Join PropertyCasualty360 and our sister site Insurance Coverage Law Center for a Twitter Chat on 4/20 at 11 am ET that will discuss emerging commercial auto issues in the cannabis industry.
Gone are the days of Cheech & Chong and the stereotype of the lazy pothead: Cannabis is now a legit business. The legal market for cannabis in the U.S. is valued at slightly more than $15 billion for 2020, with sales projections going as high as $37 billion for 2024 — and those are conservative estimates.
As the cannabis business thrives, issues have arisen around commercial auto coverage. For example, companies that deliver are experiencing coverage challenges, and often without their knowledge. "So many dispensaries have vehicles on the road that aren't properly covered, and they aren't aware of it," said Rocco Petrilli, chairman of the National Cannabis Risk Management Association. "We find it daily in the people we talk to. The attachment to cannabis makes the type of auto coverages these dispensaries need either overly expensive or even cost-prohibitive."
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
