It’s 2021 and the time for a cannabis business to take off is now. One of the best things you can do when working in the cannabis industry is make an effort to stay on top of any emerging news as well as legislature efforts that are in the making toward cannabis legality.
In this blog, we want to give you the lowdown on what’s going on and how it could potentially affect your business. We’ll give you some information on the best places to get your news and we’ll tell you about your greatest asset to protect you from risks you face: cannabis business insurance designed specifically for your unique endeavors.
WHAT’S UP IN THE CANNABIS INDUSTRY?
Staying on top of the news can be a little daunting. You already stay up-to-date with politics, pop culture, the world, and more and now you have to add something else in? Think about it though, were you in any other industry, you’d likely make an effort to see what’s going on too.
If you’re not sure where to start or don’t want to sift through various sites on your own, here’s a list of our top 5 favorite cannabis industry websites:
This collection of sites will open your eyes to emerging industry changes, bill, and law proposals in states across the nation regarding cannabis, as well as allow you to learn more about cannabis and the strains and products people are creating.
NOTABLE NEWS UPDATES
Without going into tremendous detail, let us tell you a little about what’s going on in the cannabis world.
- Future of Cannabis Prohibition: The cannabis prohibition era is evolving and slowly coming to its end. According to the Cannabis Industry Association, prohibition has been crumbling with the aid of voter and legislative revolt within the past decade. Even though federal laws haven’t changed much in recent years, state laws have and continue to do so. Many states have legalized medical marijuana use with 15 of them, including the District of Columbia, legalizing adult use of the drug. With the majority of Americans having access to cannabis, the nation will begin to see more legalization laws. In 2021, Kentucky, South Carolina, and Alabama are filing bills to legalize medical cannabis use. Other states seeking legalization include New York, Connecticut, New Mexico, and Pennsylvania. Across the nation, business owners and lawmakers alike are celebrating the removal of hemp from the Controlled Substances Act, proving that progress has been made.
- Two New Bills to Follow in 2021: Following more federal legislation, two bills are likely to make their way through congress in 2021. These include the STATES Act which would recognize the legalization of cannabis and US state laws that have legalized it through their legislatures. The act would amend the Controlled Substances Act of 1970 to exempt cannabis products and businesses. This bill has been around since 2018, and state lawmakers are hopeful for any passing of it this year. The second bill making its way through Congress and the senate is the MORE Act, with its historical passing in the House of Representatives, the act will now move on to the senate. This bill aims to deschedule marijuana and remove it from the federal government’s list of Schedule I Controlled Substances as well as expunge records for convicted marijuana offenses.
- Vape Legislation: Are you in the business of creating distillates or oil-based THC products? This year, some states are opting to launch further regulations and restrictions on vapable THC products. Since 2019, when vape-related lung issues killed 60 people and injured nearly 3,000, states have been tightening regulations on labeling and origin requirements. As it stands, there are no restrictions on what can go into a THC cartridge making it difficult to discern between black-market products and high-quality dispensary products.
WHY DOES THIS MATTER?
When you’re running a business, everything that might have to do with your industry should matter. And when you’re running a business within such a controversial industry, staying updated is of the essence. Staying current on state and national laws could help your business avoid potential legal risks that might apply to new legislation. Cannabis laws are constantly changing and without the knowledge that comes with a simple email sign up or website visit, you’ll miss out on a lot.
Do your best to stay in-the-know for your best year yet.
SUCCEED WITH CANNABIS BUSINESS INSURANCE
With much change in legislation, you’re likely wondering what active steps you can take to protect your business and stay in line with current regulations as well as simply protect yourself against facing any potential lawsuits. Whether you’re working with THC or CBD products, or consumable or topical products, Insurance Canopy can be your saving grace for cannabis business insurance.
Cannabis business insurance includes a range of business insurance coverages you need in order to even have a business in place. These coverages include property insurance, crop coverage, general liability, product liability, and inland marine coverage for transporting goods. These coverages are designed to protect your business in the case of a lawsuit and could help you avoid the financial fallout often associated with being sued.
Because cannabis businesses are still much newer than other types and because there is much to invest and look into before starting a business, you want to be sure you have everything required in order.