Analysis

Legal Marijuana Boom Opens Door For Specialty Insurers

Law360, Los Angeles (November 21, 2016, 9:18 PM EST) -- The recent wave of successful state ballot initiatives legalizing recreational or medical marijuana has paved the way for insurance carriers specializing in pot-related risks, as most major insurers doing business nationwide continue to sit on the sidelines due to the ongoing federal prohibition of the drug.

Earlier this month, voters in California, Maine, Nevada and Massachusetts signed off on recreational use of cannabis, bringing the number of states allowing general adult use of the substance to eight. Meanwhile, Arkansas, Florida, Montana and North Dakota joined the ranks of more than 20 other states permitting the manufacture and sale of medical marijuana....

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