Understanding the Challenges there are in the Cannabis Industry when it Comes to Risk Management and Solutions for these
This post takes a look at some of the challenges that risk professionals happen to face when it comes to the cannabis laws in the United States. By and large, there seems to be a disconnect between the state and federal laws on cannabis in the United States and this poses a challenge to the risk professionals representing cannabis businesses as well as the landowners and landlords who may in one way or another involved in the cannabis industry.
Going forward, one thing that should make the baseline for our discussions going forward is the fact that in as much as the possession and use of marijuana has been decriminalized or legalized in a number of states in the United States, which is often either in full or as some have it, partial legalization, the federal government still views marijuana as a “Schedule 1 Narcotic” under the Controlled Substances Act. Due to this, we have had and seen a number of cases of conflict when it comes to the interpretation of the laws on cannabis and quite a number of companies have found themselves on the edge of breaking the law, even in their innocence or presumed ignorance.
The developments related to the cannabis industry have been a subject of monitor by a number, legal experts and players in the industry for some time now. In actual sense, the cannabis industry is still considered to be an industry in evolution and quite nascent and as a result of this, the failure to have absolutes when it comes to the interpretation and application of the law on the industry happens to be such a grave challenge to the players. This be as it may, we have given in this guide some ways to help you navigate and scour your way around this industry despite the challenges there may be for you as a player in it.
Insurance has been one of the sore issues that many players in the legal marijuana industry have been faced with and have had to deal with even as they go about their trade when it comes to matters of risk management. By and large, there has been a general feeling and a need for a dedicated insurance provider for the players in the legal marijuana business and this is more so looking at the fact that the packages that are availed and provided by the traditional insurers have in a way proved to be falling short of the needs for the players in the industry. One of the names that has come in to offer a solution in this regard is the NCRMA, National Cannabis Risk Management Association, which has come up with special insurance packages particularly addressing the needs there are that are so special to the industry.