New Insurance Products for Medical Marijuana Businesses

 
New Insurance Products for Medical Marijuana Businesses

In California, weed has been a fairly accepted part of pop culture for decades, but beyond that, it’s been an accepted part of the medical community for nearly as long.

Now that medical marijuana has been legal for medical use in California for over 20 years (since Prop 215 passed in 1996), there is a large user-base, which is about to expand with our recent recreational-use law passing.

But the Insurance Industry has been slow to open our doors to marijuana risks. With the coming recreational marijuana dispensaries, though, our options have opened up. Right now, before recreational marijuana risks get here, you can get your foot in the door to a burgeoning industry by insuring medical marijuana dispensaries and the doctors who prescribe it.

There is no denying that the Marijuana industry is large, and growing. In California, weed has been a fairly accepted part of pop culture for decades, but beyond that, it’s been an accepted part of medical community for nearly as long. Now that medical marijuana has been legal for medical use in California for over 20 years (since Prop 215 passed in 1996), there is a large user-base, which is about to expand with our recent recreational-use law passing.

A Fortune article last year outlined how the Marijuana industry is growing and is projected to grow over the course of the next four years as more states, like California, legalize recreational marijuana:

While the drug remains absolutely illegal on the federal level, the tide of public opinion has been moving in favor of legal marijuana for years, according to national polls. A handful of states could become the latest to allow the sale of recreational pot following expected votes in November. Four states already have legalized recreational marijuana, and a total of 23 states have legalized medical marijuana.

Well-established medical pot markets in states like California still account for much of the country’s legal marijuana sales, but recreational marijuana sales is expected to help fuel the cannabis market’s soaring growth over the next few years, says ArcView. It projects that adult-use pot sales will account for more than half (53%) of the overall market by 2020. That would represent growth of more than 1,150% for recreational sales over the next four years.

The huge jump in adult-use sales last year coincides with the first full year of recreational marijuana sales in Washington, which launched its legal recreational market in July 2014, as well as the beginning of legal sales in Oregon last fall. Meanwhile, 2015 recreational sales in Colorado had already increased by almost 68% year-over-year after only 11 months.

But the Insurance Industry has been slow to open our doors to marijuana risks. With the coming recreational marijuana dispensaries, though, our options have opened up. Right now, before recreational marijuana risks get here, you can get your foot in the door to a burgeoning industry by insuring medical marijuana dispensaries and the doctors who prescribe it.

If you’re wondering if you have a market for this where you live, check out these stats:

In 2011, San Francisco County had the highest number of registered cannabis use patients at 17812, roughly 30% of the state’s total. Marin County had the next highest, at 4841 patients, followed by Alameda (3918), Riverside (3775) and Los Angeles (3609) (via Marijuanadoctors.com).

That’s where the highest number of registered marijuana-use patients are located, but as of the end of the first quarter of 2016, there were 2,756 recorded medical dispensaries in California — so even if you live elsewhere, there’s still a market for you to seize.

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As California begins to have recreational dispensaries open as well, the industry revenue is projected to boom. Make your way into this niche insurance market now with our Medical Marijuana Insurance Product below.

  • Medical Marijuana Dispensaries Insurance Product Highlights:
  • Professional and General Liability Coverage
  • Medical marijuana dispensaries
  • Doctors who are prescribing medical marijuana
  • E&O coverage available for testing & consulting  for the marijuana industry
  • No farmers/seedsman type risks
  • Submit an application, and loss history if available to begin

 

Medical Marijuana Dispensaries & Doctors Insurance Product Highlight

  • Professional Liability and General Liability Coverage
  • Medical marijuana dispensaries
  • Doctors who are prescribing medical marijuana
  • E&O coverage available for testing & consulting for the marijuana industry
  • Open appetite for risks — Have something? Send it in!
  • Submit an application, and loss history (if available) to begin.

Find medical marijuana dispensaries and doctors near you that may be prospective insurance customers by using weedmaps.com.

Submit Your quote HERE Now.

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“If you can't figure it out, figure out a "work-around!" The NestEggg Group was founded with a firm belief that working exclusively with professional firms to help them see past their history into the potential of their futures. Your potential is limited only by your creativity. Jeff's business purpose— “why”—centers on changing results through viewing things in new ways. He expounds: “Changing our results requires changing our actions. Because what we do proves what we believe, only when we change our beliefs can we progress. New insights are what cause us to shift our beliefs.” So what results do you want to attain? Call Jeffrey (1-888-987-NEST) when it’s time for progress. About Robert "Jeffrey" Wolter, President The NestEggg Group, Inc & EgggsAct Tax, Inc. & Managing Member NestEggg Investment Advisors Jeffrey is a common sense and productivity strategist. He facilitates and teaches about growth, positioning, and pricing strategies; leadership; operations; business communications and philanthropy. What he does best—differently from others—is energize people while he shows them how to solve business effectiveness. He clarifies the intricate, huts new light. He encourages hope. He sets you up to make development possible. Jeffrey is recognized for his original ideas and success with practical implementation, even as he challenges the "norm". Jeffery is a skilled facilitator. His deep knowledge of his firm(s) operations and ability to understand the intricacies of All of his clients, gives way to sharp observation skills allow his grasp a firm’s nuances quickly. He then guides firm owners and their teams on their unique paths toward improved profitability, smoother operations, stronger cultures and how and when to give back. Since 1998, he's helped more than 5,024 QuickBooks users and business owners achieve results such as: expanding revenues, attracting and inspiring talent, aligning operations with long-term objectives, discovering and leveraging their differentiation, substantially increasing sales and proposal results, strengthening relationships with their clients, and finding more joy in their work. His 25+ year career background includes roles as entrepreneur, finance director, board of director for several nonprofit, creative business development, insurances agency owner, Wealth Management Firm owner, editor, Tax Specialist, Accounting Director, Mediator and more. Before creating his firm in 2007, Jeffrey was an accountant for several well know local firms and individuals. After building a successful accounting practice, he became intrigued and inspired by the uniqueness of how Insurance, Investment's/Wealth Management, Taxes and Accounting/Bookkeeping all tend to work together, he branched out and created his list of Affiliate Companies in 2012 & 2013 In 2013, joined the Intuit Accountants Council and has assisted in the continued enhancement of the popular QuickBooks (Desktop and Online versions) and did so until late 2015. In 2014 with the legalization of Marijuana, Jeff and his team have committed themselves to knowing as much about the industry and being there to offer Cannabis Compliant, Accounting, Tax & Insurance to business owners that have or need help in keeping in with the Federal government's "280E"
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