Earning essential status gave the industry a boost. But being essential will not shelter legitimate marijuana enterprise from the storm clouds of change where insurance is concerned.
- Vaping companies will face insurance challenges. Product liability for vaping is about to become more stringent as a result of COVID. Expect an increase of exclusions to product liability coverage across legal weed.
- Reinsurance will be harder to get. Carriers and reinsurers will almost certainly ask that the virus be addressed in policy forms.
- Just as coronavirus assistance through the CARES Act has never been available to the cannabis industry, business interruption coverage was not widely available to, or purchased by, most cannabis companies.
- How is coronavirus impacting the selling, buying and consumption of cannabis? The answer to your questions are right here.