This past Wednesday (November 17), Michigan’s Marijuana Regulatory Agency (MRA) announced a recall on marijuana products from two local cannabis testing labs—Viridus North and Viridis Laboratories. The MRA hasn’t released details yet about specific concerns, other than calling the lab results “inaccurate and/or unreliable” and warning that consumers with compromised immune systems or lung disease are most at risk of adverse effects from the recalled products. Although the investigation is still ongoing, this may be one of the largest recalls the state has seen since marijuana became legal to sell commercially at the end of 2019.
Read more about the recent recall here. Then check out the most recent Insuring Cannabis Podcast, where Jencap cannabis specialists Erich Schutz and Lee Woodruff discuss tricky cannabis regulations and how they impact insurance professionals.
When a product, like cannabis, is recalled, companies must swiftly jump into action to protect the safety and wellbeing of their customers. They reach out to retailers to pull product off shelves, notify customers, coordinate product returns, and properly dispose of the recalled products. They may also hire recall consultants or PR experts to help manage communications. This all comes at a significant cost—on top of the lost revenue. Product Recall insurance coverage for cannabis risks has become increasingly difficult to secure. This is where Jencap comes in – we have the market access and expertise to secure product recall coverage for your clients’ cannabis risks.
Jencap has a dedicated team of cannabis specialists that stay on top of the ever-evolving, unique intricacies of the industry from coast to coast. Regardless of whether a business is involved in the cultivation, processing, sales, or distribution of cannabis, we have you and your clients’ needs covered. Contact us today to discuss specific coverage needs.