The emerging legal marijuana economy will see explosive growth in the coming years. Insurers should be prepared to adopt policies that spell out coverage for legally grown marijuana plants and medical marijuana property. The cannabis industry is expected to grow to nearly $15 billion over the next four years. In states where manufacture, sale and use is legal for recreational purposes, legalization will have a profound impact on not only personal lines insurance, but also commercial coverage, workers’ comp, product liability, healthcare insurance and more.

Currently, 27 states have either decriminalized or legalized marijuana use in some form. Four states: Alaska, Colorado, Oregon and Washington, and the District of Columbia allow recreational use. In addition, recreational marijuana initiatives are expected to appear on the 2016 ballots in Arizona, California, Maine, Massachusetts and Nevada. According to a recent Gallop poll, 51% of Americans now support full legalization. In 2014, Oregonians voted to legalize marijuana by a 56 to 44% margin. More Oregonians voted to legalize cannabis than voted to retain their incumbent Democratic governor or senator in the same election.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Complex Claims & Litigation Forum 2025Event

This conference aims to help insurers and litigators better manage complex claims and litigation.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.