Risk Management Planning for Legal Cannabis Grow Ops
Emerging industries are especially vulnerable to the day to day risks of doing business because they are often under-served by the infrastructure that is meant to support new companies and mitigate risk for commercial entities of all sizes. It’s not just insurance, either. Taxes, banking, and even legal representation for your business matters can be hard to find when you’re in a field that is still emerging the way the cannabis field is. Uneven legalization, conflicts between levels of government, and continuously evolving regulations all pose additional risks of their own, in addition to the exposure, they cause to everyday risks like theft or natural disaster.
Insuring Your Legal Cannabis Grow
If you’re working within all the local and state regulations governing the industry and you need insurance that protects your crops and your equipment on-site, there are providers out there for you. Look to the states that have had the most experience with the industry, because many grow op risk management insurers are now expanding into new markets to support the businesses that emerge there. When you partner with someone who has years of experience with cannabis regulations and legal cannabis businesses, you benefit from their experience, which provides you with vital information during a time when everything about your business is evolving.