Optimism High for Passage of Federal Cannabis Insurance Bill: Justin Lehtonen with Business Insurance

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The Clarifying Law Around Insurance of Marijuana Act of 2021, which has bipartisan support, could help open insurance markets for cannabis operators and companies in their supply chains.

As reported by Business Insurance, legislation was introduced to Congress in early March, 2021 that would allow insurers to cover cannabis businesses in many states without the threat of federal penalties, while simultaneously providing relief for the sector. Experts believe this legislation has a good chance of passing.

“Any piece of federal legislation that explicitly recognizes the cannabis industry as legitimate would have the effect of increasing capacity significantly for the insurance industry,” said Justin Lehtonen, Vice President at Worldwide Facilities in Los Angeles, adding that insurers and others “are looking for an opportunity to begin backing this business.”

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