Why P&C Carriers Must Prepare For The Marijuana Market

Law360, New York (April 19, 2017, 12:13 PM EDT) -- Marijuana is becoming big business as its growth rate zooms past even the astronomical dotcom industry growth rate of the 1990s. The industry had nearly $7 billion in 2016 revenue (a 30 percent increase over 2015), and an eye-popping $20 billion in annual revenue is projected by 2021. Since the 2016 elections, 28 states plus D.C., Puerto Rico and Guam, have legalized marijuana in some form — of these, eight states plus D.C. have legalized its recreational use.

But, in the land of steady habits, a.k.a. property-casualty company boardrooms, many are still reluctant to enter the market — with good reason....

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