Los Angeles, California (webnewswire) August 29, 2019 – The Los Angeles cannabis insurance brokers at MFE Insurance released a blog educating readers on the current state of cannabis legalization in the U.S. The cannabis industry changes quickly when new laws are introduced, and business owners must stay up to date on the latest changes to ensure compliance.
Cannabis has been legalized for recreational and medical use in 11 states as of June 2019: Washington, Oregon, Nevada, California, Alaska, Colorado, Illinois, Maine, Vermont, Maine, and Massachusetts. Washington, D.C. has also legalized recreational use of cannabis, and medical marijuana alone is legal in an additional 22 states throughout the U.S. Outside of the U.S., Canada has legalized recreational marijuana use nationwide, with Mexico expected to follow after its Supreme Court ruled prohibition unconstitutional. As cannabis use becomes more widely accepted — a Pew Research survey showed that 62% of Americans supported legalization — entrepreneurs will find themselves with more business opportunities around the country. Understanding laws surrounding legalization will help you operate a successful business with limited liability.
Even if you are sure you are operating your dispensary or cultivation site within the laws of your state, it’s important to protect your business with a comprehensive cannabis insurance package. All businesses should have worker’s compensation, cyber liability, and property insurance, among other policies to protect both your employees and your property. Cannabis businesses, however, can especially benefit from product liability insurance and equipment breakdown insurance, which can cover specific situations related to the industry. With these policies in place, you will be able to avoid drawing on your business or personal finances to fund legal claims, medical bills, replacement equipment, and other obligations in the event of an incident. Otherwise you may find yourself struggling to afford your company’s operating expenses and face difficult business decisions.
Speak to the Los Angeles cannabis insurance brokers at MFE Insurance for more information about cannabis legalization and to acquire an insurance package. MFE’s experienced insurance dealers can advise you on the best policies for your state and business needs and create a customized insurance package that provides you with comprehensive coverage. To discuss your dispensary’s insurance needs, contact the agency at 213-266-7990 or online at https://www.mfeinsurance.com/