Friday, March 19, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, March 19, 2021 | Curated by host Shea Gunther

// Marijuana Banking Bill Reintroduced In Congress With Broad Bipartisan Support From More Than 100 Lawmakers (Marijuana Moment)

// Schumer Marijuana Bill Will Stop Big Alcohol And Tobacco From Dominating Market He Says (Marijuana Moment)

// ‘It’s inevitable’: Delaware lawmakers introduce bill once again to legalize marijuana (WDEL News)


These headlines are brought to you by MJToday Media, publishers of this podcast as well as our weekly show Marijuana Today and the most-excellent Green Rush Podcast. And check out our new show Weed Wonks!


// California’s provisional marijuana licensing crisis resurfaces possibly disrupting thousands of MJ companies (Marijuana Business Daily)

// Cresco to Buy Massachusetts Cannabis Operator Cultivate for $90 Million With Additional Potential Earnout (New Cannabis Ventures)

// Ontario Cannabis Store appoints sixth president in three years raising industry concern (Marijuana Business Daily)

// Hexo Turns In Solid Quarter As Stock Jumps On The Earnings (Green Market Report)

// Canadian cannabis producer Canopy Growth borrows $750 million (Marijuana Business Daily)

// Marijuana real estate merger creates firm worth $435 million in assets cash (Marijuana Business Daily)

// Bipartisan Senate Bill Would Give Marijuana Businesses Access To Insurance Coverage (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: Kevin Harber/Flickr

Friday, February 7, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, February 7, 2020 | Curated by host Shea Gunther

// Aurora announces CEO Booth’s departure, layoffs and up to CA$1 billion in writedowns (Marijuana Business Daily)

// Top Connecticut Lawmakers File Marijuana Legalization Bill On Behalf Of Governor (Marijuana Moment)

// Washington state lifts ban on cannabis vape products (Marijuana Business Daily)


These headlines are brought to you by Green Worx Consults, a company specializing in project management, workflow mapping and design, and Lean & 6 Sigma process. If you could use help making your business better at business, get in touch with Green Worx Consults.


// USDA Announces Two More Hemp Insurance Programs (Marijuana Moment)

// Maine enlists Metrc as state’s marijuana traceability provider (Marijuana Business Daily)

// Pure Oasis becomes first Boston retail marijuana shop and economic empowerment applicant to receive final license hopes to open later this month (Mass Live)

// New Hampshire Senate Approves SB 420 To Let Medical Marijuana Patients Grow Their Own (Marijuana Moment)

// Planet 13 Cafe Is Paying Off As Sales Stay Strong (Green Market Report)

// KushCo Holdings Raises $16 million with Unit Sale at $1.60 (New Cannabis Ventures)

// Psychedelic Clinic Company Field Trip Raises $8.5 Million (Green Market Report)


Check out our other projects:
Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement.
Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: Lenny K Photography/Flickr

Tuesday, June 9, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Tuesday, June 9, 2020 | Curated by host Shea Gunther

// California Governor Says Marijuana Legalization Is A ‘Civil Rights’ Matter Amid Mass Protests Over Racial Injustice (Marijuana Moment)

// Schwazze To Buy Star Buds Locations In Colorado (Green Market Report)

// Oregon Sold a Record $103 Million Worth of Legal Weed Last Month (Merry Jane)


These headlines are brought to you by Natural Order Supply, one of the nation’s premier cannabis cultivation supply companies dedicated to streamlining cultivation and helping industrial hemp farmers calculate their price-per-plant cost. They have everything from lights to harvest supplies to cultivation advice!


// Iowa Senate approves new medical marijuana bill, heads to Gov. Reynolds’ desk (Siouxland Proud)

// Burglary-related losses total millions as cannabis companies pick up the pieces; insurance coverage unclear (Marijuana Business Daily)

// Ontario Cannabis Store report shows Aurora leading flower sales, COVID-19 sales boost (Marijuana Business Daily)

// Illinois offering $31 million in cannabis tax revenue to repair drug war damage (Leafly)

// Vermont Senate Votes To Double Amount Of Marijuana That Can Be Possessed And Grown Without Jail Time (Marijuana Moment)

// Vireo Health, Bruce Linton Part Ways (Green Market Report)

// Judge orders sheriff in California to return seized marijuana oil, cash (Marijuana Business Daily)


Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: Geoff Livingston/Flickr

Tuesday, June 9, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Tuesday, June 9, 2020 | Curated by host Shea Gunther

// California Governor Says Marijuana Legalization Is A ‘Civil Rights’ Matter Amid Mass Protests Over Racial Injustice (Marijuana Moment)

// Schwazze To Buy Star Buds Locations In Colorado (Green Market Report)

// Oregon Sold a Record $103 Million Worth of Legal Weed Last Month (Merry Jane)


These headlines are brought to you by Natural Order Supply, one of the nation’s premier cannabis cultivation supply companies dedicated to streamlining cultivation and helping industrial hemp farmers calculate their price-per-plant cost. They have everything from lights to harvest supplies to cultivation advice!


// Iowa Senate approves new medical marijuana bill, heads to Gov. Reynolds’ desk (Siouxland Proud)

// Burglary-related losses total millions as cannabis companies pick up the pieces; insurance coverage unclear (Marijuana Business Daily)

// Ontario Cannabis Store report shows Aurora leading flower sales, COVID-19 sales boost (Marijuana Business Daily)

// Illinois offering $31 million in cannabis tax revenue to repair drug war damage (Leafly)

// Vermont Senate Votes To Double Amount Of Marijuana That Can Be Possessed And Grown Without Jail Time (Marijuana Moment)

// Vireo Health, Bruce Linton Part Ways (Green Market Report)

// Judge orders sheriff in California to return seized marijuana oil, cash (Marijuana Business Daily)


Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: Geoff Livingston/Flickr

Anatomy of a Cannabis Insurance Policy: Exclusions

Previously I wrote about insurance generally (see here) and products liability insurance specifically (see here). Today I want to look at some policy exclusions to point out potentially problematic terms that you may notice when reviewing your insurance contract during your annual insurance audit.

First, I need to mention some truths that I believe are accurate in the insurance context, based upon my many years of interacting with business clients:

Many business owners never read their policies. Insurance contracts are often dozens or hundreds of pages long. They are complicated, and they are not written like other contracts, which makes them worse to read than a normal business contract. This results in many business owners meaning to read the contract but rarely getting beyond the coverage jacket on the first page of the policy.

Many business owners never have anyone on their team read their policies. Business owners generally intend to (and do) delegate the insurance review and renewal to someone on their executive team, but that rarely results in anyone reading the contract beyond the first page of the policy. Many insurance owners do not want to pay their lawyer to review their policies, so they will often rely on their broker to assure them as to what coverage they have. Because insurance claims arise only intermittently, the importance of the insurance contract seemingly pales when compared to supply and customer contracts that are the lifeblood of the business, so these tend to fall by the wayside until the next annual renewal.

The right insurance broker or agent can be your ally. First, some terminology. An insurance broker represents an insurance buyer, and an insurance agent represents one or more insurance companies. If you are familiar with real estate, you can analogize to the commercial insurance context. An insurance broker is similar to a real estate buyer’s agent, while an insurance agent is similar to a real estate dual agent who represents both the buyer and the seller in a transaction. Each of these individuals can be helpful to you in the right context with the right motivation. An insurance broker will always be your ally because they work for you and can shop your needs around to various insurance companies. An insurance agent is generally “captive” to the company or companies they represent and has to sell you insurance products offered by those companies, but they are still motivated to sell you a good product to keep your recurring business year after year. In both scenarios, you will not know all of the types of policies that are available, even if you are familiar with the basic insurance policies: commercial general liability, employment practices, workers’ compensation, directors & officers, property casualty, product liability, commercial vehicle, business interruption, and key person insurance. It is better to rely on someone within the industry than try to decipher the purchasing process by yourself.

Insurance companies are not your friends. I know many insurance agents and brokers, and many are good people who are motivated to provide good service, but there is a reason why companies hire good, experienced law firms to help negotiate with insurance companies when they want to make a claim for a loss against their policy. I also know many lawyers who work for insurance companies doing “insurance defense work” where they fight hard to help their insurance company clients avoid paying out funds to their insured. It is not pretty to be on either side of the table. But you do not want to try to navigate the technical and complex morass by yourself.

Let’s shift from these general points to the topic of insurance riders:

Insurance riders explained. A cannabis company growing hemp or marijuana will typically obtain a commercial general liability policy in response to a statutory requirement to carry insurance, like this language from Washington:

The licensee shall at all times carry and maintain commercial general liability insurance or commercial umbrella insurance for bodily injury and property damage arising out of licensed activities. The limits of liability insurance shall not be less than one million dollars.

(a) This insurance shall cover such claims as may be caused by any act, omission, or negligence of the licensee or its officers, agents, representatives, assigns, or servants.

(b) The insurance shall also cover bodily injury, including disease, illness and death, and property damage arising out of the licensee’s premises/operations, products, and personal injury.

These broad categories above are, in theory, the items that will arise in the life of a cannabis company, but the ubiquitous insurance riders (contract amendments) chip away at this protection. Your policy will not cover every event on purpose, even if you try to buy the most comprehensive policy you can find. And if you do want to procure a policy that covers every potential event, it will almost always be too expensive for your budget. It is to your benefit to audit your policies and understand what events are and are not covered and know your business well enough to know what events are most likely to arise based upon your business plan.

When auditing your insurance coverage, pay close attention to the insurance riders that appear at the end of most sections of an insurance contract. After reviewing hundreds of pages of insurance policies as part of my due diligence for a recent M&A transaction, I point out the following language from actual insurance policies that may cause the typical cannabis business owner to pause:

  1. This policy does not cover seeds, seedlings, vegetative plants, flowering plants, or harvested material that is not yet finished stock.
  2. This insurance does not apply to bodily injury and property damage arising directly or indirectly from alcoholic beverages.
  3. This [workers’ compensation] policy excludes volunteers and employment practices liability.
  4. This [workers’ compensation] policy does not cover business owners.
  5. This policy excludes nutraceutical substances such as essential oils.
  6. This policy excludes vaporizing devices.
  7. The insured must notify the company regarding a change of ownership. (This is not, strictly speaking, an exclusion like the others above, but it was significant enough that I wanted to include it here.) This clause becomes relevant in the M&A context and is different from the standard change of control language in other contracts (like bank financing agreements) that could impact whether you decide to do a stock deal or asset deal. A change of ownership impacts the covered company’s experience rating, and insurance companies love any excuse to reassess a company’s risk profile, find increased risk, and raise a premium as a result.

Attorneys get paid to deal in details. Often business owners believe they are covered by an event when they really are not, but you have to look beyond the insurance coverage jacket and diagram the effect of your insurance riders. This is why we always recommend a comprehensive insurance audit at least once per year.

For more information on the twists and turns of insurance policies, see the following posts:

Friday, February 7, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, February 7, 2020 | Curated by host Shea Gunther

// Aurora announces CEO Booth’s departure, layoffs and up to CA$1 billion in writedowns (Marijuana Business Daily)

// Top Connecticut Lawmakers File Marijuana Legalization Bill On Behalf Of Governor (Marijuana Moment)

// Washington state lifts ban on cannabis vape products (Marijuana Business Daily)


These headlines are brought to you by Green Worx Consults, a company specializing in project management, workflow mapping and design, and Lean & 6 Sigma process. If you could use help making your business better at business, get in touch with Green Worx Consults.


// USDA Announces Two More Hemp Insurance Programs (Marijuana Moment)

// Maine enlists Metrc as state’s marijuana traceability provider (Marijuana Business Daily)

// Pure Oasis becomes first Boston retail marijuana shop and economic empowerment applicant to receive final license hopes to open later this month (Mass Live)

// New Hampshire Senate Approves SB 420 To Let Medical Marijuana Patients Grow Their Own (Marijuana Moment)

// Planet 13 Cafe Is Paying Off As Sales Stay Strong (Green Market Report)

// KushCo Holdings Raises $16 million with Unit Sale at $1.60 (New Cannabis Ventures)

// Psychedelic Clinic Company Field Trip Raises $8.5 Million (Green Market Report)


Check out our other projects:
Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement.
Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: Lenny K Photography/Flickr

Thursday, October 24, 2019 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Thursday, October 24, 2019 | Curated by host Shea Gunther

// Tainted vape pens selling 2-for-1 in illegal California stores (Leafly)

// Maine pick-your-own hemp farm in limbo after bank, insurance company cancel accounts (WMTW 8 ABC)

// MJBizDaily leadership change: Co-founder Farrington stepping down as CEO; Walsh to take reins (Marijuana Business Daily)


These headlines are brought to you by Curaleaf, one of the leading vertically-integrated cannabis operators in the U.S. With legal medical marijuana dispensaries, cultivation sites, and processing facilities all over the United States, Curaleaf has served more than 100,000 medical cannabis patients and looks forward to helping many more long into the future. Swing over to Curaleaf.com to learn more about this very cool company!


// Sen. Liz Krueger optimistic about pot legalization in 2020 (AM New York)

// Gov. Reynolds says she is ‘not afraid’ to take executive action on vaping if necessary (CBS 2 Iowa)

// HEXO Raises $70 Million through Private Placement Convertible Note (New Cannabis Ventures)

// Alberta cannabis producer readies Canada’s largest rooftop solar array (Marijuana Business Daily)

// Canada has a cannabis packaging problem: Here’s what businesses are doing about it (Marijuana Business Daily)

// Judge throws out class action lawsuit against cannabis delivery giant Eaze (Marijuana Business Daily)

// Presidential Candidate Pete Buttigieg Tours Marijuana Dispensary And Grow House (Marijuana Moment)


Check out our other projects:
Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement.
Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

Love these headlines? Love our podcast? Support our work with a financial contribution and become a patron.

Photo: WeedPornDaily/Flickr

Vapers May No Longer Pay Less For Life Insurance Than Smokers

A major U.S. insurance company is planning to increase life insurance premiums for its customers who vape. The move by Prudential will bring rates for customers who use e-cigarettes into alignment with those charged smokers, the company said in a statement on Thursday.

“Prudential will reclassify users of e-cigarettes to treat them as smokers and in line with our cigarette smoking guidelines,” a company spokesman said. “Smokers typically will have higher-priced policies.”

The change will go into effect for customers applying for individual life insurance policies. Smokers typically pay about 50% more per year than nonsmokers, according to quotes from online insurance sites. The difference could add up to an additional $350 to $800 per year, depending on the health of the applicant and other factors.

The move by Prudential, a Fortune 500 company that provides insurance and other financial services in more than 40 countries, comes in the midst of the ongoing bout of serious lung injuries that have been linked to the use of e-cigarettes and other vaping devices. As of this week, at least 1,100 cases of the severe lung illnesses associated with vaping and 23 deaths have been reported by the Centers for Disease Control and Prevention.

“Increased attention on vaping over the past few months and linkages to a few deaths and multiple illnesses, have resulted in warnings from the FDA, federal government and some states banning the use of flavored e-cigarettes,” the spokesman said.

Risks of Vaping Unknown

Loretta Worters, the vice president of the Insurance Information Institute, said that the risks of vaping are not yet known.

“There hasn’t been enough statistical data to say whether or not they’re as bad as traditional cigarettes. Let’s not forget that it took 20 or 30 years before that connection was made,” said Worters. 

“Before you pick up that e-cigarette, people should ask themselves, ‘Is it worth the risk?’ “she added.

The federal government and several states have announced that they will ban flavored e-cigarettes while Massachusetts has gone even further, banning all vaping devices.

But Gregory Conley, the president of the American Vaping Association, an industry trade group, said that the rash of lung illnesses is being unfairly attributed to legal nicotine e-cigarettes, leading to headlines critical of the industry.

“They are the result of so many governmental officials spreading misinformation and doubt about nicotine vaping products,” he said. “Those illnesses and deaths are almost exclusively caused by the use of illicit and contaminated THC (marijuana) cartridges.”

Although the lung illnesses have been associated with vaping, the exact cause continues to elude health officials. Many patients who have been treated have reported that they had vaped cannabis, although some have said their use of vaping devices was limited to nicotine products.

Efforts to determine a cause continue, and have so far focused on the use of vitamin E acetate and other additives in vape carts, potential chemical contamination, and the cartridges themselves.

The post Vapers May No Longer Pay Less For Life Insurance Than Smokers appeared first on High Times.