I have told a lot of my close friends that perhaps one of the most interesting things about my venture into the emerging cannabis market has been witnessing the way industry forms in America. In my opinion, the market somewhat resembles that of alcohol during and after prohibition. Both are industries that were taboo and regarded in a negative light. Eventually people’s perception started to change and they began doing it regardless- resulting in the government stepping in to say, “well if you are going to do it anyways we may as well put some regulation around it.”
That is exactly what is happening right now. I have been fortunate to be able to attend the majority of the BMMR’s (Bureau of Medical Marihuana Regulation) town hall meetings, and rules and guidelines have literally been being established in front of my eyes. With that being said, there are a lot of key things to pay attention to in the coming weeks.
If you are a medical marihuana licensee applicant, you are probably currently extremely overwhelmed with the list of things you need to get together for the application submission date of December 15th. And, depending on your location, possibly preparing documents to present to your city or local township.
Your normal run of the mill insurance agency not only does not have the correct markets to properly insure you, but they also often don’t have the knowledge of coverage’s required, or necessary to protect your business. There are certain nuisances to this market that multi-line agencies don’t understand due to their inability to invest time and dedicate marketing dollars into really understanding what is going on and what’s necessary.
The last thing you want to do is slow down your application process for failing to submit insurance documents with proper required coverage. We are so early in the formation of this industry, and it is important to network and partner with like businesses who truly understand what is happening. Even if you don’t need a quote, and want me to look over your policy and or educate you on insurance requirements- please feel free to reach out. I look forward to being in touch and best of luck with your applications.