Someone could try to break into a dispensary or a lab and could damage or destroy computers, monitors, display cases, storage areas, merchandise and more. There is also the risk of theft of those same items. A cannabis lab which may have expensive high end equipment would especially want coverage for stolen computers or tablets. A dispensary is going to want coverage for stolen marijuana, edibles, or other marijuana related items that might be found in a dispensary. Aside from vandals and thieves there are also natural disasters. Every year across the country there are news reports of terrible storms and devastating fires that cost property owners billions of dollars. We can’t predict when and where a storm or fire is going to strike, but as a cannabis business owners, there is no reason to not be prepared.

The Carr wildfire in California has likely caused an estimated $1.5 billion in insured losses to date, foreshadowing another major wildfire loss event for insurers in the state, according to a report by Moody’s Investors Service Inc.

The wildfire has ravaged parts of Shasta County in or near Redding in Northern California, caused six deaths, and left substantial property damage to date, according to the property/casualty sector report published by the New York-based ratings firm on Thursday. The fire has destroyed 1,555 homes and commercial structures, damaged an additional 240 homes and structures, and burned about 121,000 acres so far, according to the California Department of Forestry and Fire Protection.

s2s insurance, recreational marijuana, insurance for cannabis, liability insurance for marijuana

At S2S Insurance we work with each client individually to identify their risk management needs and set up a plan that makes sense for each individual cannabis business owner. For cannabis business owners we look at location of the business, demographics, crime data statistics, annual weather patterns and additional data which help to formulate a sensible plan for your business. As a cannabis business owner, you don’t want to be caught unprepared when a big storm hits, or when a wildfire breaks out. You as a business owner have no control over if someone wants to break in your windows and vandalize your place of business. We can’t control the unknown but we can prepare for all of those things providing peace of mind and a tangible way to recover when disaster strikes. All policies are subject to policy limits and should be reviewed with an experienced agent and your attorney.

read more at businessinsurance.com

Cannabis Crop Insurance Protecting Cannabis Farmers

cannabis business, marijuana crop insurance, cannabis insuranceThe cannabis industry is centered around agriculture and the ability to grow and cultivate marijuana plants. Cannabis crop insurance is a way to protect this particular type of agriculture. The results of cannabis agriculture produces various edibles, oils, and flowers people use to consume cannabis for medicinal or recreational purposes. In order for any of the previous mentioned applications to exist, there must be a crop that produces a yield to put into market. If you produce a crop that can potentially turn a profit, you will need insurance, cannabis is no different, thus marijuana growers should have cannabis crop insurance.

As the cannabis market expands and more underwriters and insurers become willing to take on the risk despite the Schedule 1 status of marijuana, opportunities for risk management will grow. Cannabis crop insurance may sound like an unnecessary expense to a cultivator in their early stages, but insurance cannot be overlooked. Imagine investing a portion or all of your life savings into starting a grow operation only to lose it all to a fire. There are many in the industry who have experienced such loss, but there are also others who were able to protect themselves and their investment with a sound risk management strategy.

One Carpinteria farmer won an insurance payout well in excess of $1 million after ashes from the Thomas Fire destroyed thousands of his plants. What was unusual was that the plants were marijuana. As cannabis cultivators come out of the shadows, pot businesses are starting to operate like any other businesses — they have lawyers, accountants, bankers, and, more recently, insurance brokers. Most of the Northern California cannabis farms scorched by last fall’s wildfires did not have insurance. They were forced to suffer huge losses. But now insurance brokers in Santa Barbara County are starting to tap into the once-illicit industry.

cannabis insurance, testing lab insurance, cannabis crop insurance, dispensary insuranceThere are many growers that suffered massive losses that prevented them from competing in the cannabis industry again. While a marijuana grower with a cannabis crop insurance policy may still experienc some losses, because of their cannabis crop insurance policy they are able to significantly reduce that loss. As a new business owner you risk severe exposure to financial loss if unforeseen risks are not accounted for in some capacity. For a grower or a business owner with a grow operation, cannabis crop insurance should be explored with a knowledgeable insurance agency that can help you decide what policy is right for you.

Growing marijuana,  regardless of whether a grow operations is outdoors or indoors, is no different than any other crop in the sense that the variables of nature such as fire, storms, earthquakes, or other natural disasters must still be accounted for. Because we can’t predict these various perils, risk management policies exist to help fill the void of the unknown. It is also important to remember that regardless of what type of cannabis crop insurance policy you have, coverage limits will apply.  You must read your policy with both your agent and your attorney to determine what your coverage consists of. As a business owner, if you are going to invest your time and money into an endeavor such as a cannabis grow operation, it only makes sense to protect that investment against the unforeseen.

read more at independent.com

State Regulations Impact On Cannabis Businesses

As a cannabis business owner, awareness of the risks associated with the industry is absolutely imperative. The most looming of those risks is the federal government and the federal agencies tasked with enforcing federal law. US Federal law considers cannabis a Schedule 1 controlled substance. Agencies like the DEA, FBI, or even the ATF could come kicking down your door at anytime depending on marching orders from Washington D.C.. A cannabis business owner assumes certain risks when choosing to do work in the cannabis industry and must understand state regulations as well.

Destroyed Cannabis, cannabis crop insurance, who insures the cannabis industry, cannabis insuranceFederal enforcement is not the only risk cannabis owners need to be aware of. Each state has their own regulatory practices that could have a negative impact on a cannabis business as well. Many states have only recently legalized some form of marijuana use and or sale. States are in the process of developing regulations for an industry that was previously underground with no rules or regulations. California for instance instituted business requirements that were set to take effect on July 1, 2018.  Those requirements included the introduction of lab testing, packaging, labeling, and THC limits in products offered for adult-use. Cannabis business owners were given six months to transition to the new rules, if they were not able to comply, they would be responsible for destroying any product that did not meet the new rules and document the product destruction.

On Sunday, the stringent new “seed to sale” tracking standards for California’s cannabis market went into effect. Overnight, thousands of pounds of cannabis products worth hundreds of millions of dollars suddenly became noncompliant. Now, dispensaries are in the process of destroying them, in an event the industry has dubbed the “Marijuanapocalypse of 2018”… Drayton estimates Los Angeles dumped tens of thousands of pounds of product, alone.

In anticipation of this pending doom’s day scenario business owners needed to have a plan in place. California gave owners a six month window to sell what they had without the restrictions of the new rules. Business owners would have been smart to offer the non-compliant products at deep discounts as frequently as possible to help mitigate the loss. This is a rare particular instance where the business owners knew what the catastrophic event was going to be, and knew when it was coming. That sort of information is rare in the world of risk mitigation but when you have it, use it.  There is no way to accurately track what was lost in California this past week, but estimates are significantly high. There is no insurance product available at this time to protect a cannabis business owner from state mandated destruction of inventory, but it is important that business owners are aware of the looming risks of regulation, and take any necessary precautions to protect themselves in the face of enforcement.

Unfortunately there is no cannabis insurance product to protect against the general liability associated with state regulatory mandates. The cannabis industry is being presented with risks that are not common in traditional business sectors, but must still be accounted for. Like traditional business models, insuring your business against predictable risks based off past occurrences is the prudent move for any good business owner.

read more at hightimes.com

Understanding the Regulatory Risks Associated with Owning a Cannabis Business

As a cannabis business owner, looking over your shoulder may have become an habit. It is the same habit of anyone that participates in the illicit market, however you entered into the cannabis industry because your state has legalized cannabis. The truth is though, that regardless of whether your state has legalized a medical marijuana program or even possibly an adult-use market, cannabis is still illegal. You are not looking over your shoulder to see if local authorities are coming but instead if agencies like the DEA, FBI or in the instance of a brewery in San Francisco, whether the Alcohol and Tobacco Tax and Trade Bureau has shown up.

Black Hammer Brewing, cannabis insurance, who insures the cannabis industry, insurance for cannabisBlack Hammer Brewing out of San Francisco came up with the very smart idea of brewing a beer with cannabidiol or CBD, a cannabinoid found in both the marijuana flower and in hemp. Black Hammer was using hemp derived CBD. It is a non-psychoactive biological compound that is believed to be the main medicinal compound found in the Cannabis sativa plant. It works as an anti-inflammatory as well as having some other medicinal properties. CBD products are offered around the country in many wholesale stores like Lucky Brands. Adult-use cannabis is even legal in California, but that did not stop the federal agency from stepping in and forcing Black Hammer Brewing to stop all production of their CBD beer and offering it for sale to their customers.

Forcing the brewery to stop production of the CBD beer did not even have to do with the Schedule 1 status of cannabis, which is what makes cannabis as illegal of a controlled substance as there is here in the United States. It instead had to do with the fact that Black Hammer had not applied to add either CBD or some of the terpenes they were using in their beer for approval with the Alcohol and Tobacco Tax and Trade Bureau. Since the prohibition of cannabis has been in place here in the U.S. for over 80 years, cannabis and the substances that can be extracted from it are simply not accounted for by regulatory bodies. The owner of Black Hammer Brewing, Jim Furman, believes though that the future of one of his top selling beers depends very much on the federal legalization of hemp.

“We believe that future approval of our formula may be dependent on hemp reclassification by the federal government/DEA,” he wrote in an email. “Our guests love the CBD beers, and we’re pretty sad that we have to stop producing them,” he says. Of the eight CBD beers he has created, Furman considers Hippie Hill, an imperial IPA, to be his greatest success. Brewed with Tahoe OG terpenes, “it’s unmistakable. So fresh,” he says. “It’s got the most dialed-in cannabis flavor profile.”

There is no cannabis insurance that covers the sort of general liability associated with the illegal status of cannabis or the regulatory limitations caused by the extended prohibition of cannabis. However we are interested in spreading awareness on all of the risks associated with owning a cannabis business or incorporating a cannabis product into your inventory. In the cannabis industry, you must account for certain risks that are not common in traditional sectors.

read more at sfchronicle.com

Property and Casualty Insurance for Cannabis Dispensaries

Just like any other business there is an absolute need for insurance for cannabis dispensaries. Anytime an individual purchases a new piece of property, one of the first orders of business is getting that property insured. For some forms of property the insurance is required, for others it is optional, but no less important. All forms of insurance are put in place to mitigate risk, including property and casualty insurance.

For those entering the cannabis industry or already established in it, the same principles of risk mitigation still apply. If you own a dispensary or a grow operation it is absolutely imperative that you protect your property against the various perils that pose a threat to your operation.  Property and Casualty insurance in the cannabis industry protects the physical structure of your place of business, but also protects the contents inside including office equipment, computers, inventory, and other items vital to your operation.

BAKERSFIELD, Calif. – Another fire at a marijuana dispensary under investigation. It is the second fire at a marijuana dispensary in the last few days.

The latest happened early Monday morning at the Golden State Hempire Collective in east Bakersfield.

Fire officials haven’t determined the cause but the owners believe the business was set on fire. Employees said someone set the back of the building on fire.

About two and a half miles away, a similar scene Friday morning. The Green Frog Health Center was set on fire by a stolen car that crashed into the building, burning four businesses and causing $250,000 of damage. Fire officials determined it was was arson.

Back at Golden State Hempire, the owners work on plans to rebuild. Damage there is pegged at $60,000. Employees say they hope this trend doesn’t continue.

Property and Casualty Insurance provides insurance to cover property, equipment, and risks from acts of others. In the example above, the damage was caused by suspected arson. As a business owner you cannot predict if a person or group will target your business in this manner, but you can plan against it. P&C insurance protects against common perils such as fire, lightning, explosion, implosion, aircraft damage, riots, strikes and terrorism. Business owners must look to avoid being surprised by unexpected situations  which could result in destroyed inventory and costly damage with no way to recover the loss.

The two fires in the story above caused over $300,000 in damage in the blink of an eye. If the owners of these establishments have the proper insurance for their cannabis dispensaries, they have a greater likelihood to recover and become profitable again. If the owners don’t have insurance and have to pay out of pocket, they may never recover. It is also important to remember that regardless of what type of property and casualty insurance policy you have, coverage limits will apply.  You must read your policy with both your agent and your attorney to determine what your coverage consists of. As a business owner, if you are going to invest your time and money into an endeavor such as a cannabis dispensary, it only makes sense to protect that investment against the unforeseen.

read more at kget.com