Cannabis Profits Shouldn’t be Going Up in Smoke
As a long time champion of CANNABIS FREEDOM I am excited to announce a giant step forward for the emerging cannabis industry. After decades of struggle to establish itself as a *****imate business enterprise encompassing the farming, processing, marketing and commercial sale of cannabis a major new factor is being brought to play that will have a positive impact on each and every segment of the industry.
Clearly, I intend to be personally active in seeing that America’s cannabis industry reaches its full positive potential. It is long since past when the remnants of decades of irrational cannabis suppression, be discarded. Whether in the form of higher taxes or counter productive regulation, it is time to free our cannabis entrepreneurs and let our fellow Americans out of this oppressive and wasteful control of our lives.
I am proud to have played a significant role in one of the first breakthroughs that brought the potential of this natural substance into play in dealing with health challenges facing the American people. It took a decade long fight to allow cannabis to be legally consumed in the United States. It was my amendment to the Department of Justice Appropriation bill in May of 2014 and then beating back an attempt to exclude it from an Omnibus apropriation bill in December of 2014 that changed the law. It was legalization to the point that it prevented the Federal Government from superseding state laws that legalize the medical use of marijuana. It took 6 tries to successfully pass our legalization. Then we won and it is still the law today.
The really good news is that since the passage of Rohrabacher/Farr there have been great advances in understanding the health related potential of this plant. It is a gift from GOD. CBD oil extracted from the cannabis plant offers a natural way of dealing with pain and inflammation. It is a wonderful new approach in treating those suffering needlessly, even our pets. Now that I have turned 75 I know the how wonderful it is in dealing with the aches and pains that seem to come with too many birthday parties. Seriously though, with an aging population the cannabis industry is destined to be a major player in our economy as this natural alternative to pain and inflammation is recognized for the benefits it offers.
This leads me to the joy of informing those currently using CBD based medicine and to those many entrepreneurs who have laid the foundation of a major new industry, that the rules of business are about to dramatically change for the better. A major cost of doing health and medical related cannabis business is now going to be reduced, impacting on every element of the cannabis industry. What am I talking about: Up to now a major factor in the profitability, thus the existence, of those in a cannabis related enterprise has been the cost and limited availability of their company’s insurance. They have had much higher insurance bills than other entrepreneurs and established businesses with long standing products, like wine, which has become a major business in it production, distribution and sales to the public. So why is this and what’s changing.
The world’s preeminent market for in insurance is London, which has dominated the insurance industry for several hundred years. Internationally recognized for honesty and stability in markets throughout the world, entrepreneurial risk takers in London have sought to fill the void when other insurance markets would not respond to vital needs for coverage. But, there are risks, and to maintain long term financial stability, these insurance syndicates and companies have to be extremely cautious. In the case of cannabis, unfortunately, the London market has, up until now, stayed totally away from any business that had anything to do with cannabis.
What this has meant for cannabis business owners is higher prices. Without the support of the London market, there is no “reinsurance,” which enables insurance companies to share risk and thereby charge a reasonable amount knowing that if the unlikely happens and a company they are insuring is successfully sued that, it won’t obliterate their company. Without reinsurance the regular insurance companies have had to charge excessive rates for cannabis related enterprise be it insurance for barns, trucks, sales offices, you name it. With no reinsurance the whole industry has been paying more from start to finish.
That is all going to change now. I am pleased to inform the cannabis industry and its customers that after years’ of work by our team, we have finally structured a U.S. based insurance program for all our industry participants, from seed to store, which comprehensively and affordably addresses all our coverage needs, including property coverage, equipment coverage, crop coverage, property liability coverage and general liability coverage. Sometimes the best solutions are right in your own back yard. And as much as we love our friends in London, the cannabis industry can’t wait any longer. Now, we won’t have to.
This is a positive game changer, a crack in the dam that has been holding back our industry. It will lower the cost across the board, and empower those cannabis entrepreneurs, who in many cases, haven’t even been able to get insurance, to expand their operations. Coupled with the aging population and the effectiveness of cannabis in dealing with the aches and pains of getting old as well, as medical and health related uses for dealing with pain and inflammation, we can expect cannabis to emerge as a major,mainstream industry in America. It already is competing with traditional manufactured ***** as a less expensive way of dealing with pain and health related challenges. So this should open the door to a morenatural way, more effective way and a more affordable way of taking care of people’s needs.
Dana Rohrabacher
Congressman Dana Rohrabacher (ret)
Sponsor, Rohrabacher-Farr Amendment
Founder, Congressional Cannabis Caucus
P.S. You can reach Allied’s Cannabis Coverage Program at 800-860-8330. Nick Daum, our cannabis specialist, can walk through your coverage needs and help put together an insurance program that will start saving you money today. Whether you are a grower, a manufacturer, a wholesaler, or a retail
distributor, you need protection. We can now help keep your business safe at a price you can afford.
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