Legal marijuana trade holds opportunities for business insurers
The growth of the legal marijuana industry in the US is opening up opportunities for insurers of the cultivating companies. The nature of the product means it has a higher theft and vandalism risk profile and there may also be liability issues when growers offer product recommendations and advice. The cannabis industry is highly regulated and requires careful compliance practices. Cannasure, which offers insurance to cannabis growers, has teamed up with compliance software firm Simplifya to tackle both issues.
One concern for insurance providers selling policies to cannabis business owners is whether they are fully compliant with state and local regulations. Here, James Lathrop, the owner of Cannabis City in Seattle, stands behind his edibles counter. (AP Photo/Ted S. Warren)

Count this among the ways that a changing world is impacting independent insurance agents:

The legal cannabis industry, which includes both marijuana and hemp businesses, is growing at a rate of roughly 25% a year, according to one industry group.