Marijuana Insurance Thaw Hinges On 'Safe Harbor' Bills

By Jeff Sistrunk (October 25, 2019, 9:56 PM EDT) -- The ongoing federal prohibition of marijuana has left most insurance carriers cold to the idea of issuing property and liability policies to cannabis companies, but the market for the highly sought-after coverage may heat up if Congress approves two "safe harbor" bills that would protect banks and insurers from legal liability for serving legitimate pot-related businesses.

Marijuana is a boom industry in the U.S., as 33 states have legalized medical cannabis and 11 states and the District of Columbia have approved the drug for recreational use. Sales of medical and recreational pot have soared in recent years and are expected to...

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