In this primer, we will spend some time taking a review of some of the challenges that the risk professionals happen to be faced with when it comes to the cannabis laws as applicable in the United States. By and large, there seems to be a disconnect between the state and federal laws on cannabis in the United States and this poses a challenge to the risk professionals representing cannabis businesses as well as the landowners and landlords who may in one way or another involved in the cannabis industry.
Principally, it is to be noted that in as much as the possession and use of marijuana has been decriminalized in a number of states across the United States, either fully or in part, federally it still remains under the Controlled Substances Act, classified as a “Schedule 1 Narcotic”. This has brought about a lot of conflict when it comes to the interpretation of the law and has put a number of cannabis establishments at the risk of contravening the law.
By and large, the developments there have been that touch on the cannabis industry have been an object and subject of study and monitoring by a number out there for some time now, from the legal minds and the players in the cannabis industry. By and large, this may be considered to be a nascent and evolving industry and as such, this particular lack of absolutes when it comes to the interpretation and application of the law when it comes to it poses such a challenge. However, we give a guide in this post that will help you navigate and find your way in this industry despite the challenges there are in it.
One of the many challenges that players in the legal marijuana industry have had to confront and deal with as they go about their trade is that of insurance, one of the risk management needs that any business needs to provide for as a going concern. By and large, there has been a general feeling and a need for a dedicated insurance provider for the players in the legal marijuana business and this is more so looking at the fact that the packages that are availed and provided by the traditional insurers have in a way proved to be falling short of the needs for the players in the industry. One of the establishments that have come in to offer a specialty solution when it comes to insurance products for the players in the medical cannabis industry is the National Cannabis Risk Management Association, NCRMA.