Cannabis sales hit $21B in 2020, while insurance brokers noticed a boost in premiums. Many states declared cannabis business to be essential throughout the pandemic, as numerous other business sectors shut down to help slow the spread of COVID-19.
Norman Ives, Cannabis Practice Leader at Worldwide Facilities, spoke with Insurance Journal about his experience with rising premiums per customer. Ives said he may have even sold fewer policies in 2020, while revenue and written premium still saw an increase.
“They were better overall policies,” Ives said, attributing the increase in part to the rise in revenues, as well as his years in the business bearing fruit by attracting bigger and better cannabis operators.