Of Course, the Medical Marijuana Industry Requires Insurance
“The advantages that the cannabinoids drug presents to human health and disease-fighting tactics far outweigh anything detrimental that those against the legalization of the weed can point to.”
“It is an addictive property that is in general harmful to those that abuse its use.”
As the discussion surrounding the pros and cons of marijuana abound, more and more states are accepting the commercial enterprise as a legal entity. As the scientists that insist the weed in its developed form gives off powerful disease fighting benefits, proponents enthusiastically applaud the move.
Now, on to business. What form of insurance coverage does the industry need?
With 2 differing defining facets to the medical marijuana enterprise (also known as drug-based cannabinoids), related insurance serves a two-fold coverage.
The first one is in reference to the entire medical marijuana crop; the second one in regard to medical marijuana dispensaries. Both genuinely need excellent insurance coverage.
Let’s do a little research about the different approach insurance takes in relation to the two.
Coverage Number One: Medical Marijuana Insurance – what it covers
This type of insurance is created so that the cannabinoid crops maintain adequate enough products to satisfy the dispensary sales. Similar to other crop compensation insurance, its coverage pertains to hazards presented by the locale where it is cultivated. The difference lies in the value put on the marijuana brand – and the ensuing theft exposure that goes together with it.
Drug-based cannabinoids come in two separate categories. These include what the generic produce yields and the marijuana harvest that is centered around the related research, study and development methods.
Coverage Number Two: Medical Marijuana Dispensary Insurance
Outlets that sell the product function inside US states that have legally approved of medicinal cannabinoids. While attempting to fill the related prescriptions of doctors ordering the medically permitted drugs, they are working with risks that compound the industry.
What are these?
Although medical marijuana has many of the same characteristics as products sold in other pharmaceutical outlets and liquor distributing shops, such as public appeal and government control, there is a difference. With no Food and Drug Administration guiding principles to follow, cash money sale transactions, worker corruption and risk exposure to pilfering, the medical marijuana trade has more than the others share of hazards. Moreover, curative cannabinoids (medical marijuana) – especially in the edible variety – as well as the professional liability risk factor is something that those working with indemnity are worried about.
Those interested in a further discussion about these two forms of insurance coverage should consult with an experienced independent agency that has its client’s best interest in mind.