Due to its federally outlawed status and the dangers of extraction and production, cannabis business liability insurance risks always have outpaced the availability of insurance, and what insurance is available is expensive. Jay Virdi is chief sales officer for Hub International’s cannabis insurance and risk services in the United States and Canada. Hub comprises a network of risk, insurance, employee benefits, retirement, and wealth management specialists. He focuses on developing Hub’s expertise and resources to serve the cannabis industry across the two countries. The U.S. cannabis industry hit a record $24 billion in sales in 2021.
The U.S. cannabis industry hit a record $24 billion in sales in 2021. With legalization becoming more common, the industry is poised for another year of huge growth in 2022. The enterprises set to benefit most from the anticipated boom are those best positioned to manage risk.
Due to its federally outlawed status and the dangers of extraction and production, cannabis business liability insurance risks always have outpaced the availability of insurance, and what insurance is available is expensive. Most cannabis businesses—including dispensaries and cultivators—need at least general liability, which can range from $700 to $3,000...
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