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in the Cannabis Industry
ROLLING STONED: A Coverage and Claims-Centric Review of Recent Lobbying, Legislative, and Legal Developments in the Cannabis Industry
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PRESENTERS C. Benjamin Peoples, Partner, TT&H
Joshua J. Bovender, Partner, TT&H Jeffery T. Criswell, Associate, TT&H Andrew Blasco, Executive Director, PAMCIG
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OVERVIEW Current Laws Industry & Lobbying Underwriting & Coverage
Claims
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Goals Specific, Specific, Specific Writing Risks Based on the Market
Completed by Cocktail Hour
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Current Legal Obstacles & Issues
Part I Current Legal Obstacles & Issues
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Industry Goals, Lobbying Efforts, and Legislative Response
PART II Industry Goals, Lobbying Efforts, and Legislative Response
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History Involvement of Federal Government
From West Coast to East Coast Development and Evolution of Programs
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From “Seed to Sale” Growers & Cultivators Processors & Manufacturers
Labs Transportation Dispensaries
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Legislative & Lobbying Perspective
Medical Benefits Taxation Black Market Reduction
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Industry Direction Numbers of Patients Dollar Amount of Proceeds
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Pennsylvania Specifics
Program Elements Growers/Processors Dispensaries Labs Transportation
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Pennsylvania Specifics (Cont’d)
Program Estimates: Patient Potential Evolution
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Pennsylvania Specifics (Cont’d)
Pennsylvania Program Requirements Compliance Banking Insurance
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Underwriting & Coverage
Part III Underwriting & Coverage
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Why Cover? Rapidly expanding market
Limited competition (Higher premiums) Exposure to ancillary, non-marijuana, businesses Familiar risks and needs
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Coverages Needed General Liability Products Liability
Property Liability Workers’ Compensation Crop Liability Professional Liability Equipment Breakdown Business Interruption
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Risks Requiring Coverage
Growers Suppliers/Processors Dispensaries Caregivers Medical professionals Building owners Property managers
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Considerations for Insurers
State vs. federal law dichotomy Stigma Lack of access to banking Unchartered territory
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Part IV Claims
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General Concept New Risks Limited Actuarial Data
Track Industry Development Old school song, new school beat
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First Party Claims Property Business Interruption Equipment Breakdown
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Third Party Claims General Liability Products Liability Crop Liability
Professional Liability
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The end COMMENTS OR QUESTIONS?
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