Cannabis Risk Management Issues-Reviewing the Risk Management Implications of the Federal and State Laws on Cannabis
We are going to have a look at some of the challenges that are faced by the risk management experts when it comes to the laws regarding the cannabis industry as in place in the United States. When you look at the state and federal laws regarding cannabis and the industry at large, one thing that we see is the fact that there is some sort of disconnect in these laws and as a result of this disconnect, players in the cannabis industry, from the risk professionals representing the cannabis businesses, to the landlords and landowners who may have some interest or involvement in some way with the cannabis industry, have been faced with a challenge when it comes to these laws and their application.
By far and away, in as much as the possession and use of marijuana has been legalized, either in part or fully, in many states in the United States, when it comes to the federal laws, it is still classified under the Controlled Substances Act as a “Schedule 1 Narcotic”. Due to this, we have had and seen a number of cases of conflict when it comes to the interpretation of the laws on cannabis and quite a number of companies have found themselves on the edge of breaking the law, even in their innocence or presumed ignorance.
The developments related to the cannabis industry have been a subject of monitor by a number, legal experts and players in the industry for some time now. Generally, the cannabis industry is still an evolving industry and for this reason, this lack of “uniformity” per se when it comes to the interpretation and application of the law regarding the industry happens to be such a cause of challenge to it anyway. This be as it may, we have given in this guide some ways to help you navigate and scour your way around this industry despite the challenges there may be for you as a player in it.
One of the challenges that has been faced by many players in the legal marijuana industry when it comes to risk management is the need for insurance for their practice’s. Talking of these, one of the challenges that has been there in the legal marijuana industry has been that of adequate insurance coverage and as such the need to have a dedicated insurance provider for the players in the legal marijuana industry and for this reason, looking at the fact that what the traditional insurance providers have for them have proved to be inadequate for their special needs and challenges when it comes to their need for effective risk management. One of the establishments that have come in to offer a specialty solution when it comes to insurance products for the players in the medical cannabis industry is the National Cannabis Risk Management Association, NCRMA.