Gain insights into cannabis laws, risk mitigation, and insurance challenges in this essential overview.
Cannabis businesses face unique challenges when implementing policies, procedures, and protections to mitigate risk. Insurers, too, may recognize the shared objectives with cannabis businesses but struggle to determine how to provide coverage for cannabis businesses under federal law as it presently stands. Given the complex and frequently changing patchwork of cannabis laws in the United States, this presentation will provide helpful guidance whether you’re new to these issues or an experienced cannabis practitioner. Tune in for a helpful overview of the legal framework applicable to cannabis businesses at the state and federal level, as well as a discussion of the insurance considerations these businesses should take into account. Finally, the presentation will go over potential changes and predictions for what the industry may experience in the year ahead.
Agenda
Current Legal Landscape
- Context and Introductions: 37 States Legalized, Rescheduling, etc.
- Insurance Companies Can Only Provide Coverage in States Where Cannabis Is Legal (Med or Rec)
- Of Treasury FinCEN Memorandum and the Safe Banking Act and Claim Act
Cannabis Business Risks (and How to Limit Them)
- Cannabis Businesses Must Examine Every Facet of Their Business Operations to Understand Their Full Scope of Insurance Needs (for General Businesses and Specific to Cannabis Operations)
- Limiting Risk: Basic Tools and Advanced Steps to Limit Legal Risks
Insurance Coverage for Marijuana-Related Businesses
- Majority of Insurers and Brokers Currently Servicing the Rec Marijuana Businesses Are Surplus Lines Carriers
- Application Process: Cannabis Businesses Have to Address Additional, Industry-Specific Issues in Their Process of Applying for Insurance Coverage
Expectations and Anticipations of 2025
- Profitability: Margins Will Shrink, and Insurance Can Help Protect Profits
- Vitality: This Industry Will Continue to Grow and Mature; Benefits Will Need to Keep Pace
- Resiliency: Climate Change and Unusual Weather Patterns Are Important to Cannabis Businesses Throughout Their Entire Supply Chain
Speakers
Kristina Dahmann,
Ice Miller LLP- Senior associate in Ice Miller LLP’s Litigation Group
- Broad litigation experience encompassing traditional business and banking disputes, trade secret protection, white collar criminal defense and environmental litigation
- Has provided risk management, compliance, and state and federal regulatory counseling to local banking institutions and businesses
- Has specific experience with federal and Ohio administrative and regulatory processes with respect to federal and state-regulated industries and regularly provides counseling to help clients navigate these industries
- J.D. degree, Pennsylvania State University – The Dickinson School of Law; A.B. degree in European history and American government and legal studies, Bowdoin College
Lydia F. Reback,
Ice Miller LLP- Associate in Ice Miller’s Litigation Group
- Concentrates on representing clients in dynamic industries, providing thorough support through every stage of litigation
- Represents clients in a range of traditional and non–traditional business disputes, class and collective actions, multidistrict litigation and government contracts and compliance
- Admitted to various bars in Illinois and Ohio
- J.D. Degree, Ohio State University Moritz College of Law (cum laude) ; B.A. Degree, Smith College
