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.
By far and away, in as much as the possession and use of marijuana has been legalized, either in part or fully, in many states in the United States, when it comes to the federal laws, it is still classified under the Controlled Substances Act as a “Schedule 1 Narcotic”. 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. By and large, this may be considered to be a nascent and evolving industry and as such, this particular lack of absolutes when it comes to the interpretation and application of the law when it comes to it poses such a challenge. However, we give a guide in this post that will help you navigate and find your way in this industry despite the challenges there are 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. There is a need for a dedicated insurance provider for the players in the legal marijuana industry even looking at the fact that the offerings from the traditional insurance companies seem to be inadequate in what they have, in most cases falling short of the needs for the legal marijuana businesses. The NCRMA, the National Cannabis Risk Management Association, is one of the bodies that have come up with such ideal solutions for the medical marijuana players with insurance packages and products that address the very needs of the players in this industry.