INSURANCE FOR CBD & HEMP BUSINESSES
CBD & HEMP
This is an exciting new category of nationwide business. PPIB has successfully jumped into this marketplace and can help brokers understand this rapidly growing industry.
USEFUL TOOLS
OPERATIONS THAT CAN BE COVERED
- Retailer
- Manufacturing
- Distribution
- Wholesalers
- Warehouse / Storage
COVERAGES AVAILABLE NATIONWIDE
(12 month annual policies)
- General Liability
- Property
- Products Liability
OPTIONAL COVERAGES
- Hired / Non-Owned Auto
- Property off Premises
- Inland Marine
OTHER INFORMATION
The Cannabis Industry has grown substantially since Washington State and Colorado legalized it for Adult use in 2012. Overall sales within the legalized U.S cannabis industry were at about $3.5 billion in 2014. It is expected to grow to $17 billion in 2020 and to $30 billion by 2025. Thirty-three states have legalized cannabis for medical use, 10 of which allow Adults over 21 years of age to legally purchase at retail stores for recreational purposes. In 2019, Hemp became federally legal which opened up many more opportunities in nearly all states. The Cannabis/Hemp Industry includes Cultivation, Distribution, Manufacturing, Extraction, Laboratories, Retail Stores & Dispensaries, and ancillary businesses from landlords, consultants and Trim/Harvest independent contractors. For the past 10 years, PPIB has built strong relationships with insurance carriers who specialize in the cannabis and hemp space. Our Underwriting staff has grown with the industry and has experience with all the different needs an Insured can have.
We can help you with Commercial General Liability, Property, Finished Stock, Harvested Material and Living Plant, Care, Custody and Control coverage for Distributors transporting third party goods, Equipment Breakdown, Product Liability needs. We work closely with our carriers to continue to grow our offerings to meet the ever-changing needs.