For all of those investors and entrepreneurs who saw the legalization of medical and recreational marijuana coming and took advantage of it, good job. All of us in business, if we weren’t, wish we could have been on the first elevator up to an opportunity that seemingly has unstoppable growth potential. Maybe the feds can throw a wrench or two in the gears, but in all likelihood pot as a legal product is here to stay.
Now to address those challenges that any start up business has. I’m sure the states have imposed plenty of insurance stipulations on the building and running of both cannabis cultivation and retail dispensaries and, well, they are what they are. But what states can’t control is the fact that until now the owners and partners and investors of legal marijuana businesses have not been able to get the insurance that protects them from the loss of the entire business, life or disability income insurance. Traditional US based life and disability insurance companies have been slow to embrace the Cannabis business. It appears they are just uneasy about what kind of fight might ensue between the feds and states.
But the burgeoning legal marijuana business has found a friend in international underwriters for life and disability income who, for lack of a better analogy, don’t have a dog in that fight. While the US is an insurance powerhouse, every time they show timidity or lack of resolve as with civilian contractors in war zones, missionaries, business owners who are HIV+ and now business leaders in Cannabis industry, international underwriters have stepped in to fill the void, approve policies and solve the problem. Time and again when traditional life insurance companies refused to consider business life insurance cases for one reason or another, we have been able to meet those needs through international underwriters, often in just days as opposed to the weeks or months that is the norm here in the US.
Don’t get me wrong. I don’t dislike traditional US life insurance companies, but I do dislike not being able to meet legitimate and legal business life insurance needs for my customers. It’s just like the impaired risk side of my business. I don’t begrudge a company taking a stand that I disagree with as long as at least one company in my portfolio will meet the client’s needs.
Bottom line. I can see the day when US based companies will be kicking themselves for not being in on the ground floor of this huge business insurance opportunity, but until then we stand ready to provide what is needed and do it in a timely fashion to protect all the principles of legal marijuana businesses. If you have questions or need quotes on your marijuana business life insurance needs, call or email me directly. My name is Ed Hinerman. Let’s talk.