Farm Bill of 2018
The Farm Bill of 2018 removed a derivative of the marijuana plant from the list of controlled substances. The Farm Bill of 2018 removed hemp from the controlled substances list.
CRB Definitions
CLAIM
The Clarifying Law Around Insurance of Marijauna Act discusses the ability for insurance companies to conduct business in states or commonwealths where legal medical cannabis and recreational marijuana has been legalized. The act aims to expand availability of insurance options to owners and purveyors within the legal marijuana community.
SAFE
Otherwise referred to as the Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021. To sum it up, this bill pretty much makes it do-able for a Cannabis Related Business to have a legitimate bank account. This legislation passed on 04/19/2021 finally allows CRB’s to conduct their banking needs …
NAIC Cannabis Insurance Working Group
Specifically this group has a sub committee specifically referred to as the Property and Casualty Insurance Committee. They have a great calendar of events, please check it out.
NAIC
Outlines recent updates to the cannabis industry as it relates to insurance and financial matters. There are great links that continue to be a resource to our agents and staff.