The legalization of cannabis continues to spread across the United States, with recreational marijuana now legal in 19 states. The growth of the market is explosive, with a record $21 billion in sales in 2021 and projections of $70 billion by 2028.
To stay on the leading edge of quickly changing laws, regulations, policies, endorsements, and exclusions, Acrisure has created a Cannabis Center of Excellence for Partners to share best practices and help customers find the solutions they need.
Stephanie Bozzuto is Co-founder and President of Marketing for Acrisure Partner Cannabis Connect Insurance Services and has been in the cannabis industry since 2016.
"The industry is fast-paced, and exposures can change within a matter of days. We are the experts in this space, understanding the potential risks and allowing clients to expand in multiple states or make large operational changes while ensuring their insurance policy can grow alongside them,"said Stephanie.
Acrisure's reinsurance broking and corporate risk advisory division, Acrisure Re, has been active in the cannabis space since 2012, working with various carriers, MGAs and reinsurers to provide "seed to sale" product coverages.
"The cannabis industry is a very attractive insurance market for specialty carriers and MGAs, and Acrisure Re has been working closely with clients to provide reinsurance cannabis capacity," said Terrence Duffy, Senior Vice President at Acrisure Re.
There is even more growth on the horizon for the cannabis industry. According to a CBS News/YouGov poll, two-thirds of Americans want recreational marijuana use to be legal under federal law - so staying ahead of the curve is essential for business.
"As more and more states legalize medical and/or recreational cannabis, our clients are in demand of additional capacity for their core insurance coverages which include property, general liability, and product liability and additional coverages," said Terrence."We estimate that the cannabis insurance market is $750 million in annual premium and this figure will only continue to increase over time."
"There is no doubt in my mind the industry will continue to tread forward and thrive," Stephanie said. "I believe with passion, dedication and by providing our clients the risk management support they need, we are setting the standards for this industry, and we're setting them high. We are honored to be part of history by supporting the emerging cannabis industry."
No matter what industry you are in, you can count on Acrisure and our Partners to help you thrive. Contact us today to learn more.
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