Recreational marijuana sales begin in New Jersey on Thursday, making cannabis legally available for nonmedical purposes in the New York City and Philadelphia areas for the first time. Thirteen existing medical cannabis dispensaries in the Garden State were authorized earlier this month to serve all customers over the age of 21. According to state officials,… Continue reading Legal Sales of Recreational Marijuana in New Jersey Begin Today
Tag: cannabis insurance
U.S. Cannabis Insurers Get Ready to Roll as Federal Legalization Nears
Insurers are quietly gearing up for a potential ten-fold increase in sales to the booming $17.6 billion-a-year cannabis industry as Congress inches closer to legalizing pot at the federal level. While 36 U.S. states and the District of Columbia have legalized cannabis for medical or recreational use, insurance for growers, testing labs and retailers is… Continue reading U.S. Cannabis Insurers Get Ready to Roll as Federal Legalization Nears
Bipartisan Marijuana Insurance Bill Introduced as More States Enact Cannabis Laws
U.S. Senator Bob Menendez, a senior member of the Senate Banking Committee and chairman of the subcommittee that oversees the insurance industry, announced the introduction of bipartisan legislation that ensures legal marijuana and related businesses have access to comprehensive and affordable insurance coverage. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act of 2021 is… Continue reading Bipartisan Marijuana Insurance Bill Introduced as More States Enact Cannabis Laws
New Commercial Insurance Product to Cover Cannabis and Hemp Business from Seed to Sale
SafeHerb, a division of Specialty Program Group, is introducing a new commercial insurance product that will provide a full suite of insurance protection for the cannabis and hemp industries. SafeHerb’s Cannabis & Hemp Insurance provides “seed to sale” coverage, in-house loss control services and claims are handled by Avant Specialty Claims. “We have created a… Continue reading New Commercial Insurance Product to Cover Cannabis and Hemp Business from Seed to Sale
Specialty Program Group Acquires Tennessee-Based Avant, LLC
Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today that it has acquired Avant, LLC. (Avant), a leading transportation Program Administrator and Wholesale Brokerage firm, with specialty Cannabis and Supermarket program divisions. Terms of the acquisition were not disclosed. Established in 1973, Avant has dedicated itself to… Continue reading Specialty Program Group Acquires Tennessee-Based Avant, LLC
Essential Marijuana Sellers Are a Good Business for Their Landlords
The business of marijuana growing and processing is essential, according to many state governments. That has been a boon for owners of cannabis real estate during the coronavirus pandemic. Cannabis producers cultivate the plant in warehouses and process it into pills, vape kits and dried flowers that can be rolled into marijuana joints. Medical marijuana… Continue reading Essential Marijuana Sellers Are a Good Business for Their Landlords
Illinois Legalizes Recreational Marijuana
Illinois started off the new decade by embarking into the world of recreational marijuana, where people can buy the intoxicating plant legally and without a prescription. Across the Chicago area, thousands lined up — some before dawn — for a chance to buy marijuana legally for the first time. The day featured long lines, a… Continue reading Illinois Legalizes Recreational Marijuana
Senate Chairman Announces Opposition to Cannabis Banking Bill
The chairman of a key Senate committee said Wednesday he is uncomfortable advancing a bill to protect financial sector access for cannabis companies without stricter health and illicit financing safeguards. In a Wednesday statement, Senate Banking Committee Chairman Mike Crapo (R-Idaho) said he opposes a House-passed bipartisan bill to give banks and credit unions legal… Continue reading Senate Chairman Announces Opposition to Cannabis Banking Bill
House Committee Approves Landmark Bill Legalizing Marijuana at the Federal Level
The House Judiciary Committee approved a bill Wednesday that legalizes marijuana on the federal level, removing it from Schedule 1 of the Controlled Substances Act. The legislation, which passed 24 to 10, has a high chance of approval in the full House where Democrats control the chamber with 234 seats. It’s likely to face a… Continue reading House Committee Approves Landmark Bill Legalizing Marijuana at the Federal Level
Car Crashes in Marijuana-Legal States Have Soared
Car crashes in the first three states to legalize recreational marijuana have soared as law enforcement and regulators struggle to define driving high, let alone determine how to fight it. Colorado, Oregon, and Washington saw a combined 5.2% increase in the rate of police-reported crashes after legalizing recreational marijuana, compared with neighboring states where such… Continue reading Car Crashes in Marijuana-Legal States Have Soared