Cannabis is legal to cultivate and possess in many different states, and that number likely to increase in near future. Which brings us to the question: Can cannabis be insured to protect against robberies damage or other forms of losses?
This may come as a shock, especially with the amount of issues the marijuana industry encounters with the banking industry. Yet, banking is controlled under federal law, and the clash between federal and state laws about cannabis is the cause of much strife.
The insurance industry, however, is controlled under state law. When state law allows for legal cannabis possession, cultivation and related commerce, insurance businesses can’t use the fact that under federal law marijuana is illegal to deny coverage.
Yet, a good amount of complexities and complications involved. The most important issue deals with the limits state law places on the quantity of cannabis legally accepted for personal cultivation and possession.
The insurance business is starting to realize, figuratively and literally, with the risk and benefits of legal marijuana at the state level
