Lawmakers in New Jersey took steps this week toward enshrining protections for marijuana companies in the state and individuals on workers compensation prescribed to medical cannabis.
Cannabis businesses operating under state laws that have legalized recreational or medical marijuana are often denied access to the insurance market because insurance providers could be prosecuted or face penalties under federal law. Without access to insurance products such as property, casualty and title insurance, businesses remain vulnerable, and employees, customers, and the community face safety risks. Businesses can also be denied bank financing if they do not have the proper insurance.
The CLAIM Act would: