September 02, 2020 Feature

The Insurance Industry’s Cannabis Problems

By Randi Ellias and Frank Tice
chairboy/iStock via Getty Images Plus

chairboy/iStock via Getty Images Plus

Practitioners working with cannabis industry participants should stay up to date on developments in cannabis law and work with regulators and knowledgeable insurance providers.

The cannabis industry is one of the fastest-growing markets in the United States. In 2019, U.S. cannabis sales hit an estimated $12.2 billion—an approximately 34 percent increase over 2018 sales.1 The insurance needs of this industry run the gamut, including everything from products liability and commercial general liability (CGL) coverage to more niche coverages, such as crop insurance and crime coverage.

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