Additionally, the CLAIM Act would address another long-standing issue that has plagued the cannabis industry, access to spaces and equipment. Last week, United States Senator Bob Menendez introduced a bipartisan bill that would help the cannabis industry gain much-needed access to insurance. Owners and operators of property or equipment rented to the cannabis industry would also have access to insurance. Currently, even businesses in legal states are often denied access to insurance because insurance companies could face penalties under federal law, leaving companies vulnerable to being uninsured and unprotected. The CLAIM Act would also prohibit penalizing or discouraging insurers from working with the legal industry, as well as prohibit the termination of policies simply because a business deals with legal cannabis, as long as that business is following all the rules and regulations.
Last week, United States Senator Bob Menendez introduced a bipartisan bill that would help the cannabis industry gain much-needed access to insurance.
Menendez is a senior member of the Senate Banking Committee and chairman of a subcommittee underneath the Banking Committee that oversees insurance, so he knows specifically how important insurance can be. The Clarifying Law Around Insurance of Marijuana, or CLAIM Act of 2021,...
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