Cannabis insurance market set to soar under Biden administration

In the latter, one of the biggest issues facing cannabis businesses is the 280E federal tax burden, which means that cannabis businesses cant expense the normal cost of goods or anything that a normal business can during the course of operation, from utilities to payroll and rent. As these bills get put into place, insurance carriers could start looking more into these operations and gain more interest in wanting to insure them. Read next: Which policy best fits the unique needs of the cannabis industry Since hes gotten into the cannabis insurance game, Meade has already seen the insurance market make big strides in providing more coverages, but its important to also get the standard markets involved because they can do more from a competitive rate standpoint and they provide more add-on services, he noted. The first carriers who can get in and show that they understand the space and want to work with them, theyre going to have the leg up on anyone else who will try to follow suit.