Understanding the Challenges there are in the Cannabis Industry when it Comes to Risk Management and Solutions for these
In this primer, we will spend some time taking a review of some of the challenges that the risk professionals happen to be faced with when it comes to the cannabis laws as applicable in the United States. Generally, looking at the state and federal laws on cannabis and the cannabis industry in the United States, these seem not to merge and as such there has been a sore problem posed by these for the risk professionals representing the cannabis businesses and landlords and landowners who may in one way or some other be 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. This has brought about a lot of conflict when it comes to the interpretation of the law and has put a number of cannabis establishments at the risk of contravening the law.
By and large, the developments there have been that touch on the cannabis industry have been an object and subject of study and monitoring by a number out there for some time now, from the legal minds and the players in the cannabis industry. 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. 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.