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For Agents

Tips for When States Flip

- October 1, 2020

By Kristen Bacon As more states legalize marijuana, the market for cannabis insurance is rapidly expanding. Additionally, states are transitioning from legalization to their first sale must faster than ever, as detailed in a recent Marijuana Business Daily article. With eleven active adult-use states and four more (Arizona, Montana, New Jersey and South Dakota) voting […]

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For Agents

Risk Management: Views from the Experts

- October 1, 2020

“We could see an uptick in product claims related to acute bodily injury, whether it be from allergic reactions, poor labeling, or incorrect dosage yield….in the age of social inflation, these claims are becoming all too common.” Keith Distel, Casualty Team Leader and Marijuana Liability Subject Matter Expert of Admiral Insurance, and Ben Rozema, Director […]

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For Agents

Spotlight on Massachusetts

- October 1, 2020

Massachusetts legalized medical cannabis in 2012 and adult use cannabis in 2016. As of now, there are 547 licensed cannabis businesses and counting. Mark Sawyer, Senior Vice President of Corcoran & Havlin Insurance, was one of the first cannabis insurance brokers in Massachusetts. We asked Mark to share some of his experiences in one of the […]

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For Agents

How to Succeed in the Cannabis and Hemp Insurance Space

- August 14, 2020

As the legal cannabis and hemp industry in the United States continues to grow, more insurance agents are stepping into the market. That means more agents knocking on the doors of your clients, directly competing for business. This doesn’t have to be a bad thing, as going the extra mile for your clients allows you […]

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For Agents

Building Your Cannabis and Hemp Insurance Business by Referrals

- July 13, 2020

Referrals are a great way to build your book of business. Not only are they a cost-effective strategy for growing your client list, but they also tend to be stronger leads with a better chance of becoming a customer. When referrals come directly to you, you can spend less money on marketing and less time […]

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For Agents

Helping Dispensary Owners Find The Right Coverage

- May 26, 2020

As the cannabis and hemp industry continues to grow, new dispensaries are establishing themselves around the country. For many dispensary owners, this is the first time they are running a cannabis and hemp business and possibly, their first time running their own business in any industry. As an agent, your clients will be looking to […]

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For Agents

Common Marijuana Claims & How to Handle Them

- March 30, 2020

It’s no surprise that the rapidly-expanding marijuana industry has become a large opportunity for insurance brokers and agents. However, this highly complex industry presents a unique set of challenges. Cannabis-related businesses have many of the same needs as any other industry — from property coverage to product liability — but with such a new and […]

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Helpful Information

Cannabis in 2020: State by State, by the Numbers

- March 9, 2020

As an insurance agent in the cannabis industry, it’s important to keep up with where marijuana legalization stands in 2020, on a state by state basis. 11—The number of states where recreational marijuana is legal for adults over the age of 21. Those states are: Alaska, California, Colorado, Maine, Massachusetts, Michigan, Nevada, Oregon, Washington, Vermont […]

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News

Cannabis in the News: California Marijuana Taxes Increased, Michigan’s First Recreational Cannabis Sale and More

- January 6, 2020

California Marijuana Taxes Increased on New Year’s Day Effective January 1, 2020, California’s excise and cultivation taxes went up. The increase is based on an analysis of statewide market data that was used to determine the average markup rate between the wholesale cost and the retail selling price. The markup increased from 60% to 80%. […]

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For Agents

Convincing Potential Clients that they Need Cannabis Insurance

- November 12, 2019

The marijuana business is just that—a business. Big business. In 2017, legal sales of marijuana (medical and recreational) reached $8 billion. With more than half of U.S. states having legalized some form of medical or recreational marijuana, and more states expected to do so, legal sales are projected to reach $22 billion by 2022. That’s […]

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