| FROM THE EXPERTS |
Your Guide to Cannabis Insurance
Marijuana regulations at the state level flip-flop on a weekly basis, making it difficult to keep up. When that happens, a new wave of laws and overturned court opinions will sweep across the country.
The only thing changing as quickly as cannabis legislation is the unique insurance needs of this budding industry. We figured you could use a go-to reference for all things cannabis insurance that is current and reliable. …You’re welcome.
Legalization by State
Click on a state below to see how it regulates cannabis. You’ll notice there are six categories: states where cannabis use is fully legal, states where medical use is legal and recreational use has been decriminalized, states that have decriminalized cannabis use only, states where only medical use is legal, states where only CBD oil is legal, and states where cannabis use is fully illegal.
Fully legal
Decriminalized
Medical and decriminalized
Medical only
CBD Oil Only
Fully Illegal
Last Updated: December 2023
Number of states allowing reimbursement for medical marijuana under Workers’ Compensation.
BILLION
Global cannabis sales by 2028.
Number of retail cannabis
licenses in the U.S.
The Future of Cannabis
Despite national approval and state-level support, cannabis remains federally illegal for production and sale. While this is the case, cannabis operations have limited access and options for banking, investor funding, credit card processing, tax relief, and insurance.
It’s only a matter of time, however, until all this will change.
As insurance professionals, it’s imperative that we think through all possible scenarios and diligently prepare ourselves and our clients for what the future of cannabis may bring. Our experts have you covered!
Journey with Us Down the Paths
of Three Possible Cannabis Futures
Why Work with Jencap?
Jencap’s top-of-the-crop team of experts effectively assesses the exposures and needs of our agency partners’ cannabis risks and provides tailor-made, winning insurance solutions.
- 50+ cannabis markets and growing
- New ventures accepted
- High property TIV’s available
- Multi-state operations (including transportation)
- Prior losses accepted
- Excess property coverage available
- National market reach
- Local regulatory expertise
- Occurrence and claims made form options
- Monoline and packaged options available
- Exclusive Site Pollution Liability program
- 50+ cannabis markets and growing
- New ventures accepted
- High property TIV’s available
- Multi-state operations (including transportation)
- Prior losses accepted
- Excess property coverage available
- National market reach
- Local regulatory expertise
- Occurrence and claims made form options
- Monoline and packaged options available
- Exclusive Site Pollution Liability program
Exclusive Programs
Cannabis Site Pollution Liability
Cannabis business operations face significant insurance coverage gaps where pollution is concerned. That’s why Jencap established a first-of-its-kind, exclusive program that provides monoline Site Pollution Liability to cannabis risks.
The program is specifically designed for cannabis cultivators, processors, manufacturers, wholesalers, and distributors. It’s a non-admitted, A+XII rated program that is available in all U.S. states where hemp or cannabis is legal for recreational and medical use. Our program’s exclusive cannabis specific form, broad appetite that includes high hazard operations, and full binding authority that yields quick quotes is the perfect insurance solution for your clients’ next cannabis risk. Program Contact: CSPL@jencapgroup.com
Hired and Non-Owned Auto for Cannabis Couriers
Our affiliate company, MiniCo, provides an exclusive, monoline Hired and Non-owned Auto program for food and cannabis delivery services on A-rated paper. Our brokers deliver account winning solutions with their industry-leading specialization, quick turnaround time on quotes and competitive rates nationwide (program not available in WV). Program Contact: john.ware@minico.com
Industry Insights
Stay Informed
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Cannabis is not a generalist's game. Learn how Jencap provides specific expertise for cannabis coverage.
The regulatory environment and legislation of cannabis greatly impacts the commercial insurance world. Listen in as our experts discuss the implications.
This growing industry brings new challenges, like capacity limits, that Jencap is uniquely equipped to overcome.
Gaps can create frightening situations; our experts know how to ask the right questions to keep your clients covered.
With myriad factors taken into consideration when underwriting cannabis policies for cultivators, retail sellers, and businesses that are processing, manufacturing, and extracting, let's walk through what cannabis underwriters are evaluating.
Jencap cannabis insurance expert, Lee Woodall, shares specific coverages every cannabis operation will need. He also talks through how finished stock/inventory is different for cannabis operations and how evaluations for cannabis can vary from carrier to carrier.
Erich Schutz discusses the important considerations of equipment breakdown and other coverage considerations related to the emerging cannabis insurance market.
Erich Schutz, Jencap’s cannabis insurance leader, joins other industry professionals to discuss the future and nuances of covering psychedelics versus cannabis. In this evolving niche market, it’s essential to consult an expert.
Get the Jencap Cannabis Program Brochure today.
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