Panel Discussion on Cannabis Risks and Insurance
For those who may be interested in hearing the latest on cannabis insurance and risk, Perin Conferences is hosting a panel discussion on such a topic. Included in the panel is Mr. Michael Aberle from Next Wave Insurance Services, LLC. Mr. Aberle is well known throughout the insurance industry and pioneer of the cannabis insurance industry. Next Wave Insurance, LLC is a licensed Surplus Lines Broker based in California offering cannabis insurance to retail insurance brokers.
Besides Mr. Aberle, the panel will include attorneys from the law firm Wilson Elser Moskowitz Edelmen & Dicker, LLP whose firm appears to becoming the “go to” firm for insurance related matters with cannabis.
Both Next Wave Insurance, LLC and Wilson Elser Moskowitz Edelmen & Dicker, LLP are members of the National Cannabis Industry Association Insurance and Committee Panel.
Michael Aberle, Senior Vice President, Next Wave Insurance Services, LLC
Dean Rocco, Esq., Wilson Elser Moskowitz Edelman & Dicker LLP
Ian Stewart, Esq., Wilson Elser Moskowitz Edelman & Dicker LLP
Corey Tobin, Assistant Vice President, Bolton & Company
Tuesday, February 27, 2018
2:00pm – 3:30pm EST
This panel of insiders within the cannabis insurance and legal space will provide an overview of the business of legalized marijuana production, supply and sales, as well as the unique risks presented by the cannabis market. The panel will identify insurance products available on the market, as well as potential gaps in coverage and anticipated trends for new coverage that may become available as the market inevitably expands. The unique underwriting and claims risks presented by legalized marijuana will also be covered. The panel will use fun audiovisual aids in presenting this exciting new topic.
To Register: Click Here
February 21, 2018 (#021)
SACRAMENTO, Calif. — Insurance Commissioner Dave Jones announced today he has approved the first surety bond program for the cannabis industry in the State of California. Continental Heritage Insurance Company is the first insurer in the state to be approved to offer surety bonds for the cannabis industry.
“Cannabis businesses should have insurance coverage available to them just like any other California business,” said Insurance Commissioner Dave Jones. “As Insurance Commissioner, my mission is insurance protection for all Californians, which includes insurance for California’s legalized cannabis businesses. I encourage more insurance companies to file cannabis business insurance products with the department to meet the needs of this emerging market.”
Cannabis Surety Bonds are needed for various entities seeking licensure under the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). The State of California requires a surety bond in the amount of $5,000 for most licensing categories.
Surety bonds are required by licensing agencies to guarantee the behavior of licensees. A license bond guarantees that the entity will comply with the laws and regulations for that entity. These bonds ensure compliance with licensure and permit requirements, and guarantee payments related to the cost incurred for the destruction of cannabis goods and materials in the event of a violation of the applicable regulations.
The new program from Continental Heritage is the first-of-its-kind for California’s new and evolving cannabis industry.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry. This first filing and approval of commercial insurance for the cannabis industry was announced in November of last year as a successful result of Commissioner Jones’ initiative. Jones has convened meetings between commercial insurance company executives and cannabis business owners to educate the insurance industry about the sophistication, professionalism and risk management of the cannabis industry. Jones has also organized tours for insurance executives at cannabis businesses.
In October of last year, Jones held a first-in-the-nation public hearing to identify insurance gaps faced by the cannabis industry. Cannabis businesses and insurance industry representatives testified about the limited availability of insurance for cannabis businesses. The hearing revealed that while there is insurance available from surplus lines insurers, insurance coverage is limited in scope and, until the approval announced last November, commercial carriers were not yet writing insurance. Jones also announced that department staff would be allocated to cannabis insurance filings.
OLYMPIA – The Washington State Liquor and Cannabis Board (LCB) served a search warrant February 15, 2018 on Smoke Supply located at 8904 South Tacoma Way #6, Lakewood, WA, which is licensed to sell tobacco and vapor products. Officers received an anonymous tip that the business was also selling marijuana without a license.
An LCB Enforcement officer entered the location and made an undercover buy from the licensee, Peter J. Kim, purchasing seven grams of marijuana flower for $60.00. Based on the controlled purchase, officers obtained a search warrant for the business, seizing over five pounds of marijuana and a firearm. The retail value of the product is estimated at over $20,000.
Mr. Kim was arrested and booked into Pierce County Jail for unlawful possession and distribution of a controlled substance. In addition LCB Enforcement will be pursuing administrative penalties against the business for operating in violation of Chapter 69.50. The penalty for that violation is cancellation of both the tobacco and vapor product licenses
MCBA partners with the University of Denver and
Hoban Law Group to host inaugural
Cannabis Opportunity Summit
The Summit aims to strengthen the ability of minority entrepreneurs, business owners, and employees to succeed in the emerging cannabis industry.
DENVER, CO — The Minority Cannabis Business Association (MCBA) has partnered with the University of Denver’s Daniels College of Business and Hoban Law Group to host the first ever Cannabis Opportunity SummitMarch 22-24, 2018 in Denver. The purpose of the Summit is to provide resources, information, and connections to businesses and entrepreneurs from the communities most impacted by the war on drugs. It will also feature the launch of MCBA’s expungement and record-sealing clinics in Colorado, which will aim to remove or seal non-violent drug offenses from the permanent records of people looking to gain fairness in employment, housing, and more.
“This event recognizes the consequences of the War on Drugs, and outlines best practices to move burgeoning entrepreneurs and businesses forward as we work together to mold the nascent cannabis industry into a better and more equitable industry, not just another industry.” said Kayvan Khalatbari, MCBA board member and 2019 Denver mayoral candidate. “This event will be unlike any other cannabis conference currently being produced across the country, offering unique speakers and topics, and inclusive of a broader spectrum of current and hopeful cannabis industry participants.”
More than five years after Colorado legalized cannabis, less than 1 percent of licensed cannabis businesses are currently minority-owned. Structural and institutional barriers to entry often prevent otherwise talented and capable entrepreneurs of color from participating in the emerging cannabis industry–a novel economic opportunity for communities that have borne the brunt of the Drug War.
This Summit aims to provide an educational and professional opportunity for minority entrepreneurs to learn from and meet some of the industry’s leading experts. The three-day program will include speaker sessions and interactive workshops covering a wide range of topics, including market and opportunity analyses, operational differentiators, community reinvestment, cultural integration, advocacy and lobby training, and much more.
“Hoban Law Group is proud to be partnering with the Minority Cannabis Business Association and the University of Denver to present the first annual Cannabis Opportunity Summit,” said Hoban Law Group Chief Operating Officer Kate Strickland. “While the cannabis industry continues to make strides towards becoming more thoughtful, inclusive and supportive of minority communities, we recognize that much work remains to be done and we look forward to the Opportunity Summit as a chance to further this important mission.”
MCBA is the only nationwide trade association representing the interests of minority-owned businesses and their communities in the cannabis industry. Hoban Law Group is the nation’s only full-service cannabis business law firm, servicing all legal medical and adult use states. HLG has attorneys in every state and territory where legalization has occurred and is expanding internationally in 2018. Like with all industries, the Daniels College of Business has faculty who research and study this emerging field, including active programming in their business and law schools.
What: Cannabis Opportunity Summit
When: Thursday, March 22 – Saturday, March 24, 2018
Where: University of Denver Daniels College of Business
Registration: Early Bird: $99 members / $119 non-members (scholarships available)